Get cash for your gold?

Question

Wonder how many of you would do this and if you did what was the percent did they take.

I wrote them an e-mail asking them how much percentage do they take and they could not answer the question. They said it depend on the price of gold and how mch my products were worth.

Company name cash4gold

Answer 1

If you have gold you are planning to sell, it is a good idea to get several quotes from various buyers.  Try local buyers first, as well as online buyers.  The quotes may vary considerably, depending on each buyer's "spread" (the difference between what they pay and what they receive from the scrappers they sell to).  High-volume dealers may have a smaller spread than small, local dealers, but that is not always the case.  

For example, if gold were trading at $1000.00 per ounce, 14k gold (58.5% pure) will trade at $585.00 per ounce.  A smelter will pay slightly less than this to cover his processing costs.  A local buyer may pay 10% to 30% less than a smelter would pay, so the buyer can make a profit.  In this example, a local buyer may pay $300 - $500 per ounce of 14k gold.

As of today, 8/19/08, gold is trading at approximately $814.00 per ounce.

I have never dealt with Cash4gold, so I have no idea what their spread is.