What to pay for gold plate and gold filled?

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jimdoc

Well-known member
Joined
Mar 12, 2007
Messages
4,943
Location
Philadelphia
Does anybody have an idea of what to pay for gold plated scrap, and gold filled scrap? I know that isn't an easy question to answer because of all the different items that will be encountered. I posted an ad on Craigslist looking for scrap gold plate and filled. I said to let me know what you have and how much you want, and if it is a one time or continuous supply.
One person responded asking me what I pay. I asked what does he have and how much. Is there a bottom line answer I could tell people? And I know I shouldn't give people an absolute answer without seeing the material, just wondering how I should answer a question like that.
Thanks. Jim
 
Jim,

Never buy any gold items sight unseen. Ask lots of questions and get photos.

GSP has a great formula for computing the amount of gold on plated items. Catfish has done some good work in this area also. I go with the averages myself. Medium to high grade plated scrap will produce about 1 gram per pound. Poor to Low grade plated scrap will produce between 0.1-0.25 grams per pound.

For gold filled (GF) the math is as follows:

(GF karat / 24) x Total Weight of scrap x GF factor

Here's an example for 100 Grams of 12kt 1/20 gold filled (12/20 GF):

(12/24) x 100 x ( 1/20) = 0.5 x 100 x 0.05 = 2.5 grams 24kt gold

For the value of the GF per gram figure:

(Gold current spot price / 31.1) x Grams 24kt = Value of Gold

an example of the value for the first example:


($659.40 / 31.1) x 2.5 gm = $53.00 for 100 Grams of 12/20 GF.

Don't forget to include your shipping costs, chemicals, and labor when making your offer. :wink:

Steve
 
No guidance on what they're worth, just a heads-up that things may not be as they appear. :wink:

It's easy enough to calculate the theoretical gold content of filled objects, assuming they're marked, but that's not always a formula for determining the value of the item. Because gold is on the surface only, any wear that occurs equates to gold loss, not base metal, so the yield is often reduced well below the calculated content. A badly worn object could be worth very little as compared to an identical object that had no wear. I offer you a gold filled watch case as an example.

Do not allow anything to deter you from obtaining gold filled items. While they're not nearly as good as karat gold objects, they're usually several times greater in gold content than plated objects, and well worth running.

Harold
 
Thanks for the info, I know it is a tough question with alot of variables.
I don't plan on buying sight unseen, or off Ebay I was looking to find some local sources. I have some guy's with coin shops I used to deal with that I am going to check with, they will probably let me process then split with them, the one guy I know has coffee cans full of plated and filled.

I tried Craigslist to see what happens.I was thinking maybe process the items and split the gold or pay them for half?, Does that sound fair?
I basically wanted to see what the ad would produce, and wanted people to let me know what they had, and how much they wanted for it, and then
go from there. I guess this is the learning and experience part that everybody needs to go through.

The guy that asked how much I pay never got back to me with what he has. I will let you guys know how the CL ad works. I have had 3 organs offered to me today, but no Hammonds.
Jim
 
Hi Jimdoc:

You just asked the $64,000.00 question. I have refined just about every type of gold plated, gold filled and karat gold there is and some times I think I have it figured out and wham! I get blind sided by what I thought was a good deal and it turns out bad. There are many very good mathematical ways of determining the amount of gold in a gold plated, rolled, filled or karat gold items, but as Harold said, they don’t always work.

I have just about stop buying gold plated items off eBay. It’s just not worth it. I now only buy gold filled and karat gold only.

I use the formula that Steve posted and I come up with an end result of anticipated yield and take the current price of gold per gram and come up with a dollar amount. I bid the items at about 60 to 65% of this theoretical number. I deduct the shipping costs and then place a dollar bid on Power Snipe and forget it. If I get it fine and if I don’t, fine. If you can’t make money on it pass it up.

Two weeks ago I purchased 33.7 grams of Old glass frames and some small jewelry. All alleged to be gold filled. It was all stated as 1/20 10, 12, and 14k gold filled. I used the numbers of 1/20 (5%) of 33.7 X .57 = .96 grams of gold expected. .96 X $21.00 per gram = $20.16. The shipping was $4.60 I deducted the shipping and bid $11.00. I got the bid at 10.99. Through Power snipe. I got the gold and refined it in Aqua Regia and it refined out after two refining processes 1.5 grams of very pure gold. 1.5 grams X 21.00= $31.50. A profit of about $16.00. Two small ear rings were 14 karat gold.

