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2 people online in the last 1 minutes - 0 members, 0 anon and 2 guests. (Most ever was 55 at 21:51:42 Sun Nov 11 2012) |
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OldManRiver Offline 2 posts Reply |
I am new to this message board thing so bear with me. I've been living on the Klamath river my entire life and I hate to admit it but I've never bothered to try and sell the gold I've accumulated over the years (all 65 of 'em). I obviously was intrigued about the idea with the prices bein' so high lately. I was wonderin' if any of you fine folks had a name or number to direct me to a local buyer. A lot of my concentrates aren't really refined at all so any tips on what forms they'll take would be good to.
Thanks |
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Jim_Alaska Offline 2084 posts Administrator  Reply |
Your gold should be as clean as possible, that means it should be free of black sand, rocks and everything that is not gold.
You can talk to Mike Higbee at Armadillo Mining about buying your gold, he buys gold. His contact is here: Armadillo Mining Shop 2041 N.W. Vine Street Grants Pass, Oregon 97526 United States Phone: 1-541-476-6316 Don't feel shy about asking questions, its the only way to learn, we have all been in your place. You will also find that the prices you see are called "spot" gold prices. That means what gold will sell for when it it refined. Raw gold brings less that spot price and it all depends on who you sell it to, how clean it is and how pure it is. Purity is hard to determine, most gold has some silver or copper in it. Hope this helps some,
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OldManRiver Offline 2 posts Reply |
Jim,
thanks, that will be of great help. I appreciate the welcome as well. I am looking forward to talking to you and everyone else in the future. -- Tim Kutzkey aka "Old Man River" |
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GoldMan Offline 82 posts Reply |
Hi Tim,
Jim covered the basics quite well when it comes to having the gold properly clean for sale. I have several buyers here in the Redding area that buy gold - and have been known to buy a bit myself (we have a small mining shop in the area). If you would like more info, please email me at PlacerGold@email.com with your contact # and I can give you more information privately. Have a great day, Chip Hess |
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matthewjen Offline 3 posts Reply |
After we find the buyers what % price of the spot price are these buyers paying on clean screened gold? just wondering.
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LipCa Offline 802 posts Reply |
The last info I got from a refinery(David H Feld) was they would pay about 93% of spot price on the gold content...I think the gold content in Siskiyou county is about 90-92%....less shipping and a $30 assay fee.
That was on a 10 ounce minimum. So, your take home would be about 78-80%, more or less. Other refineries may be more or less.... Personally, I get 90% of spot for my fines and anywhere from spot price to 1.25 times spot for gold above a #4 screen. Sorry, my buyer's name is not available to the general public. Don't give it away!! and, if you have a lot, be careful who you show it to..... If you have a lot of concentrates that need cleaned, you've got work ahead of you! |
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socalgold Offline 715 posts  Reply |
Harry, I only wish the gold content was that high. The gold we have sent to AAA Refiners has been asaying in at .825
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LipCa Offline 802 posts Reply |
I'm surprised Lee, i've see assays come back in the low 90's..(hardrock in the Salmons)
Where was your gold from? Guess i'm not surprised anymore...After doing a little more research, I find that gold in siskiyou co runs 749 to 950 fine |
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kaveman Offline 207 posts  Reply |
.825,..............no way. That might be what they're paying you. Like Harry said,......93% of .900 gold. Even Alaska gold runs .850 and it looks like brass compared to Siskiyou.
I haven't sold gold in years, but back in the day,.............. 49ers paid 77% spot at the shop in HC. Merchants paid 77% spot for gas and groceries in HC. Heard tell if you drove to Reno there were places that paid 85%, but somehow nobody ever came back with money. Sold most of my gold(at least the nasty looking merc'd and burned off fines)back in Indiana at 100% spot at the local jewelry store,(and he wasn't too picky if there was a little dirt in it!). edit to match LipCa,.... that 749-950 range must take in telluride ore(which I've heard of in SiskCo). Placer won't run under .900. Ultra-fines probably close in on .950 due to age and weathering(the silver leaches out of the tinies) |
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Norcalgold Offline 104 posts Reply |
I hate to say it, but I am suspicious of the .825 refine we got from AAA Metals, so dont use that as a earmark for Klamath gold. Most of that gold was very clean fine gold, meaning there was no mix of junk in it like quartz. Also, a lot of it was already melted down which will clean impurities out of it off as slag. On the flip side, others have used their services and did well. They pay 95% of content. The 5% is the refine fee.
