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Where can I sell my gold and silver coins and get the best return on my investment?
Wiki User
∙ 13y ago
Never sell your silver or gold at any of the Cash4Gold or other franchises across the country. I have been in the silver and gold business for a few years and one day doing research on the competition I acted as if I was going to sell a 14K bracelet.
The first thing they do is confuse you by using a unit of measurement that few average Americans do not even have a clue what it is. That is the Pennyweight (dwt). A pennyweight is roughly 1.5 grams. There are 31.1 grams in a Troy oz.
Cash4Gold said they paid $14 per pennyweight. At the time the spot price of gold was roughly $1200 per Troy OZ. Divide that number by 31.1 and you get the spot price of gold in grams. You come out with 38.59 per gram, but that is for 24K (pure gold). To find out the spot price of 14k gold you must take the price of 24k and multiply it by 14 and divide the number by 24. so (38.59 x14) / 24 = $21.61 which was the spot price for a gram of 14K gold.
Now I told you that Cash for gold was paying $14/ dwt for 14k gold and a dwt is roughly 1.56g. So he was paying $14 for 1.56g or around $9.00 per gram of 14k gold. Now I have nothing against a person making a profit, and I am sure he had expenses and overhead but he was paying less than half the value of the gold to unsuspecting customers and in my book that is gouging.
I called Gold and Silver Buyers to ask what I could get for my silver Liberty's. They came back with a figure of $2.00. I laughed out loud right in the clerks ear. I could not believe that she would even have the nerve to give me that number. She said it didn't matter what it was, that they "would be melting down my silver anyway." I thought, "you are going to melt down my silver Liberty to make what? Coins! Or silver bars. Never mind that these silver coins are selling for over $35.00 each. What a bunch of crooks. Don't call these people.
Wiki User
∙ 13y ago
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