Selling gold

I've got some gold but it's not the typical old jewelry. I've got industrial gold that I'd like to sell. We've all seen those ads "we buy gold". Have any of you ever dealt with those outfits? Any thoughts on the best way to get a fair price? Should I just trade it for another Miata?

Thanks

I've got a guy I work with who deals in this stuff. I'll send you a PM with his info if you want.

The "WE BUY GOLD" storefronts which have popped up like mushrooms lately wouldn't be there unless there were healthy profit margins in reselling your gold - I'd suggest that you do some research and go elsewhere.

Coin shops

If you don't have to you might want to hang onto it, the metals market seems a bit unsettled right now. I have a bunch of 1oz sterling silvers and the price of silver keeps going up. People are using gold as a hedge against the dollar so the price per ounce is 1400$ per troy ounce. I don't know how much you have or what the spot price is on industrial gold so good luck.

Best bet would be chinatown if you have one nearby. The regular jewelers and fly by night storefronts won't give you near what chinatown jewelers will.

I'd hold onto it. When things get really crazy, you can trade a bar of gold for a hot chick in a heavy metal outfit.

Gordon Liddy says gold is better than cash. Why would you want crappy old cash?

Go to a legitimate jeweler who will offer the proper melt weight of the piece. Shop around to see who will give you the most.

Otto Maddox wrote: Gordon Liddy says gold is better than cash. Why would you want crappy old cash?

Bhaha!!!

I find the WSJ redundant...

Gordon Liddy Commercial = Recession

No Gordon Liddy Commercial = No Recession

(Old Man Hand) Golddd!!! (/Old Man Hand)

There are a lot of reasons to hold onto gold now. It will never decrease in value. The more the $$ heads for the crapper, the better the gold will be. Global unrest, middle east grief, Africa unrest, etc. same. Spot market is over 1400.00 per oz, but that is for 24 carat stock, not industrial or jewelry. If you want to cash out, do your internet research. Saw an article Sunday that had done some study on gold buyers- some paid as much as 5x the others. Beware the big advertisers. Don't really know why, but I like the idea of the Chinese buyers. Gold is an important part of their culture. So is being a shrewd businessman. Good luck.

In reply to cwh:

Gold is a commodity. It is a high risk investment. It has very little intrinsic value.

But to the OP, yeah sell it. Get some cash.

Gold is utterly worthless- dirt is the new standard. I will trade you all the dirt you want for your gold.

Otto Maddox wrote: In reply to cwh: Gold is a commodity. It is a high risk investment. It has very little intrinsic value. But to the OP, yeah sell it. Get some cash.

if you already have it instead of just purchased it.... where is the risk?

I don't see the same risk as someone 'investing' in it.

The risk is whatever is paid for it. It could become worthless.

The chance of gold becoming worthless is zero. It is now, and always has been, the ultimate safe investment.

and his ambiguous post doesn't say he bought it. ;p

I was off topic and now veering further but gold isn't magic. It goes up and down like any investment.

The OP isn't looking for investment advice, so I second the suggestion to go the mall and shop it around. We have places all around offering to buy. Sorry for sending us off topic with the Gordon Liddy joke, but that is what I picture when I think of buying and selling gold.

cwh wrote: The chance of gold becoming worthless is zero. It is now, and always has been, the ultimate safe investment.

disagree

http://www.fool.com/investing/mutual-funds/2007/09/28/gold-vs-the-sp-500.aspx

gold= just another investment vehicle and not that good of one.

Disagree

Gold is a great investment. I won't bother with a link.

Comparing gold to stocks or any type of conventional market is apples to oranges. If you want to take a few extra dollars and parlay them into several extra dollars or want to theoretically have a large pile of dollars by retirement, chose stocks. If you want liquid assets that have reasonably stable value throughout the globe, chose gold. Gold has increased US$/Oz not because the "value" of gold has gone up, but because the US$ has gone down (drastically) in value. It would be unwise to convert gold to US$ right now.

Food, water and shelter are the only "things" that actually have value. Personally, I'd add guns and ammo to that list because you can use them to obtain the others if need be.

That said industrial gold is typically of much lesser purity than jewelry or coin gold. Even if you know the purity, the buyer will probably want to have an assay. If you don't know the purity, you're asking to get ripped off. As was said, Cash 4 Gold et al make their money buying and reselling gold. They won't pay you fair market value. Your best bet is selling it directly to the end user and keep the profit.

In January 1980. invest $1000 in Gold and $1000 in IBM common stock.

Share price IBM in 1980 = ~$68 I buy about 14 Shares.

Gold price is around $850/oz in Jan 1980. I buy about 1.2 oz's of gold.

Current Value of IBM stock, with divdends reinvested = $20k

Current Value of Gold = $2k

Even if you were to miss 1980 gold bubble and buy say in '82 with gold at $300/oz your're still only going to own say 3oz's.. Which would be like what.. $4500 today..

Sure.. Gold gains money. It is an investment vehicle.. It is just a poor one. (my numbers are kept rounded and generous to give gold the benefit of the doubt)..

Clearly you missed the point entirely.

Apis_Mellifera wrote: Clearly you missed the point entirely.

and I feel the same way about you...

I could agree with you, but then we'd both be wrong.

Can't believe I'm going to agree with Iggy this time!