One thing, old eye glasses and watches may state 1/10 or 1/20 gold filled but some times they can be more than that. Luck of the draw.

You have heard the old saying “there is no magic bullet”, that is the case on buying plated gold. Gold plating on Engineering items such as pins, fingers and chip pins can be anywhere from 10 micro inches to 150 mils. The sellers on eBay will tell you anything you want to hear. I ask lots of hard questions of sellers, they just don’t have a clue on what they have. I have been successful on large sales to get the seller to send me a sample of his items and then I can get a good idea on how much its worth. Only some of them will do that.

If you would like some more info in determining the value on plated gold drop me a PM and I will share with you the data I have come up with so far.

Catfish
 
Catfish,
Thanks for the info. I know what you are saying about Ebay prices, people really pay more than what they should, and when you figure shipping and processing into it, I can't take that risk. That is why I wanted to try finding some local sources. You have it down right with sniping at your figured price, and still factor in the no-see, believe the seller, and pray you get what you are bidding on.
I am really trying to figure out a bottom line price where I can't go wrong, but still be enough to get some material, and then go higher if it warrants going higher. Thanks. Jim
 
catfish said:
One thing, old eye glasses and watches may state 1/10 or 1/20 gold filled but some times they can be more than that. Luck of the draw.

I processed eyeglass frames by the thousands early on. I'd have continued to do so, but they slowly dried up. At first (early 70's) they were everywhere, and could be purchased for as little as 10¢, but the going price was 25¢. On the average, they yield a grain of gold, so on today's market they're worth about $1.50 each.

Your comment "some times they can be more than that" is dead on, but rare. There was one maker that used a karat gold bridge on certain types of glasses. They were the later style, ladies glasses, and quite fancy. The bridge wasn't just a simple curved bar, more of a flattened cable looking piece.

Glass frames made in the later years that still contained gold were marked by a different method. It was all numbers, which would translate in to content as fractions. I'm at a loss to recall how they were designated, but it's quite obvious when you see them. Sad thing is, they were lower in content. Towards the very end, filled frames were little better than plated items.

One of my early ventures with frames was with an optometrist that had, literally, a small room full of boxes filled with old frames. I processed them on a percentage basis, for what I recall was a 25% fee. They're a lot of work, having to break out the glass, then incinerate them to redness, which eliminates not only the plastic, but body oils as well. It's hard to describe how filthy some of them were. The incineration process is quite an important step in cleaning the metal and making the base metal available to the nitric. I heated them until they came apart, making it much easier to handle them.

I had a lot of interesting things provided for refining through the years, but I can't think of anything that was more satisfying than receiving a box full of grody old eyeglass frames, and recovering the values.

The sellers on eBay will tell you anything you want to hear. I ask lots of hard questions of sellers, they just don’t have a clue on what they have.

That's not limited to sellers on ebay. You come to realize that most folks don't have a clue about gold----can't discern costume jewelry from karat gold jewelry, and can't begin to understand what gold filled is. To that end, I recall stopping at a garage sell, very early 70's. I asked about any jewelry.

"Nope", says the gal. "No jewelry".

Any class rings?

"Oh, yeah! I have one of those things. It belonged to a guy I used to date".

Want to sell it?

"Yeah, sure."

"How much", I ask.

How about 25¢?

Fine with me.

To her, it wasn't jewelry, and had no value. She was happy with the quarter, and it wasn't my responsibility to educate her in the value of her possessions. No more than it was my responsibility to tell a seller that had priced her own service for 12 sterling silver flatware that her asking price ($200) was less than the scrap value. She was "tired of polishing" and wanted to buy some stainless ware. Sigh!

I was willing to pay a fair price, but not by first educating the seller.

Harold
 
Hi Harold:

I find your post very interesting and informative. I would like to learn more about the refining of gold filled glasses. Here lately I have come into several pairs through my purchases and scrap hunts. I would like to know more about how to get the most from them. I have been taking them and cutting them up in small pieces and heating them to about 1000 degrees F in my oven and then dumping them in Aqua Regia, boil it for about 20 minutes at just a minimum boiling point and they seem to dissolve ok. Then I just treat them like all other refining. The yield seems to come out within expectations, but after reading your post, I feel like I might be missing something.

