Where to sell old gold and silver?

tangle of random jewelryCAOD emails:

Have you ever sold your old gold and silver? I have dozens of single earrings and broken chains that I need to get rid of. Where did you sell it and did you feel you got a fair price?

We see ads for this kind of thing all the time, but they often have a Crazy Louie's House of Ridiculous Deals feel about them. And a few years back News10 looked at the prices quoted at a traveling gold and silver road show -- there was quite a difference between when the camera was on and off.

So, got a suggestion for CAOD? Please share!

Comments

I did well selling to Midwest Refineries (http://midwestrefineries.com). I found them recommended on another blog, mrmoneymustache.com. They aren't good at explaining how much they will pay, but apparently they do pay better than most places. They pay the spot price (changes daily) for 90% of the silver content of your stuff. The spot prices are for troy ounces, which are a little different from regular ounces, and sterling silver is 92.5% silver. So if you have 1 troy ounce, it'll be .925 silver, and they'll pay for 90% of it, so that's .8325 troy ounce times the spot price. More info on their website. They were VERY speedy sending the check.

A couple of years ago, I sold some broken chains, earrings etc to ASE Metals (http://www.asemetals.com/). The guy gave me money on the spot. I felt it was a fair price, but to be honest have no idea as to whether it was.

Why send it away to sell it when there are 10,000 local locations that you can sell in person. Try a local trusted coin shop. I don't know which town the OP lives in but there is a good coin shop per town usually.

Don't do anything that is not a face to face transaction. Olde Saratoga coin will give you a market race fair price. http://oldesaratogacoin.com/

Try Roman Jewels on Western Ave. I have had some great conversations with the owner. Seems like a good guy. If you have old coins that are graded you will get top dollar. Not too sure about chains and such.

Just remember that wherever you go you have the choice to sell or not. If you do not agree with what the buyer tells you - go somewhere else. Tell them you will go somewhere else. Unless you need to sell the stuff for gas money you are in control.

Thank you AOAers!

I agree with Bill's advice to shop around if you don't feel the price is fair. Some years ago, I sold a little pile of broken, mismatched, and otherwise unwanted jewelry and, after being quoted a suspiciously low price at the first place I visited, I got a second and third opinion. I actually ended up getting the best price at a small pawn shop which is no longer open.

One thing about Roman Jewels - last year, I had a small amount of gold jewelry that I wanted to sell (I think it was a ring without its stone and some chains) and I was told it did not meet their minimum weight requirement. I wish they had told me that when I called them.

Ferris Coin on corner of Lexington and Central. Its the place all the other places sell their gold. They are simple, straight forward and you are cutting out the middle man.

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