Trying to figure out the best way to sell my gold as a just a hobbiest

mymindbeing

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Wichita, KS
Hello,
Over the past 5 years, I have been reading and practicing the refinement of precious metals. It took a while, (GF, Computer Scrap, IC Chips, pins, CPU's) but I finally made my first 1 oz button that XRF'd at .999956. (Beautiful blonde precip) Not necessarily looking to sell right now, but wanting to know what I could sell it for, I took it to my coin dealer. (FYI I have known this guy for 20 years and trust him) As he is a 3rd party gold buyer and a coin dealer, it is not his main business and not used to buying refined gold that is not marked, he said that he would have to buy it as scrap gold because he could not resell it as is to the public, and he would pay 65% of melt, (being honest) and told me that he sends it in and get 98% of melt.
My question, any recommendations other than ebay and all of it's fees, to get the 98% or somewhere around there for when I want to sell it. Lol.. As I refined a gram here and a gram there, I was thinking here is $50 or here is $100 bill , thinking I could just sell it down the street. Well .. cut that price 35%.. not so easy to swallow.. And I am weary so send my gold off in the mail without a respectable reference.
For reference I live in Wichita Kansas do not have a business license and do get to Kansas City every once in a while if anyone knows anyone there.
Thank you and advice is much appreciated.

Justin
 

butcher

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He can only test for gold up to around 22k, with his testing methods, if your gold content is higher he has no way of telling its gold content,

You can add copper in a melt, for example, adding one quarter the weight of the gold in copper, would give you about a 75% gold content in the melt, in order to get the gold to a karat gold content that the gold buyer can test for with his acids testing process , and pay you on its content of 18K gold,
 

nickvc

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Do a google search for refiners in or around Kansas I’m sure there’s a few, a phone call or two will get you the data you need ie so they buy from the public and at what percentage..
 

mymindbeing

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He can only test for gold up to around 22k, with his testing methods, if your gold content is higher he has no way of telling its gold content,

You can add copper in a melt, for example, adding one quarter the weight of the gold in copper, would give you about a 75% gold content in the melt, in order to get the gold to a karat gold content that the gold buyer can test for with his acids testing process , and pay you on its content of 18K gold,
Thank you for taking the time to respond and the suggestion.
This would be true if he did not have an XRF. This is how I know the purity for sure. :) So his offer is 65% 24K melt.
 

mymindbeing

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Do a google search for refiners in or around Kansas I’m sure there’s a few, a phone call or two will get you the data you need ie so they buy from the public and at what percentage..
Thank you for taking the time to respond :)
I will research for local refiner as well. I am not in a rush to sell my gold, but when I do need to sell it, I would like to do business with a known, honest buyer, where things are fair. So I am looking at all the options. (And the 98% that my coin dealer gets from his buyer sounds very nice, but I do not have a business license.) I do a google search for gold buyers... lol.. and there are tons! so which one to trust ? Or do I not trust any of them and only sell to a local refiner?
To me 24K gold is gold. I should be able to get at least close to spot for it quite easily, or am I dreaming ?
 

butcher

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I would not buy the button of gold, unless I seen a vent pipe in the molten blob which is a sign of its purity, or if I could test it with acids to determine percentage of gold in the button, the most I could test would be for 22K gold, so without a pipe, and only being able to test for at the most 22k, I would only pay on 22k instead of the possible higher gold content.

Most all honest gold dealers will want to make a small profit, they cannot test for pure gold, they are not refiners and will not recognize a pipe in your button as a sign of its purity.

If you take your pure gold to them, they cannot verify its purity or gold content above their ability to test its content of around 22K at the highest the test can verify, so that is the most an honest gold buyer would pay you for your 24K gold.
 
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etack

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Join a gold buy sell FB group those fools will buy anything for spot +. Hell coin shops and gold buyers are selling on FB to not show taxable income. Silver hand pours are getting spot plus’s too. Junk silver 20X FV or better.

The FB refining groups are junk but selling is the way take payment in PP and crypto
 

ReverendRev

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Hey I’m in Kansas as well, Kansas City area. Gardner to be exact I ran into the same problem. I put copper or brass into mine. They started buying it from me after doing that. If you are ever in the area give a shout. Im a sushi chef up on the plaza in a high end restaurant. More than happy to set you up. 😁
 
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etack

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I jut relooked at them on my computer mot phone they are scrap. Refine them or sell them.

