Seeking reasonable gold buyer business

[benenglish]

I haven't sold any gold in a long time.

My recollection is that offers for gold are generally 97% to 95% (maybe down to 90%) of current spot price if the item being offered is easy, i.e. Krugerrands or some other commodity coin/bar.

For scrap gold or jewelry being sold for melt, an offer of 70% to 80% of spot is normal.

Well, I haven't found any business buying for more than 50% of current spot price.

This week, I was actually offered $600 for 167 grams of 14k gold! This wasn't a decision complicated by fasteners or mounted stones. It was literally 3 simple gold bangles.

Of course, that was a pawn shop. A local Goldweiser office offered less than 50% of spot.

Is there a business in or near Houston that buys for at least 70%?

Or has the world of selling gold changed so substantially over the last couple of decades that I'm completely off-base?

I'm confused. Obviously.

 

[HKSig]

Try Tomball Pawn and/or Lone Star Gold Exchange (249/Veterans Memorial).

 

[Wudidiz]

I have used APMEX (online) for years. They are competitive and trustworthy. You might check them out. I can never find locals who can compete pricewise.

 

[John Sam Rayburn]

Well, I haven't found any business buying for more than 50% of current spot price.

Wow!

I second Apmex.

I've only bought from them, never sold to them, but I vouch for their general integrity and good service.

Sell Your Gold & Silver To Us

Sell your Gold, Silver, and other Precious Metals to APMEX®. We buy bullion, bars, coins, collectibles and more. Trusted for over 18 years. Learn about our easy shipping & logistics program and our 1-Day guarantee. Call today or request a quote online.

www.apmex.com

 

[Tnhawk]

I have used APMEX (online) for years. They are competitive and trustworthy. You might check them out. I can never find locals who can compete pricewise.

I had similar experience when I sold some silver coins and bars several years ago. The local shops offered much less than I received from JM Bullion.

 

[benenglish]

Any other online sellers that people have had a good experience with?

And for those who have used them, what did they pay as a percentage of spot price?

 

[justmax]

How about selling or trading with an individual and cut out the middle man?
Are you talking about coins, bars, or jewelry?

 

[benenglish]

Try ... Lone Star Gold Exchange ...

Best suggestion in the thread for face to face transactions. They paid ~70% of spot without any fuss, which is far better than Goldweiser that offered less than 50%. Thank you very much, HKSig.

I'll continue to investigate the online places.

 

[justmax]

PM shortly

 

[HKSig]

Best suggestion in the thread for face to face transactions. They paid ~70% of spot without any fuss, which is far better than Goldweiser that offered less than 50%. Thank you very much, HKSig.

I'll continue to investigate the online places.

You're welcome. They're good guys.

As someone else mentioned, selling to someone here in person would probably get you spot.

 

[RoadRunner]

Ben you might want to checkout https://www.midwestrefineries.com They pay 95% of spot for the actual pure gold content. I sold some scrap gold to them a few years ago and I was happy with them.

ETA: Gold price is down a little right now, you may want to hold it a little longer.

 

[RoadRunner]

You may also want to checkout ARA Gold in Dallas.

 

[benenglish]

So much good info in this thread. Glad I've got it marked.

Thanks, everyone.

 

[caliburn]

It's difficult to get your money's worth selling gold, seems more so in Texas. When I first moved here a few years back we had to sell gold. Went to a place in Houston that was recommended because they bought gold around a hundred or so under spot. When I got there, they were willing to pay about eight hundred spot. I was very dismayed. Tried pawnshops as well, but they were only slightly better, about six hundred under spot. Eventually I found a place that was five hundred under spot and had to take it because I couldn't find work. Previous time I sold gold back in 2012 I was in NJ at the time it was around 60 under spot.

On a side note, a friend of mine went to the same shop in Houston with a gold bar, same mint and purchase date as mine was, and was offered close to three hundred under spot. It was eye opening.

Selling to a private party will probably be better than to a business.

 

[Glenn B]

How to Sell your Gold | How to Sell your Silver

We want your Silver and Gold selling process to be seamless, which is why our step-by-step Gold and Silver selling process is easy.

www.apmex.com

Note APMEX only buys certain things, they do not by raw unrefined gold and do not buy jewelry, among other things. Their minimum purchase is currently $1,000.00 but that changes from time to time as best I recall. If you are selling under 10 items, they ask you to call them at 800-514-6318. For more than that, you fill out an online form.

ETA: I just got a phone quote from them of $1959.50 for them to buy from me a 2023, one ounce gold Britania. They are selling them for $2064.99 and that is the price of a single coin by check or wire.

That quote, for them to buy it, is certainly nowhere nearly as bad as offers of 70% let alone lowballs of 50% of spot!

 

[TheDan]

Well, I haven't found any business buying for more than 50% of current spot price.

That's ridiculous. I haven't sold any since things went nuts in 2011, but then I walked into a local coin shop I'd never been in before and got spot. That coin shop isn't there anymore so maybe that was a bad business decision for them

Think you can wait a couple more years?

 

[benenglish]

Think you can wait a couple more years?

Not a problem. I've found a place that did me right (See post #2.) and I've got a back-up that my sis is familiar with from her days as a player in numismatics.

 

[Lonesome Dove]

Invest in boolits, powder and primers not gold you Foo.

 

[Tnhawk]

Invest in boolits, powder and primers not gold you Foo.

A. Bullets
B. Powder
C. Primers
D. Gold
E. All of the Above -correct answer

 

[John Sam Rayburn]

How to Sell your Gold | How to Sell your Silver

We want your Silver and Gold selling process to be seamless, which is why our step-by-step Gold and Silver selling process is easy.

www.apmex.com

I just got a phone quote from them of $1959.50 for them to buy from me a 2023, one ounce gold Britania. They are selling them for $2064.99

$2064.99 - $1959.50 = $105.49

$105.49 ÷ $2064.99 = 0.051

5.1% under their spot is a pretty good deal, IMO.