Selling gold rings...

[Stuck_At_Work]

I have some gold - in the form of old rings. How do I sell it?

 

[madscientist]

mail it here

what could go wrong?

 

[kevwun]

I saw that commercial the other day. Cracked me up.

 

[Stuck_At_Work]

Any not-so-sketchy options?

 

[EuroHorn]

Is the engagement off already?

 

[Stuck_At_Work]

In reply to:

---

---

 

[Horn_Spanker]

In reply to:

---

---

 

[Sangre Naranjada]

First, calculate the value of the gold so you know whether or not you're getting ripped off when the place you sell to makes you an offer. Use this formula.

W x K x spot / 31.1

Where W = weight of the rings (use grams for the most accurate calculation)

K = % gold content of the rings. Calculate this by determining the karat value, subtract 0.5, and divide by 24. For example, 14K gold would be 13.5/24 = .563

spot = spot price of gold, use low bid (currently $925 per oz. as I type this, found atThe Link )

Divide by 31.1 only if you determined the weight of the rings in grams. If you originally weighed them in oz, then don't do this step.



Now you have the melt value of the gold in the rings. A place not ripping you off will usually offer 80 to 90% of that value. It is not uncommon to be offered less than half that value, so it can pay to know beforehand who you're dealing with.

I recommend calling before you go because you can easily eat up the difference in your offers by burning extra gas to get all over town.

Ask the following questions. Do you buy scrap gold? What percentage of the melt value will you pay? Let them know what you have and how much the rings weigh, etc. so they know you aren't some boob who can be taken advantage of.

I'd try calling any Austin area rare coin shops, starting with Austin Rare Coins at (512) 231-1601. If they don't accept scrap gold they will probably know who does.

 

[crayon1973]

I don't think Austin Rare Coins buy scrap (they are in my building) however I know of a few places who DO buy it including Abercrombie on Bee Caves and McBrides. A lot of it depends on how much you have. Also, if you are in Houston I have a friend who owns a refinery who would buy it from you.

 

[l00p]

Listen to that man above. The rockstar.

 

[AustinTejasFan]

James Lewis - Gold Buyer
4801 Burnet Road
458-2639

Don't know if he's honest, but he's been in business in Austin a long time.

 

[madscientist]

i forgot about him. only saw his commercial 4 times a day for 9 semesters.

 

[ScoPro]

So Crayon, I have two silver bars (1 kilo each) that I'd like to have a silversmith fashion into 3 beer tankards.

Do you know of any silversmiths who are up to something like that in the Austin area?

 

[El Sapo]

I was going to reply but Sangre covered it. Above all, make sure you're not getting ripped off...and honestly.. you might wait a bit longer. Inflation is your friend.

I bought a lot of gold when it was at $280. Sold it at $600(ish) and am kicking myself now.