Yield is in the $300+ per pound with all the legs and no solder on them.

Eric
 

jadedalex

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Mindbeing, I wouldn't sell any Gold. Given the S**tstorm that's coming, we're ALL going to need as much Precious as we can keep. Keep your lucre in small pieces ala Venezuelan citizens who use shavings just to buy food. The way ALL Central Banks are printing money, there won't be a currency that isn't unaffected...Fair Warning!!
 

nickvc

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As my post said make a few phone calls explain your situation and ask for a quote for your gold, I think you should get close to 95% , another idea is look for working jewellers who will pay way over spot for their gold perhaps you can get a deal with them.
 

pawnshop

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Hello,
Over the past 5 years, I have been reading and practicing the refinement of precious metals. It took a while, (GF, Computer Scrap, IC Chips, pins, CPU's) but I finally made my first 1 oz button that XRF'd at .999956. (Beautiful blonde precip) Not necessarily looking to sell right now, but wanting to know what I could sell it for, I took it to my coin dealer. (FYI I have known this guy for 20 years and trust him) As he is a 3rd party gold buyer and a coin dealer, it is not his main business and not used to buying refined gold that is not marked, he said that he would have to buy it as scrap gold because he could not resell it as is to the public, and he would pay 65% of melt, (being honest) and told me that he sends it in and get 98% of melt.
My question, any recommendations other than ebay and all of it's fees, to get the 98% or somewhere around there for when I want to sell it. Lol.. As I refined a gram here and a gram there, I was thinking here is $50 or here is $100 bill , thinking I could just sell it down the street. Well .. cut that price 35%.. not so easy to swallow.. And I am weary so send my gold off in the mail without a respectable reference.
For reference I live in Wichita Kansas do not have a business license and do get to Kansas City every once in a while if anyone knows anyone there.
Thank you and advice is much appreciated.

Justin
You should be able to get 97-98% of spot through some of the gold refiners. You will just have to call and negotiate. You will have to mail it to them and trust they give you accurate weight and assay. I own a pawn shop and get offers all the time. Just can't find them. There is a premium if you can sell it on the street so to speak. It varies from day to day, but you can figure spot +$50 per ounce or more. I try to buy at 90% of spot. But for gold coins like eagles pay spot.
 

mymindbeing

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Wichita, KS
I would not buy the button of gold, unless I seen a vent pipe in the molten blob which is a sign of its purity, or if I could test it with acids to determine percentage of gold in the button, the most I could test would be for 22K gold, so without a pipe, and only being able to test for at the most 22k, I would only pay on 22k instead of the possible higher gold content.

Most all honest gold dealers will want to make a small profit, they cannot test for pure gold, they are not refiners and will not recognize a pipe in your button as a sign of its purity.

If you take your pure gold to them, they cannot verify its purity or gold content above their ability to test its content of around 22K at the highest the test can verify, so that is the most an honest gold buyer would pay you for your 24K gold.
Thank u once again for your input, and taking the time to respond.

Vent pipe? Do you mean one that is left over once it cools? Or visually inspecting one that forms while it is molten. I am assuming the latter. I have never heard of this as a sign of purity, but I have only been learning for 5 years :) I will have to look for this.

I agree 22K spot would be a fair price.
 

mymindbeing

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Mar 21, 2016
Messages
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Location
Wichita, KS
Mindbeing, I wouldn't sell any Gold. Given the S**tstorm that's coming, we're ALL going to need as much Precious as we can keep. Keep your lucre in small pieces ala Venezuelan citizens who use shavings just to buy food. The way ALL Central Banks are printing money, there won't be a currency that isn't unaffected...Fair Warning!!
Yea, I am not planning on selling it until I have to, as I like having the gold around :) Just trying to figure out the best way of selling it for when the time comes.
Thank you for your response.

I collect coins and silver bullion to hedge my bets as well, as we never know what the future may hold.
 

mymindbeing

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Wichita, KS
Hey I’m in Kansas as well, Kansas City area. Gardner to be exact I ran into the same problem. I put copper or brass into mine. They started buying it from me after doing that. If you are ever in the area give a shout. Im a sushi chef up on the plaza in a high end restaurant. More than happy to set you up.
Nice..

