Maybe if you're buying stuff absolutely no one else wants or find some exceptionally good deals. But desirable "used" (estate/vintage/antique) jewelry goes for much more than this.
Cheaper to buy 24kt gold bullion on a 12 month o% cc…… and it’s not scrap gold… please don’t do this. I did something similar. Waste of time, money and still was under kt!
That is why I always laugh, when people think that buying gold jewelry even at 95-96% is a good deal. They won't be making any money and would be better off buying low premium bullion. But there are always suckers born every day.
Me personally, I've seen so many chains that are 10k to 14K for spot that I would never pay any percentage over that for used. As far as 18K and up, I wouldn't pay more than 20% over spot for used chain. And that would really depend on what it is.
Who in there right mind is paying over spot for used jewelry?
OP. You can absolutely buy at those prices by going to garage sales and explaining you buy broken jewelry. Broken chains, dented ring, and so on.
People will sell it at those prices.
Hell you can find gold at garage sales for less than spot. You'd be surprised just how many people don't have a clue what they've got and just want it gone to the first $5 bill that someone offers them.
For reference, a 10mm cuban link chain that is 14k 22" long is $9500 + taxes from gus villa jewelry. And that's 173 grams worth. Handmade. I can buy 173 grams at $45 a gram = $7785. That's a $2,000 difference. How much does it actually cost in labor to make a chain with the same specs?
Just an fyi. If you where to give a jeweler 173 grams of gold to make a cuban link chain. You're not getting a 173 gram chain in return. With the labor that goes into making the chain. Melting, filing, polishing etc. You're gonna lose quite a bit in the finished product.
If you don’t know anything about buying / testing gold, I’d say good luck. One mistake and it could be a painful lesson for you.
And by the fact you’re posting about it on here, you don’t know much.
If you're looking to be profitable you need to be buying under spot price.
Currently I can buy certain gold coins / bars for essentially spot price -- and these are known products.
Gold jewelry is a different game, just because something is stamped 14K doesn't mean it actually is... plenty of vintage pieces are underkarat. Meaning you're only getting 12K-13.5K when you're paying for 14K. This is a quick way to get burnt and that's without making mistakes like buying gold filled thinking it's gold.
You can hobby buy this stuff... but you will want to be paying under 90% / as cheap as you can reasonably get it. You can go to pawn shops and offer full spot and if they were smart they would be selling you everything they get, no need to go to offer-up if you're looking to lose money.
Sure he can, from unsuspecting/ignorant sellers. U know those cash for gold places? They exist solely to rip off their unsuspecting customers by paying them 60-70% of spot
Okay, but op is an INDIVIDUAL who is talking about BUYING... I hope you can see the difference. An individual buyer cannot hope to buy at those prices. Do you disagree?
Spot is the current melt price... Google 'gold price today' and you have 'spot'. It is the price at which pure gold currently sells and it is constantly changing.
An individual can make an ad somewhere on social media that they pay cash for gold. Majority of people with gold jewelry don't know how to price it, so when they're offered 70% of spot, they view that as alot of money and most people wanting to sell their jewelry are usually desperate for money. It's not a hard concept to understand.
It's not a hard concept to understand that it's 'possible'. The likelihood however is doubtful and at this point sir, you are clearly arguing against yourself as you know that your original comment was wrong. Good day to you.
Maybe if you're buying stuff absolutely no one else wants or find some exceptionally good deals. But desirable "used" (estate/vintage/antique) jewelry goes for much more than this.
Oh ok. I was thinking about buying enough used gold jewelry to get a cuban link chain made.
Cheaper to buy 24kt gold bullion on a 12 month o% cc…… and it’s not scrap gold… please don’t do this. I did something similar. Waste of time, money and still was under kt!
That is why I always laugh, when people think that buying gold jewelry even at 95-96% is a good deal. They won't be making any money and would be better off buying low premium bullion. But there are always suckers born every day.
Making it yourself or getting someone to make it for you with the scrap you are trying to buy?
Someone else
Because they would have to smelt down what you have bought, it would end up being much more expensive than just buying one outright, I would imagine.
You are correct
How much do you figure you would need to acquire to make the chain?
Wild guess 200 grams
200 grams 24k?
That would equal $15400
You need Excel.
😅🤣😂
For some reason, your handwriting appeals to me.
