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Really? You know of a place that will give 100% of spot for gold alloy jewelry? I would think there has to be some discount for the gold being in 14k or 18k form and not in a standard bullion unit (ingot, legal currency coin, round, etc.). The best I've seen gold places offer is 50% of spot. (I'm not talking about exchanges where you sell "clean" bullion like Pamp ingots, Eagles, etc. but "scrap gold" places)."But we could go RIGHT DOWN THE STREET and cash it in for 100% of spot - you could split it between the giver and the mission trip. Everyone would win."
I think he means you get 100% of what you're going to get, give half to the church and take half to the gun store. Instead of the guy getting the gun store's share.Really? You know of a place that will give 100% of spot for gold alloy jewelry? I would think there has to be some discount for the gold being in 14k or 18k form and not in a standard bullion unit (ingot, legal currency coin, round, etc.). The best I've seen gold places offer is 50% of spot. (I'm not talking about exchanges where you sell "clean" bullion like Pamp ingots, Eagles, etc. but "scrap gold" places).
gold rings and chain? anyplace would just give you scrap value unless it was something special and unique.
I've never done business with him, but Larry Nyborn (owner) was a member of Neponset Valley CofC back when I was also a member (doing computer work back then). Nice guy. Reviews are good but no idea what you get for your gold/silver from them.There's a good place in canton by the commuter rail station. Precious metals reclaiming. Good and fair on prices there.
It is amazing how many people think they can get other than "scrap value" for jewelry. Diamonds can be even worse!
I was on the deacon board of a church when someone gave us a ring that they paid over $5,000 for.
We took it to numerous places and were amazed at how little we were offered.
If I remember correctly it was between $50 and $250.
It took us over nine months, with hours of discussion during meetings, and many trips to getting it appraised before we were sure we were not getting ripped off.
Finally someone in the church was willing to give us $1,000 for it.
If someone wants to donate something like that again, I'll suggest that they do the leg work and just give us the money.
Name one store that pays "spot" for gold that is not in a tradeable bullion form. It doesn't happen. They all have a scrap gold price er oz that is considerably below spot - which is why everyone was suddenly in the gold buying business.If any of it is scrap, you will get spot, but a gram of 14k is 58.3% pure, so you will get 58.3% of spot. 18k is 75% pure.
Use Bluenile.com as a price reference. If you buy high end ($10K and up) you should be able to resell for at least 40% of your cost. And, read up on what "keystone" means.The retail jewelry biz is the biggest ripoff out there. If you must buy diamonds or gold jewelry, go to Costco.
Or to melt and refine. Remember, gold is worth spot after the cost of profit margin, melting, refinement, assay, and casting into a marketable form (at which point it is no longer "used gold").Remember, they're buying to re-sell, and what they're going to be selling is used goods.