Looking for longterm gold buyer

[Kruegerrand]

Hello i'm getting right at the moment arround 150g per week of 999,9 gold from a professional rafinery (out of old gold jewlery) which i would like to sell near or for the spot price.
Gold is located in east europe.Somebody can give me an advice for best paying buyer where i could sell the gold each week and get instant cash and not after x weeks

 

[4metals]

Somethings wrong here, maybe a typo?

150 grams is approx 4.8 ounces

Maybe you're buying for a few dollars under spot although I do not know why a "professional refiner" would sell for less than $1 under. But lets say you bought it for $5 under.

$5 x 4.8 = $24

You're spending $1700 x 4.8 = $8,160 per week to make 24 bucks?

Something is wrong, maybe it is not fine, check it out because you are in a prime position to get burned!

 

[samuel-a]

I see no mentioning of his buying prices... Maybe he is buying scrap karat at 10-30% under and have it refined professionally.

 

[Kruegerrand]

Hello i guess its because of my bad english i'm buying scrap karat 15% under spot price and have to pay 100 Euro per 999.9 ounce to the refiner which gets me a profit of arround 7.5%

 

[4metals]

But the refiner doesn't pay on the metal, he returns it to you? You are paying over 7% and you have to sell your own metal? I heard NTR is in the UK, even they do better than that!

 

[martyn111]

Kruegerrand, your profile says you are UK based but in your post you say you are paying the refiner in euro's?
Who is your refiner and why aren't you paying in GBP? Are you sending your metals onto the continent to have them refined?
Something doesn't sound right here

 

[nickvc]

Well if you are UK based your been taken for a ride. You can sell that scrap for 95%+ as is to many buyers without any other charges and instantly. Most refiners here work on around 1-2% retentention if you have quantity or with a minimum charge if it doesn't cover the actual costs and will buy the gold at that rate or return fine metal.

 

[Kruegerrand]

Hi no i'm based in east europe and am giving scrap gold to the refiner and getting 999,9 back and have to pay 100 Euro for each ounce of gold he is giving me.

Well if you are UK based your been taken for a ride. You can sell that scrap for 95%+ as is to many buyers without any other charges and instantly. Most refiners here work on around 1-2% retentention if you have quantity or with a minimum charge if it doesn't cover the actual costs and will buy the gold at that rate or return fine metal.

Can you recommend me any buyer who would buy it for 95%+ or a refiner who is taking 1-2%

 

[nickvc]

I can suggest several that I know personally, here in the UK, but I would advise melting your scrap into a bar and getting an assay this removes the grey area and allows you to know exactly what you are trading. Getting the material here to the UK might be the hard part and I'm afraid I don't know anyone elsewhere on mainland Europe.

 

[patnor1011]

Where in east europe? Maybe I can help. I know few companies in Slovakia.

 

[Kruegerrand]

Poland.Slovakia is like 200 km away from me.

 

[patnor1011]

pm me. I know good buyer (company) cca 400km from you. 8)

 

[FrugalRefiner]

anuj,

What percent of spot do these cash for gold operations pay?

Thanks,
Dave

 

[RikkiRicardo]

Kruegerrand

Are you in Romania?
I'm Refining and buying
PM me

RikkiRicardo

 

[patnor1011]

If you want good cash for your gold you should visit the site cashforgoldbuyers.net
you can get all details of gold buyers here

Any Cash for gold store will be and should be absolutely last resort to consider when selling gold.
This is quote from your website, I just like use of word - "be reasonable" and then explanation that accepting 40-70% of price is a sign of "being reasonable"

5) Be Reasonable. Understand that no cash for gold store will offer you the melt value for your items. Gold buyers typically sell the gold they purchase from customers to refiners for a percentage of the melt value. And even they do not receive the full COMEX spot price. In order to remain profitable, most gold buyers will offer you somewhere between 40%-70% of the final value. It is important to keep this in mind and not expect the full melt value for your items as you shop around. After all, cash for gold companies have to pay rent, employees and many other overhead expenses in order to make it possible to purchase your items.

Yes, while I agree that they (cash4gold type business) do not get full melt value from refiners, truth is that they do get something like 95-98%. So if you walk in some shop like that and get quote like 40% of melt value for whatever you are selling then you leave them with 55-58% of item value to cover their overhead. That is not business, that is rip-off.

 

[nickvc]

I doubt there's many places now where you could get away with low pay outs as everyone and everybody is advertising to buy gold and silver from shoe repairers, amusement arcades, supermarkets, antique dealers, jewellers and coin shops. Before the run on metals started the more distant from the main cities places were buying very cheaply as little as 25-50% of melt value but I doubt that still applies with such competition for the metals, even the advertisements on the television have stopped and have been for over a year now but there's always the odd person who's going to be ripped off, unfortunately that's human nature. The big buyers will be getting 98.5-99.25% of spot when they sell well here in the UK and the silver as a bonus at perhaps 90% of spot but I agree with Patnor low payouts are a rip off, the material is easily sold and overheads for the operators aren't that high but as volumes continue to drop so will the payouts, the rush is over and there many more buyers not everyone can survive unless payouts fall or competition lessens.

 

[Palladium]

Very true! I have been waiting on a shake up in the industry to help weed out some of these fly by night types. I was explaining to someone the other day what i do and they replied " I bet it's a good time to be in that business ". Nope! not really!!!! Every tom, dick, and harry is in it right now and it's really screwing the industry up as a whole where profit and customer service is involved. If i wasn't a toll refiner i don't think i would have been able to survive as a new upstart in this industry. But as one of the ones who will survive the fall out the rewards will be well worth the wait. Hell just wait until refining is illegal unless you are a government approved refiner in this country. At that point instead of being a legitimate business owner i will be viewed in the same category as your street level drug dealer. Changes are coming. good or bad!