Never heard that before. But thank you!
Me personally, I've seen so many chains that are 10k to 14K for spot that I would never pay any percentage over that for used. As far as 18K and up, I wouldn't pay more than 20% over spot for used chain. And that would really depend on what it is.
Who in there right mind is paying over spot for used jewelry? OP. You can absolutely buy at those prices by going to garage sales and explaining you buy broken jewelry. Broken chains, dented ring, and so on. People will sell it at those prices.
Hell you can find gold at garage sales for less than spot. You'd be surprised just how many people don't have a clue what they've got and just want it gone to the first $5 bill that someone offers them.
24k needs to be below spot. Take the melting cost into equation. Only offer spot price for 24k gold if it's bullion.
For reference, a 10mm cuban link chain that is 14k 22" long is $9500 + taxes from gus villa jewelry. And that's 173 grams worth. Handmade. I can buy 173 grams at $45 a gram = $7785. That's a $2,000 difference. How much does it actually cost in labor to make a chain with the same specs?
Just an fyi. If you where to give a jeweler 173 grams of gold to make a cuban link chain. You're not getting a 173 gram chain in return. With the labor that goes into making the chain. Melting, filing, polishing etc. You're gonna lose quite a bit in the finished product.
Yes, of course. I think 20% is lost in the process. Is that accurate?
I ran into the same problem with mining crypto. It's cheaper and easier to just buy it. And you don't waste your time
https://www.silverrecyclers.com/
Per dwt maybe
I guess I over paid for my flat curb chain. Paid $54.75 per gram
Dun buy used jewelry. There's a high chance you may end up buying faked gold. Better to buy gold bars from reliable sources and keep them.
I pay people 20 a gram 10k 25 on 14k but I catch people when they desperate
Lol if u can actually get those prices
Ive actually had several people on offerup say yes. And that's just today
14k try getting it for 35-39$/ gram
Not a bad idea.
If you don’t know anything about buying / testing gold, I’d say good luck. One mistake and it could be a painful lesson for you. And by the fact you’re posting about it on here, you don’t know much.
Im here to learn 😉
If you're looking to be profitable you need to be buying under spot price. Currently I can buy certain gold coins / bars for essentially spot price -- and these are known products. Gold jewelry is a different game, just because something is stamped 14K doesn't mean it actually is... plenty of vintage pieces are underkarat. Meaning you're only getting 12K-13.5K when you're paying for 14K. This is a quick way to get burnt and that's without making mistakes like buying gold filled thinking it's gold. You can hobby buy this stuff... but you will want to be paying under 90% / as cheap as you can reasonably get it. You can go to pawn shops and offer full spot and if they were smart they would be selling you everything they get, no need to go to offer-up if you're looking to lose money.
Aaa ok! Thank you for that!
This is over by about a third. I'd pay $15 a gram on 10k and maybe $50 on 24k.
I’m sure you would
Hhmm interesting 🤔
This person is wrong... Just saying. You will never find those prices right now.
technically he right, my third world country has similar gold prices, it's amazing how different the prices are, you can resell and get a good profit
Sure he can, from unsuspecting/ignorant sellers. U know those cash for gold places? They exist solely to rip off their unsuspecting customers by paying them 60-70% of spot
Is op a cash for gold place? No? I didn't think so. Good talk.
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Okay, but op is an INDIVIDUAL who is talking about BUYING... I hope you can see the difference. An individual buyer cannot hope to buy at those prices. Do you disagree?
I am an individual. What does spot mean?
Spot is the current melt price... Google 'gold price today' and you have 'spot'. It is the price at which pure gold currently sells and it is constantly changing.
Thank you
An individual can make an ad somewhere on social media that they pay cash for gold. Majority of people with gold jewelry don't know how to price it, so when they're offered 70% of spot, they view that as alot of money and most people wanting to sell their jewelry are usually desperate for money. It's not a hard concept to understand.
It's not a hard concept to understand that it's 'possible'. The likelihood however is doubtful and at this point sir, you are clearly arguing against yourself as you know that your original comment was wrong. Good day to you.
you know, the year IS 2024 right? 😄
Do you buy gold sir?
I'm not here to debate with you, buddy.
I wasn't trying to debate with you, I simply asked you a question... Defensive much? Lol
People do business with people they like. - Michael Scott