Sell Gold and Silver and Turn a Profit
Earn some quick CASH by selling your unwanted Gold and Silver items
Everywhere you look there are offers from Dealers looking to purchase your unwanted scrap jewelry, tea sets odd silver knives, forks and spoons anything that contain precious metals such as gold, silver and platinum. You just have to look ipollo v1 in any paper or on the Internet, but be aware as they may not be all that they seem and will offer a variety of prices.
What do Dealers Really Like to Buy?
Rings,watches, lockets, bracelets, rosaries, gold nuggets
Pins and broaches, earrings, charms, chains
Cuff Links, shirt pins, belt buckles, tie clasps, fountain pen points,
Gold bridges,crowns, fillings and other dental items
Flatware-hollowware, but must be stamped with a hallmark or sterling
Silver Coins (up to 1951)
What Dealers Don’t Want to Buy!
Gold Electroplate (GE)
Heavy Gold Electroplate (HGE)
Gold Shell (GS)
Gold Filled (GF)
Karat Plate (KP)
All Precious Metal Dealers will be looking to buy your items to make a reasonable profit on each item. One thing you must bear in mind is that the Dealer is not going pay you the same amount for your items as what the quoted price of silver or gold is on the day. Yes, they will use the NY exchange quoted price (spot price) as the basis for their calculation, but after that it become more personal depending on their circumstances, overheads and expenses and whether or not the market is moving up or down.
Keep in mind, the Dealer may buy an item from you, but he may have to hold on to it for a while, if he is batching up like items to send to a Refiner. Many Refiners require a minimum of 150-300 grams before they will accept delivery from a Dealer. Refiners don’t pay Dealers the full spot price either, as they need to make a profit too; but will vary their price according to their policy or the volume of the deal.
If a dealer has to wait too long to batch up the required amount of weight in a falling market, he will probably offer you a lower price to cover the possibility of his profit disappearing quickly. He must also allow for his errors in weighing and differences between what he thinks he has given the Refiner and what the Refiner thinks he has received.
When you are talking to the Dealer make sure you are comparing “apples with apples”. It pays to know the measurement of weight that the Dealer is using, for example:
There are 12 troy ounces in one troy pound
There are 20 pennyweight (DWT) in one troy oz
There are 480 grains in one troy oz
There are 31.10348 grams in one oz
There are 0.643014931 pennyweight to 1 gram
One pennyweight is equal to 1.555 gram
Confusing Isn’t It… ?
Much to confusing for most people and Dealers as well; so always insist that the Dealer uses Grams. Therefore, any item you have will be weighed in grams and the price will be calculated in grams. Remember there are 31.10348 grams to an ounce.
None of your precious metal items will be 100% pure, so you need to bear that in mind. That’s because manufactures add various alloys to make the item more hard wearing or to give it a slightly different colour. 24 Karat gold is 100% pure and that is what the spot price reflects. Your item will probably be 9K, 14K, 18K or 22K gold. So if the item is say 14K the item contains 58.33% pure gold and if it’s 9K it will contain only 37.50% pure gold.
Your Dealer will convert the US dollar amount to GB Pounds to get to a base figure. All precious metals quoted on the NY Exchange will be in US Dollars, which will need to be converted into GB Pounds when an offer is made to you.
Keep in mind the Dealer has to make a profit to make it worth his while,so he must factor in what he thinks that he can sell the item for. If he sells as scrap, then he will not get the full spot price from the Refiner, but around 10% less than spot (this does vary between Refiners). Plus, there may be a “melt fee” or some other fee, so this will all be factored in before offering you his best price.