Help me understand this please

[Devildog]

Hello all,
I have a local precious metals buyer and with my silver he is amazing.
When I bring in gold that was 10k or 14k that I've refined to .999 fine... He offers crap for it. He says if I bring him the jewelery, he would pay more? What am I missing here?
Example, today I brought in 5.189 grams of 24k in a hand poured bread loaf ingot. 400 dollars worth of gold... He tells me, it's 22k, and offers a payout of 260 dollars.
I'm always polite until I need to be the Devildog, but that is ridiculous. If I bring you pure gold, you pay less then if I brought you the actual jewelry itself of a lower Karat?
Please help with this issue of me obviously missing something. He knows I am with the business when i come that he can't get one by me, but yet he always tries this crap...
Does anyone here suggest a reliable gold buyer? All my refines are acid and XRF verified.
As always folks, thank you all who take time out of your day, with much more important things to do then teach me something that I honestly should be able to guage myself.
CHEERS!!

 

[Martijn]

He has a test kit that tests different karat gold up to 22K. he prefers the jewelry because they have stamps and then he can pay according the weight and karat.
He probably does not regognize pure gold and honestly, it is rare someone private can get it that pure.
Get an xrf scan somewhere and show him that.

Maybe you two can work from there.

 

[anarxi]

This carat system of yours is extremely inconvenient...
this gives you 916 purity gold.
But in that crucible where gold is melted, other metals are not also melted?
PM and should be sold according to the indications of the pistol.
The 927 standard came out (for example), I will be paid 0.927% of the cost of 999 standard gold.
same with silver and palladium.
Well, this is for such small sellers with a few grams...

 

[Devildog]

He has a test kit that tests different karat gold up to 22K. he prefers the jewelry because they have stamps and then he can pay according the weight and karat.
He probably does not regognize pure gold and honestly, it is rare someone private can get it that pure.
Get an xrf scan somewhere and show him that.

Maybe you two can work from there.

Thank you so much my friend!

 

[Devildog]

This carat system of yours is extremely inconvenient...
this gives you 916 purity gold.
But in that crucible where gold is melted, other metals are not also melted?
PM and should be sold according to the indications of the pistol.
The 927 standard came out (for example), I will be paid 0.927% of the cost of 999 standard gold.
same with silver and palladium.
Well, this is for such small sellers with a few grams...

No. I have a crucible for each metal I melt. I would never mix metals like that. XRF shows it being pure. I caught that on the screen before he turned it. I believe maybe he's just trying to cheat a little. Most around my way do. It's hard to find an honest one near me.

 

[Martijn]

I caught that on the screen before he turned it.

Are we talking about the 'maximum 22K guy' or the other one with an XRF gun?

 

[nickvc]

Well if your buyer will pay you more for stamped items simply sell him those and save the hassle of refining it, what percentage will he pay for stamped items?

 

[Devildog]

Are we talking about the 'maximum 22K guy' or the other one with an XRF gun?

He has both. It's a small box he puts metals in then hits the spacebar on the keypad. The screen is on the counter but only slightly turned of course.

 

[Devildog]

Well if your buyer will pay you more for stamped items simply sell him those and save the hassle of refining it, what percentage will he pay for stamped items?

Still an answer I can't get from him directly.

 

[goldshark]

After refining to .999, stamp it as such. Anybody can get various Karat stamps. I have seen much stuff stamped 14K, which contained 0% Au.

 

[Devildog]

After refining to .999, stamp it as such. Anybody can get various Karat stamps. I have seen much stuff stamped 14K, which contained 0% Au.

Thank you very much. I will invest in a set.

 

[Martijn]

He has both. It's a small box he puts metals in then hits the spacebar on the keypad. The screen is on the counter but only slightly turned of course.

He is scamming you! Never return and spread the word.

 

[anarxi]

He is scamming you! Never return and spread the word.

+1

 

[Martijn]

Thank you very much. I will invest in a set.

Look for a private buyer, who knows he will never be able to buy three or four nines fine physical gold for anything under 150% spot on the official market, look at what you pay for a 10, 100gram or a kilo bar from the big boys. It has nothing to do with spot imo, but more with making big profits.

It's the stamps (which makes it official and recognizable) you're paying for. And filling some deep pockets.
investors know today's loss is tomorrows profit.

Your refining efforts deserve a premium imo, not a percentage.

 

[kurtak]

He is scamming you! Never return and spread the word.

I agree - find a different buyer

Kurt

 

[Justincase]

If you can refine and take out a middle man, you have the potential to take all of his trade.
I found the established buyers such as jewleres and pawn brokers who are in my aria to be quite hostile when I started.
Turned out they had a right to be, they were enjoying a 50% margin before I started.
Now they have to pay 80% or above and have lost at least half of their income.
Would you put money into a business that has the potential to take food off of your table?

 

[Devildog]

Look for a private buyer, who knows he will never be able to buy three or four nines fine physical gold for anything under 150% spot on the official market, look at what you pay for a 10, 100gram or a kilo bar from the big boys. It has nothing to do with spot imo, but more with making big profits.

It's the stamps (which makes it official and recognizable) you're paying for. And filling some deep pockets.
investors know today's loss is tomorrows profit.

Your refining efforts deserve a premium imo, not a percentage.

I agree my friend. As always I thank you so much for the information and direction.

 

[Devildog]

If you can refine and take out a middle man, you have the potential to take all of his trade.
I found the established buyers such as jewleres and pawn brokers who are in my aria to be quite hostile when I started.
Turned out they had a right to be, they were enjoying a 50% margin before I started.
Now they have to pay 80% or above and have lost at least half of their income.
Would you put money into a business that has the potential to take food off of your table?

No sir not at all. My main business is this way. Other try to undercut or talk their way over what prices should be. Luckily I have a very loyal client base and they know, no one near can compete with my prices nor the work I do.
When he told me the price, I said what man ain't no way. He acted surprised and said what is it. I told him any other low ball offers you want to shoot me with gunslinger.
People will try you around here. It is Northern Virginia so that says enough.
He won't have another chance to buy from me again. Sucker born every minute, but im not the one...

 

[Devildog]

I agree - find a different buyer

Kurt

Hey Kurt!
Great to hear from you brother. Yeah that was the last time he and I will meet.