I am curious about the incineration process you mentioned and would certainly appreciate any suggestions or recommendations you could furnish me on this process. Harold, please keep in mind that I have a Paragon Oven that is capable of 2300 degrees F. What I have been doing is after cutting them up in small pieces is put them in a crucible and heating them. My question is, how hot should I get them before process them. Any information you could give me would be greatly appreciated.

Thanks, Have a good day.

Catfish
 
Hey catfish!

Here lately I have come into several pairs through my purchases and scrap hunts. I would like to know more about how to get the most from them.

I'm not convinced you're leaving anything behind, but I'm of the opinion that you're fighting with the stuff a lot more than need be, between your incineration process and filtration of the gold chloride.

When you get involved in quantities, the volume of solution you generate can take a long time to filter, and has a tendency to plug your filter. That can be eliminated entirely, with the benefit of precipitating much higher quality gold. I struggled with the process for a long time until I came up with a concept that really helped.

For starters, I don't recommend dissolving the frames in AR. Gold filled articles are primarily base metals, including soft solders in some instances. Eliminating base metals prior to dissolving the gold is always a good idea, although I'm not suggesting that your approach doesn't work. I realize it does, but it's a process I avoided like the plague.

I tried to make a distinction between recovering gold, and purifying gold. When you dissolve gold filled in AR, both operations are combined, yielding gold of questionable quality, guaranteed! Washing alone won't usually improve the gold to what I considered an acceptable standard.

I processed the frames in nitric, then incinerated the remaining solids to eliminate any traces of nitric, followed by an HCL wash, which removed undesirable contaminants that made filtration of the gold chloride much easier. It also improved the quality of the gold that was precipitated.

After the hard boil, water was added and the contents allowed to settle well. Once settled, the solution was decanted from the beaker, and, if clean enough, the solids were then dissolved in AR. If the solution was quite dirty, I'd rinse a second time before dissolving the gold. The balance of the operation was routine.

One comment I'd make. When you process yellow gold, you're always producing traces of silver chloride. If you'll incinerate the filters and traces contained within, then store the ash, you'll be accumulating some serious value, and it won't take much space, and liberates no fumes. When you process the wastes in the future, you'll be pleasantly surprised to find you'll even have a considerable amount of gold included. The recovery from the ash is beyond the scope of this post, so I won't dwell on that issue. .

I am curious about the incineration process you mentioned and would certainly appreciate any suggestions or recommendations you could furnish me on this process. Harold, please keep in mind that I have a Paragon Oven that is capable of 2300 degrees F. What I have been doing is after cutting them up in small pieces is put them in a crucible and heating them. My question is, how hot should I get them before process them. Any information you could give me would be greatly appreciated.

I'll include a poor picture of the small furnace I used to incinerate the glass frames. It was fired by natural gas, so it burned absolutely clean, with no fumes. I simply dropped full pairs of eyeglasses in the furnace (with the glass removed) as it ran, and made sure they got exposed to the flame such that they were heated to redness. I moved the frames about with a short metal rod to insure all of them were properly exposed. They fall apart when they are hot enough, and the plastics that were included were fully incinerated, along with the oils that are ever present. I wasn't concerned about getting anything too hot, for the entire mass was removed and processed. Hinges and individual components were often all that remained, nothing that resembled a frame. By over heating the frames, the gold surface was usually disrupted to the point where acid would attack the base metal directly, so that was very helpful in penetrating the gold except in rare instances.

I own two electric ovens, one of which is a 23 kw unit, and suited to heat treating steels. It can achieve temps that parallel those of which you speak, but to be brutally honest, there's no way I'd use either of them for gold refining. They're not necessary, and are not headed the right direction for the work at hand. If you were faced with hundreds of frames to process, this would come into focus immediately as you incinerated the frames. The burning plastic would be a serious issue, very unlike burning plastic in a flame. Again, that's not saying that what you're doing doesn't work, but it's not the easiest way to go. Cutting up hundreds of frames, for example, is wasted time, and I'd have more than a little trouble with the fumes from the plastic involved.

