markymark said:
Hi all, I'm Mark.
I'm in Los Angeles but in 2 weeks from now I'll be living in Chicago.
I'm entering the gold business. I've acquired 12 oz of mixed scrap jewelry in one week's time, this being done on a part time basis. Full-time, I can acquire 40 oz per week.
As soon as I get to Illinois, I'm going to register as a business with the county and obtain an employer tax ID...even hire an assistant soon. I'll be doing great then.
Today I just found out I can't just send my lot to some refiner. They'll give me like 80% even though they advertise at 98% (already talked to a some sleazy salesmen). Can't have that. For this first 12 oz lot, I need at least 95%, no shenanigans (I've tested and weighed everything thoroughly). Ideally, I'd like to have the lot melted into a bar and assayed independently. Can anyone give direction with regards where to sell this lot or get it smelted/assayed? I'd really appreciate it! I'm pretty open to most of the USA geographically speaking, because in 2 weeks, I'll be driving from LA to Chicago. I can choose several routes anywhere really...Nevada, Utah, Colorado, Texas, etc.. I'd even drive a little extra, to Michigan, to do something with this lot.
Thanks
You are new here, and though your message was a bit out of line on the expectations, at least you are not demanding answers and expecting everything for nothing (though getting close......
A few observations;
1. you don't have enough material for any refiner to get excited about. The 'big boys' work on dozens of pounds at a time. (The 'backyard' folks that are on this forum can't afford to take small lots - typically, if your total yield won't be at least 15g of .999, the load is not worth messing with - they would have to tell you their parameters) If you have 12 oz (presuming, since you are new, you are using the US form of measurement, not the standard used in weighing pure gold, though you should know that in weighing pretty much anything with PMs, the use of gram is more typical), and since you say "mixed", we have to presume "10k or better" (since you say you have tested it) - that's somewhere around 4.5 toz (the standard way to measure gold), which would be worth upwards of $7,500. Not a small amount - if you really came up with that in one week, please, do tell how (we won't call the police.....)
2. you said yourself "For this first 12 oz lot....." - and just who do you think will "JUMP" at that, when you 'demand' 95% of the gold value? Let's play 'turn the tables' (how I do every negotiation - the only way I've ever found to make sure I'm not asking too much, or too little....) and just tell me, if you are the guy with the experience, tools, etc. that can process this out for you to make something salable, would you do all that for 5% of the value? If you will, I can assure you would have all kinds of business, but you could never stay in business because the cost of the chemicals to process small lots will often exceed that, not to mention anything for your time, knowledge or efforts. For 12 US oz of 10k or better, it may be nearing profitable, but few will process at that. Typically, the folks on the forum will only process from 'the take' - whatever comes out, not what you think it is worth (after all, there is a slight possibility that your testing is not 100%????)
3. you state that you will be getting 40 oz per week in your new location. That's some lofty goals and I wish you all the best on that. Once you prove yourself in that business, you will be finding refiners on this site happy to assist you a couple times a month even.
4. you state that you have tested and weighed everything - and, just how, as an admitted new-to-the-business person, is it that you can be so sure of your testing procedure and weights? I've tested hundreds of pieces and still make the occasional mistake. Certainly when just starting out, I had nearly 20% of the pieces that I misjudged. If you have such a system of perfection (in order to qualify for 95% payout, it had better be perfect!), please share that with the forum - I'm sure many would appreciate step-by-step procedures (I know, I would).
5. One thing you need to learn - "melting" is not usually a good idea as a start (though it may be, depending on the material and amount, etc.). There are many, many posts on this forum about how to process all kinds of material. you should use the search function and learn - then, you can determine if the refiner or other buyer you want to work with is giving you the right info or not. Otherwise, just how can you be sure there is a good deal - from either side?
As this was your first post, I'm interested in hearing more about your methods and such, though, please understand that your post has the 'smell' of lofty newbie making large claims and demands. You will be welcome here if you are truly a serious investor/business looking for ideas on best practices, etc. for selling your wares at a reasonable profit. However, I highly encourage you to read more forum posts and learn the 'lingo' of how serious refiners speak - both for getting along well on this forum as well as making your best deal on your materials.
