kadriver
Well-known member
First off - I believe you make your money in precious metals, WHEN YOU BUY IT.
I have made a business out of selling gold on ebay for over 4 years now. I currently have 106 grams of 14k and 21 grams of 10k right now.
I have a Dilemma: should I hang on to this gold and refine it, or should I sell it on Ebay where I know I can get a good price?
There is currently a gold feeding frenzy on Ebay - right now.
I get about 91 to 93 percent of spot price AFTER all my Ebay & Paypal fees are paid. A new Ebay seller can expect to get about 85 percent.
I sell using one day auctions. And I can calculate to within $10 what I will receive.
I usually get paid the next day - or sometimes the same day.
I sell mostly 14k, 10k, and 18k gold jewelry as scrap.
For September & October we sold 213 grams of 14k, and 120 grams of 10k total for the period.
Should I have refined this gold instead of selling it (assuming that my refining produced at least 99% purity).
Using this formula, I can calculate to the nearest $10 what I can expect to receive:
(((gr x kt)/31.1)X spot) X (.91 to .93) = $
gr = weight of gold in grams
kt = karat of gold (example 14k=14/24=.585)
31.1 = grams in a troy ounce
spot = closing spot price for the day
.91 to .93 is the percentage of spot I receive (91 to 93 percent).
$ = the amount in dollars I can expect to receive.
My customers are all repeat buyers.
I carefully test and weigh each item of gold I will sell.
I remove all the stones so only gold metal is in the lot.
I even pad the weight - IN THEIR FAVOR so they get about 1/10th gram extra in the lot.
My customers are repeat buyers because they are CERTAIN that they will get what they have come to expect - quality, honesty, a little extra.
HERE ARE MY QUESTIONS:
Is it worth it to refine all my scrap karat gold, or should I just refine a little & keep on getting 91 to 93 percent for most of it on Ebay?
Can I sell my refined gold (once I refine some) as easily as i can on Ebay?
If it is easy to sell refined gold, to whom can it be sold and how?
Are there a list of private buyers available through this forum.
Can I get more for refined gold as opposed to selling it as karat scrap?
I have fallen in love with refining precious metals. I have not yet done a batch of gold.
I would like to think that refining, while loads of fun, can also be more profitable than what I can currently receive for my karat gold scrap.
Any inputs would be welcomed - Thank You
I have made a business out of selling gold on ebay for over 4 years now. I currently have 106 grams of 14k and 21 grams of 10k right now.
I have a Dilemma: should I hang on to this gold and refine it, or should I sell it on Ebay where I know I can get a good price?
There is currently a gold feeding frenzy on Ebay - right now.
I get about 91 to 93 percent of spot price AFTER all my Ebay & Paypal fees are paid. A new Ebay seller can expect to get about 85 percent.
I sell using one day auctions. And I can calculate to within $10 what I will receive.
I usually get paid the next day - or sometimes the same day.
I sell mostly 14k, 10k, and 18k gold jewelry as scrap.
For September & October we sold 213 grams of 14k, and 120 grams of 10k total for the period.
Should I have refined this gold instead of selling it (assuming that my refining produced at least 99% purity).
Using this formula, I can calculate to the nearest $10 what I can expect to receive:
(((gr x kt)/31.1)X spot) X (.91 to .93) = $
gr = weight of gold in grams
kt = karat of gold (example 14k=14/24=.585)
31.1 = grams in a troy ounce
spot = closing spot price for the day
.91 to .93 is the percentage of spot I receive (91 to 93 percent).
$ = the amount in dollars I can expect to receive.
My customers are all repeat buyers.
I carefully test and weigh each item of gold I will sell.
I remove all the stones so only gold metal is in the lot.
I even pad the weight - IN THEIR FAVOR so they get about 1/10th gram extra in the lot.
My customers are repeat buyers because they are CERTAIN that they will get what they have come to expect - quality, honesty, a little extra.
HERE ARE MY QUESTIONS:
Is it worth it to refine all my scrap karat gold, or should I just refine a little & keep on getting 91 to 93 percent for most of it on Ebay?
Can I sell my refined gold (once I refine some) as easily as i can on Ebay?
If it is easy to sell refined gold, to whom can it be sold and how?
Are there a list of private buyers available through this forum.
Can I get more for refined gold as opposed to selling it as karat scrap?
I have fallen in love with refining precious metals. I have not yet done a batch of gold.
I would like to think that refining, while loads of fun, can also be more profitable than what I can currently receive for my karat gold scrap.
Any inputs would be welcomed - Thank You