If you have a specific question, fire away. I gave you a brief outline of how I processed the frames, but I'm willing to provide greater detail if you feel it would help. There's no doubt you're doing an adequate job---just differently than the way I ran them.

Harold
 
Most of the threads that caught my eye are those of a month ago. I would have posted then, but I didn't join until today.

I've been buying scrap gold and silver since the early 80's. For many years I shipped everything gold to a refiner named Mr. Scott from Cleveland, Texas. He charged me 10% of the net metal recovered and sent me .999 casting pellets. Those where the "good ole days" for me. The only problem is, Mr. Scott was older than I am, consequently, he wore out and died first.

For the last few years, I don't know what the blankety-blank to do with gold-filled, RGP, etc. I tried a number of different refiners that work for the public, and often I was always left with a bit of a knot in my stomach when all was said and done.

I'll only name drop to this extent: I tried Midwest Refineries three weeks ago. Within two weeks I got back a check for my offering. My "estimate" of my return when I shipped was $850.00 (+/-). The actual check was $818.00. To my glee, they were almost spot-on to my projection for the 10K and 14K gold and .925 silver. Included in the batch was just under 2 oz. of good looking gold-filled jewelry scrap.

Midwest kindly bought my gold-filled "outright" for $1.00. When I read that from the invoice, it would have been difficult to live up to my own poetic, philosophical motto: "Only the light hearted may dance on heat waves." I won't be sending them any more G.F. scrap.

There is a question in all this for any who care to respond? Since I am not a refiner, professional or hobby, does anyone have any ideas who will give a reasonable price for the G.F. material?

As for buying G.F. on the street, this has always worked pretty well for me: whatever I pay for scrap silver, I also offered for good-looking G.F. or RGP. Someone gave a worn watch as an example of an item where most of the gold may be worn off. I simply turn those items down.

Cheers,
Lay Z Poet
 
Z,

Welcome to the forum.

If you are looking for a gold filled scrap buyer there are several of them here, including me. The standard formula I go by is simply a percentage of the calculated gold content. Typical 1/20 12kt GF is 2.5% 24 kt by weight. Catfish suggests paying 60% of spot to cover refining costs. I sometimes pay a little better than that, but prefer his formula to assure a profit for me.

If you want to learn refining yourself, you've come to the right place. Here's the newbies guided tour post:

Guided Tour

Have fun,

Steve
 
Was that a dollar a pound or a dollar per ounce?

Refine It
When new, the worst gold filled (10K, 1/40 - 1%gold) I've seen, runs about $100 per pound. The best I've ever seen ran 5.8%(14K, 1/10) - $580/pound. If you can get a lot of it, it might be worth thinking about refining. It might sound heretical but, I would shot it and dissolve everthing but gold nitric, even the gold is only 1% to 5.8%. The gold will be extremely fine, black/brown, hard to handle and hard to settle. You'll even have a little purple colloidal gold. It all will eventually settle, however. A little heat can help agglomerate (bring them together) the particles. Then, shut the heat off and let it settle. If you have glass fiber papers and a vacuum filter, you can filter it. After it settles, filter the top solution and then filter the gold, in the same filter. You can't use regular paper. It will go right through it.

If you don't have a vacuum filter, you can settle the gold and then siphon the solution off. Add some rinse water, stir, settle, pour off, repeat a couple of times. Transfer the black powder to a beaker and dissolve it in aqua regia and go from there.

Sell It

Here's the way I would do it
(1) Remove all non-gold filled materials, including grease or oil.
(2) Go through the material and sort it by markings. Keep unmarked stuff in a pile. You'll probably
(3) Weigh each pile and estimate the value per pound, based on the markings. You are now armed.
(4) Type in Google, "gold filled" scrap paying . There are literally 100's of refiners, taking in gold filled with toll-free numbers. Start calling them and getting quotes. Don't ******** the buyer but, try to sell it. I would tell them that you're shopping around. See what they'll buy it for, outright, rather than refine it. See if they'll send you a quote, for exactly what you have, by fax (good luck). If they start changing things after they receive it, tell them to send it back.

If they won't buy it, outright, see what their refining charges are. Shop around

Make a decision. Do you want to sell it, have it refined, or refine it yourself. It's all economics.

If the lot is small, the buyer could care less. If it is pretty large, the buyer will want it.

