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Tobin1 Offline 73 posts Reply |
Hey fellow Miners,
Please help my Fiance' wants me to set up a buyer for the gold we dredge next year without the 25% cut most people charge. I assure her it is no problem but have lost contact with a couple buyers I had when dredging stopped in CA. I was getting 95% spot. The lowest I could take is 90%. |
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klondike_jake Offline 174 posts Reply |
i might be wrong but ive seen a buddy of mine sell his gold on ebay by splitting it up into individual nuggetts or small lots of flake and average spot pluss for his gold.
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Tobin1 Offline 73 posts Reply |
Hey thankyou I did notice Ebay and how people are doing that. Do you know how Kitco works? Ive had mixed messages. I looked on their website and it seems that you have to be an established buisness like a (dental practice etc..) selling scrap gold do you know if this is true???? also have you heard of a guy that comes to Happy Camp every fall and stays at the hotel and buys gold from miners??
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Tobin1 Offline 73 posts Reply |
Well doing some research I found a place in Portland called AAA Precious Metals. They will give %80 spot of placer gold. So if 1 ounce of my gold is %85 pure than all I'm losing is %5 with equals %95 market value. For my fine gold ( which is sometimes %95 pure ) I can choose for them to assay and refine it. If I choose that option they will take %5 for the assay and refining process. This 5% WILL COME OFF THE REFINED GOLD which leaves me with basically %90 spot. What is really cool is that 1) I can sell it right there after refining for %95 spot 2) I can simply take my gold bars that are stamped .999 Fine or 3) get this THEY WILL TRADE YOUR 1oz of refinded gold with a 1oz gold Golden Eagle coin for you to take home!!!!!! Now thats a hell of a deal!!!!
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ratled Offline 680 posts  Reply |
Be careful. I have heard good things on AAA PM but have never dealt with them.
A couple of things you are not considering on selling your gold to other than a gold buyer on the river - for lack of a better term - for 75%. 75% isn't a bad deal (80% is better). If you sell to say Kitco there is a minimum amount to even deal with them. There is a preferred amount (about 10 oz depending on who it is)on top of that or there is a surcharge. There is assay fee, smelting fee and the you only get paid on the gold values in your stuff (they keep anything of value that is not gold). And when all is said and done you still have to look forward to the 1099 so the IRS can get their fair share of your $$. ratled |
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JABsWorld Offline 64 posts Reply |
My experience with AAA Precious Metals in Portland has been positive as well.
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Mark_Johnson Offline 93 posts  Reply |
I asked the same question not to long ago. I've had good luck selling 1/4oz at a time on ebay. Seems like if you have the patience to sell in small quantities ebay is better. Never recieved less than 95% spot.
If you have a lot of fines I reckon the best thing to do is 50/50 soda ash and boric acid smelting and pouring into a carbon crucible. Have it analized and get paid for what it is. |
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Tobin1 Offline 73 posts Reply |
TY mark that was my next thought. I really like those grafite cruicibles I used one on the river from a guy with just a propane touch.
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klondike_jake Offline 174 posts Reply |
check out david h. fell refiners in calif.
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UncleMark Offline 624 posts Reply |
Back in the 80's and early 90's, there were secondary markets for certain types and sizes of placer gold, and nuggets always sold for more than spot.
Now days, not so much so. Most buyers in Cal were paying 75% because the gold may have only been 80% pure. Buyers paying 75% are not making a 25% mark up like you believe. There is a lot of variance in the purity of placer gold. Last summer, the deposit Dave and myself were in below Sardine creek was running about 85% pure. The area we finished the season at below the old Gold Ray Dam was running about 97% pure. The places paying 75% are paying a fair price for those who need $ now. If you have time and enough quantity, then you will get a better price from a refiner for most of your gold, but after fees etc., this is not always a better deal. Selling to the general public on e-bay has worked great for some sellers, and not so great for others. I know a few dredgers that only sell on e-bay and won't take less than spot. They set a minimum, (reserve), and then tell what the reserve is in their add, and then run their auction for as long as possible. Making your own beads is ok, but there are always losses when you smelt gold, especially in small quantities. Making a bead in a crucible does not change the purity. If you place gold and lead in equal amounts in a crucible, cover that with a 50/50 soda ash/ boric acid, place it in a furnace and melt it, then pour it into a mold and let it cool. Be vary cautious as it cools because the glass that was created in this process is know to pop violently as it cools and you don't want to get this in your eyes. Then you hammer the metallic bead into a square with rounded corners, and weigh it using grams. You then place this into a bone ash cupel of roughly equal weight, and place it back into the furnace. The lead melts first, turning into litharge, one of the most corrosive things known to man, and will soak into the cupel taking all metals except gold, silver and the platinum metals with it. Your remaining bead will be about 99.0% pure precious metals of an unknown mixture. But with gold beads instead of raw placer gold, your only market will most often be the refiners. So, it really depends on why you are converting your gold to cash and how fast you need that cash as to what would be the best way to sell it. As far as taxes, as long as you hold your raw placer gold as is and do not refine it or convert it to cash you do not have to pay taxes on it because it has an unknown value and you have not financially gained anything yet. As soon as you sell it for cash or refine it, you owe taxes because now you have gained a known value and taxes are due. Mark |
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markB Offline 212 posts Reply |
Might try Gem State Gold & Silver, Idaho 1-208-713-6345
and/or Midwest Refineries 1-800-356-2955 I have a guy at the local pawn shop that I get give or take 90%, but he's just in love with pure placer gold and plans on just keeping it for it's beauty. It's not very common in his neck of the woods. |
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klondike_jake Offline 174 posts Reply |
there is a site called gold fever prospecting.cant figure out if they are affiliated to the gpa.but anyway they say to take a picture of the gold with a standard ruler in badk ground.then e mail the pic and they will enail back with a price.they olso mention that for fines there average price paid is 80%.and for small to large nuggets spot price plus depending on size and caractor of your gold.i havnt delt with thies folks .would be interested to here if anyone else has.
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IDdesertman Offline 1 posts Reply |
Gold Rush Nuggets buys most gold from "pickers" up to small/medium nuggets for 90%. You can contact through the website goldrushnuggets.com
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