Did they start buying from you after the brass or copper, or did you start feeling better about the sale? :). What are they paying you for? 22K?

Thank you for your reply.

I used to live in KC. Gladstone
 

mymindbeing

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Joined
Mar 21, 2016
Messages
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Location
Wichita, KS
As my post said make a few phone calls explain your situation and ask for a quote for your gold, I think you should get close to 95% , another idea is look for working jewellers who will pay way over spot for their gold perhaps you can get a deal with them.
Thank you, and will do :) The jeweler route sound interesting, I will have to check it out.
 

mymindbeing

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Joined
Mar 21, 2016
Messages
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Location
Wichita, KS
Join a gold buy sell FB group those fools will buy anything for spot +. Hell coin shops and gold buyers are selling on FB to not show taxable income. Silver hand pours are getting spot plus’s too. Junk silver 20X FV or better.

The FB refining groups are junk but selling is the way take payment in PP and crypto
Thank u for the response,

I checked a few of those groups out..... lol... I don't think that is my game :). Seemed like a lot of overseas and the gold pictured did not look quite right. It reminded me of people selling gold drop bars. But what do I know... To me it just seemed kind of shady.
 

mdv

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Mar 8, 2016
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As a gold paydirt seller, being able to purchase raw placer gold is the only thing that allows me to stay in business.
I have learned a few things since 2014 when I first started my small business.
1. Selling to refiners will require an assay of your gold to determine its purity. If it's 90% pure, the starting point for
your sale is 90% of spot. Then there is usually about a 2% charge for what they call "Melt Loss".
So, on average, the best you'll get is 88% of spot. Shipping charges will reduce your return as well.
2. Jewelers and "We Buy Gold!" storefronts are notorious for paying far less than spot, usually in the range of 60% - 70% of
spot.
3. GPAA gold Chapters often purchase gold for their members as well and my pay as high as 90%.
4. As stated above, gold paydirt sellers such as myself need to buy raw placer gold to stay in business unless they
own their own mines. Typically, it costs about 60% of the price of gold to get an ounce of gold out of the ground.
The large gold mining corporations regularly report this cost, known as the All In Sustaining Cost (AISC), in their
financial reports each year.
That means if you own your own gold mine, you can sell your gold a lot cheaper than just about anyone else,
but there is little incentive to do so with refiners paying some of the best prices.
Those businesses that sell gold paydirt have to cover the cost of the gold plus all their marketing and packaging
expenses before they can even think about adding a profit.
While it depends on the size and character of the gold, I generally pay just under 90% for the gold I purchase, unless
the gold is larger than 1 gram.
When I find a source of good gold at a good price, I've got a shot at making a profit, but it is very difficult to do so.
That's why I am always looking for new sources.
Michael Valadez President iPan4Gold.com
 

Dr. A

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Oct 6, 2019
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As a dentist I’ve been using Garfield Refining. (Garfieldrefining.com)
I’ve sold my dental scrap there for over 17 years now. In dental school I’d get the old gold crowns and melt them together and send the button. Back when gold was 1/3 of its value now, it would pay for flights back home or groceries or Christmas. Now I just send it all as is, teeth parts, glue, fillings inside, whatever. They melt it all down and assay it and give you the value of Au, Ag, Pt, Pd. You can send in old junk jewelry or sweeps too. They don’t process eWaste though.
You can request check or bullion. Of course they take off 5% for processing, but consider cost of doing it yourself. They are friendly to call and ask questions or email.
Thanks.
 

richoc

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Jun 29, 2011
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ARA Gold in Dallas Texas.
www.aragold.com
(972)620-6020
Best if your a LLC but call them anyway, you can explain what you do.
Hobby Refiner, Metal detection dude, and see what they say.

Not really that far from you, but at today's gas prices, yikes.
Worked in KC Kansas for a bit and drove to Mom's place to vist every month before recovering Gold.
I used to send my gold to my Mother and had her take it in, She lived 25 mins away.
They would melt it, pour it as a flat sheet and run a XRF while you watch ( they did back a few years ago).
Mom moved out of town from there now but I trust them to sent it there now.
You can lock in a price on the phone and if it scans that is what the check is.

They paid me 98%of spot price when I called and locked it in, if it test .999 Au
I also tried to always have at least a troy oz. before calling.

They will buy all PMs and refine, including buying or returning stones, but no E-wastes

Rich
 

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