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Need to sell gold jewelry - who offers a good price on it?

Prepper

Prepper

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Gold is talked about a lot in this forum so I thought I'd ask here. I have a rather hefty class ring and a wedding band I'd like to sell for scrap, both 18 caret. What places in the Boston or New Hampshire area actually would offer a reasonable price to buy them? I've tried several, but they were beyond disappointing, offering pitiful rates around 20-30% of melt value and acting as if its a good deal. Are they kidding me? I realize they'd melt them down again, but it doesn't cost THAT much to do so.

Any suggestions?
 
don't do the mail ones you'll get hard core porked. go to a mall and shop it around most are pretty straight forward. My wife took some stuff and started at a cash for gold kiosk in the mall and ended up at hannoush for the best deal by about 50 bucks more
 
Thanks for all the links... Boston Bullion is pretty close by so I'll probably go with him.

The ironic thing here is I'm selling the wedding band then buying a nearly identical wedding band after that. I'm sure my fiancee would not be happy if I reused a wedding band from the evil ex-wife days.
 
Prepper said:
Thanks for all the links... Boston Bullion is pretty close by so I'll probably go with him.

The ironic thing here is I'm selling the wedding band then buying a nearly identical wedding band after that. I'm sure my fiancee would not be happy if I reused a wedding band from the evil ex-wife days.
Click to expand...

Dude, Don't you learn?!
 
Thanks for the tips; I sold the rings a couple of weeks ago. $860.

One thing I found curious is that he required my driver's license, which he made a photocopy of. He said "I'm not sending any info to the government". So, I would also hope this means I'm not getting a 1099. (I did not tell him my SSN, which I think is needed for 1099.)

I find this disturbing though. What if I didn't want to show driver's license? In this case, it was clear that the sale would not be possible without it. But, does anyone else not ask? Even with inflated gold prices, I still sold it for less than originally paid since scrap gold sells for a lot less than gold that's been formed into jewelry and sold at a fancy retail store. I'd hate to have to prove I didn't have a $0 cost basis for this when filing taxes.
 
Prepper said:
Thanks for the tips; I sold the rings a couple of weeks ago. $860.

One thing I found curious is that he required my driver's license, which he made a photocopy of. He said "I'm not sending any info to the government". So, I would also hope this means I'm not getting a 1099. (I did not tell him my SSN, which I think is needed for 1099.)

I find this disturbing though. What if I didn't want to show driver's license? In this case, it was clear that the sale would not be possible without it. But, does anyone else not ask? Even with inflated gold prices, I still sold it for less than originally paid since scrap gold sells for a lot less than gold that's been formed into jewelry and sold at a fancy retail store. I'd hate to have to prove I didn't have a $0 cost basis for this when filing taxes.
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He probably took your id in case the item was declared stolen. If cops come knocking, he’ll give them your info.
 
I've seen the guy at Gate City coin in Nashua do the same thing. He puts the license on the photocopier with the item being bought. It is strictly to protect him in case the item comes up stolen. It is not reported to the .gov

I believe that, in Nashua, there is a city ordinance that requires him to do this.
 
That's exactly why he takes copies of the license, which I understand he destroys after 30 days. He also has to hold the items for 30 days before he ships them off to be melted down. Police department requirements, evidently.
 
Ah okay, that sounds a little better then. As long as its not for tax purposes or for trying to profile "terrorists" who are trying to launder money by selling the occasional random junk jewelry (which would not be much of a strategy, IMHO).
 
Prepper said:
Ah okay, that sounds a little better then. As long as its not for tax purposes or for trying to profile "terrorists" who are trying to launder money by selling the occasional random junk jewelry (which would not be much of a strategy, IMHO).
Click to expand...

It is CYA for them. If it makes you feel any better, I had to give Bank of America my driver's license to take money out of my own bank account and have them issue a cashier's check made out to me. (For a refinance, in case you are wondering.) I could be laundering money, after all. It's weird that I can take money out of the ATM all day long without ID, but the cashier needs it(after I swipe the card and enter PIN.)
 
Cardinal Ximinez said:
Most ATMs I visit have little cameras in them so in a way, they do have your photo.
Click to expand...

True, but so does the bank. It's the idea that I go to an ATM, swipe my card, enter my PIN - MONEY! But then I go into the bank, talk to a person, swipe my card, enter my PIN - then get asked for my driver's license, have them write down the number on my withdrawal slip, give it to the manager to check, etc, etc. I understand the federal money laundering rules(well, as well as most people, I reckon) but this transaction was under the $5,000 limit, and it seemed highly intrusive given that I was just getting my own money out of the bank to close a loan.

I don't want to rant about it too much, but the bank already has all my money and knows pretty much everything about me, do they really need to write my driver's license down on every transaction? Incidentally, I have gone in (to BOA) for some basic account inquiries recently, and they require your ID(in addition to your card) for those transactions too, even when they know you well enough that they greet you by name.

I am looking for new bank/credit union, etc, just haven't decided on one yet.
 
Rider said:
I am looking for new bank/credit union, etc, just haven't decided on one yet.
Click to expand...
If it's local to you, I recommend Middlesex Savings.

BOA has a no dogs sign on the door. Middlesex Savings always has a dog treat for my little buddy when I walk up to the teller;s window. Nuff said :)
 

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