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goldnuggetgeorge Offline 3 posts Reply |
Hello All ! There are three ways to sell gold [1] The refiner , they will melt it and it will be added to the worlds gold supply , most if not all will not pay for the other metal mixed in your gold , they learned that trick from Uncle Sam . They will pay a percentage of the spot market , which one pays the most ? I dont know. --------[2] Dealers , there is more then one type , they will part it out in small amounts , now whot do they pay ? I have been offord as little as 60% of spot all the way up to $10. over spot . Most dealers will tell you that you will only get 78% of spot [ or some other percent ] so that is all they are willing to pay . My responds to all dealers that offerd less than spot was all ways the same , see that hill there go up that hill and shop at the next store . Believe it or not about 50% will pay spot for fine gold . I consider all that will go up a snuffer as fine gold , if it wont it is a nugget and i get more for nuggets . -------[3] Other miners , they all show up with a smile on there face and they wont all to know they are there to get gold , I tell them if things dont work out for you I sell gold , I get lots of diffrent ansers . Some buy and most dont , some times it sells as fast as I can dig it other times I wont sell a speck for 3 or 4 months . I keep some gold in small vials 1/5 of a gram , 1/2 gram , 1 gram , 1 dwt. 1/4 oz. 1/2 oz. , 1 oz. , one gram or less all ways brings more then spot . On your nuggets there is no way I can tell you how much you can get for them but it is all ways more than spot . Over 99% of all gold mined world wide is melted down , whot you have is spess. gold ,
so sell it as if you are the only store in town . Good luck . |
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49er_Mike Offline 9 posts Reply |
I have purposely stayed out of this thread, but let me ask a foolish question.
“ Do miners even want dealers to buy their gold?” Some obviously don't. We (dealers) don’t make much profit on it (gold purchases) unless a private buyer comes in looking for gold. Last winter, we had that blessing but not any more. So now we are stuck selling the gold to a refiner. Right now, turn around time to most refiners is two to three weeks. Have you noticed how much the price of gold can fluctuate in three weeks? Remember, the dealer needs to wait until they have about ten ounces of gold before they even ship to a refiner. How much fluctuation, up or down, happens in three weeks? Do most miners look at gold prices and try to sell when it is high or low? Guess where the dealer is buying the gold at…the same time the miner is trying to sell. Is that at the high side or the low side? Let’s say spot gold is at $900.00 per ounce and spot silver is at $18.00 per ounce. Let’s just say that the gold you bring to the dealer is running 93% per gold and the entire balance is in silver…no dirt, no black sand, just beautiful clean gold/silver alloy. The dealer buys 10 ounces of gold at spot ($9,000.00) over a weeks time and gold prices stay constant…yea right, but it makes the calculations easier. Out of 10 ounces, the refiner gets 9.3 ounces of gold and .7 ounces of silver. Usually, the dealer doesn’t get paid on such a small silver recovery, but let’s say this refiner is really being fair. So we have 9.3 ounces of gold at $900.00 which is $8370.00. There is a 3% refining fee ( a very fair refiner indeed ) of $251.10 for a net of $8118.90. But this refiner was real fair, so he paid the dealer for all of the silver and no additional refining fee so another $12.95 is paid to the dealer. So he is going to get a total of $8131.35 on the purchase of 10 ounces of “gold” at $900.00 per ounce. Wow, what a deal, the dealer gets to LOSE $786.15 on the deal plus having his money tied up for three weeks with the risk of losing even more if gold goes down. Whoops, I forgot to add in the cost to ship the gold via Registered Mail to the refiner, chock up an additional loss of $26.50. Boy, I can’t wait for that deal…yeah, right. Now here is the real story from my last refiner sale. Gold value 87.73%, silver value 11.98%, 5% refining fee, got paid on the silver, $26.50 postage, money tied up for three weeks. The dealer doesn’t decide the day of settlement either, the refiner does. You do the math. I make much better money investing in the purchase of dredges, wetsuits, or other items in the store than I do in gold. Gold purchases are a service we provide, not a big profit center. If dealers don't MAKE money, they will cease to be dealers (I learned that in Business 101). So, be gentle with us...we are all in it together. Mike
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LipCa Offline 802 posts Reply |
Mike,
Do you know any dealers that pay spot? Most pay 75% which, in your example, would amount to a profit of about $600(you forgot shipping...grin) about an 8% profit...better than CDs Why would dealers even want to buy miners gold at spot? |
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49er_Mike Offline 9 posts Reply |
Harry-
I don't know any dealer that pays spot, but someone must. My reference was to an earlier post that was made regarding telling dealers that don't pay spot to head for the hills..."go up that hill and shop at the next store." You are right, 8% profit is better than CD's pay... but 8% profit doesn't even pay the overhead of keeping the doors open. There is little to no overhead in buying a CD. Interest on a CD does equal income. Profit on a sale does NOT necessarily equal income. Mike
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LipCa Offline 802 posts Reply |
You're right Mike,
When you buy gold, it is just another "mining" item and you have to consider overhead. You certainly don't make anywhere near the "profit" on gold that you do on other mining related items. I would think buying gold(in your business) is done as more of a service than anything else. As a side note, I find it interesting more "non miners" recently have been asking to buy a little gold. Just as an investment for the future. |
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Docwalker Offline 11 posts Reply |
I made a request a few days ago wanting to buy a couple of nuggets. I need them for use with a new metal detector. I do not care where in the Klamath system they came from, meaning don't tell me which claim, but I would like the nuggets to be Klamath, if possible.
I plan a week in HC beginning this next weekend sometime. If planned ahead, I'm happy to meet at most any location in the area. I'm looking for 1 nugget about 1/8" and a second a little larger say 1/4". Contact me off list if you can help; Billamicasr@gmail.com (541) 912-2179 I'm a New 49'er member. Thanks, Doc |
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