Another wild way to sell this is to call around and find buyers that will buy it, for a good price, in ingot form. This would only work for large volume. They would buy it based on assay. A buyer may be hard to find. You would need a crucible furnace and molds. It would be better to have a furnace big enough so you only have one ingot. Otherwise you pay for assays for each ingot. You melt it - Cast it - Drill it - Have the drillings assayed - Put your stamp on the ingot - Make photos of drilled, stamped ingot(s) - Send the ingot to the buyer - Have the buyer drill it and assay it. Don't let the buyer re-melt it to do this. Have him drill the original ingot. Otherwise, don't let him alter it - When the refiner finishes the assay, have him give you a quote - Take the offer or have him return it.
 
Hi Z:

Welcome to the forum.

I refine quite a bit of gold filled and would be very interested in any gold filled you may want to sell. Of course my good friend Lazer Steve has first option. Seriously, if you have some that you would like to sell outright, I will buy it at 60% of expected yield. The gold filled material can be refined several different ways and the yield pretty well will always come out close to the theoretical yield expected.

I have found it is hard to come out ahead if you pay more than 60% for it. The refining chemicals costs and labor will eat up any expected profit.

As Steve mentioned, 1/20th 12 karat gold filled will yield about .78 grams pure gold per ounce, or if 1/10th 12 karat gold filledt would be 1.56grams gold at the same karat and weight. Gold today is $672.80/31.1=21.63 per gram spot. 1/20th would run about price is $10.00 per ounce and about $20.00 per ounce buy price. If you wanted to refine it your self, you could expect to get about $16.53 per ounce for 1/20th and about $33.00 per ounce of 1/10th.

As Goldsilverpro sez, you have to make the decision, do you want to just sell it to a buyer or refine it and then sell as pure gold. The best price I can possible get is 98% spot for all my pure gold.

My buyer will not mess with anything less than 9 karat. He sez it is too much trouble to refine.

Catfish
 
Z,

I'm trying to get my gold filled refining DVD done by the end of the weekend if you want to hold off selling and refine it yourself. The DVD goes thru the whole process A to 'Z' :lol: !

Steve
 
Wow! I'm overwhelmed by the teriffic responses to my very first post. I am super impressed. You guys are great. Thank you all so very much.

To answer goldsilverpro's question:
Was that a dollar a pound or a dollar per ounce?
It was $1.00 total for the two ounces of g.f. in that particular submission to the refinery.

As I said in my first post, I've usually tried to pay about the same price for decent lookng g.f. as I pay for .925 silver. Last year or two, that's been from $7 or $8 an ounce. Of course, at a garage sale, if a 5 gram g.f. item is marked 25c, who am I to insist they take more.

Although I had never had gold filled refined separately from karat gold, my estimation of the ACV (actual cash value) of clean g.f. without excessive wear was $15 to $20 per ounce. That seems to be in the neighborhood of what I've seen posted in the forum.

I'm going to read the newbie guide to refining... with trepidation, however. The mental picture of my non-chemist's shop explodiing; or melting my few remaining active brain cells by inhaling acid fumes, give rise to second and even third thoughts. Also, I'm too old to fumble around blinded from anxiously peering into my cauldron of hissing, disolving metals...

So much for so much...

Again, thanks all for the warm welcome. I look forward to participating in the forum.

Lay Z Poet
(aka) Charles
 
$7 or $8 per ounce - $102 to $116 per pound. Hmm. Are you treating all GF the same or, do you pay more for the good stuff ? How much are you selling the GF for? What do you base the $15 - $20 value on? That's $218 to $292 per pound. Sounds kinda high to me. Would the people you buy from take $3.50 per ounce? When you weigh the material on your scale, take out a chart and pretend to use it, take out your calculator and use it, look closely at the material again, and make an offer, the guy will usually sell it. Looks cut and dried and official.
 
take out a chart and pretend to use it :shock: :shock: :shock:

OMG OMG :D :D :D
I can't stop laughing. :wink:

If you only new how many times i have done the old let me look trick.
Try the let me make a phone call tick to. :lol: :lol: :lol:
 
where is the best place to send 14k scrap gold jewelry for refining? (best price) thanks [You mentioned that your refiner gives back 98%]
 
http://aragold.com

is the answer to your query. They have treated me well in all of my dealings with them.
 

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