When to to sell silver and gold?

[SC Maintenance]

Gold just bounced over $3900 an ounce intraday. Procrastination FTW!

 

[Al]

Gold just bounced over $3900 an ounce intraday. Procrastination FTW!

In todays dollars gold was worth $400 in 1970. At $4000 in todays dollars gold beats inflation by a factor of 10=eye opening

Using the same logic with inflation and value of gold...from 1970 to 1996 in only increased .4. So it would seem gold is overpriced by 10/1 ( what it wouldj be in 20 or a factor of 10. Looking at it another way gold beats inflation but that is now what is driving unless it is partly "FEAR of inflation."

Note the "1" used in "10/1" used 1 instead of 2 x .4 as an approximation of 55 years instead of 50 years. Don't feel bad if you can't follow this its correct (number wise)

Shows that the old saying "buy on rumor" sell on fact. Its a fact that gold is over priced. Then ask me why I don't s ell. Answer: I am a hog to be slaughtered.

 

[SC Maintenance]

In todays dollars gold was worth $400 in 1970. At $4000 in todays dollars gold beats inflation by a factor of 10=eye opening

Yes, I was surprised to see gold is currently at an inflation adjusted high - well using the governments inflation numbers

 

[mdoan300]

Ah, no. They’re worth close to zero from a metals perspective because most jewelry is 14, 18 or 24k. To melt them down and extract the gold is expensive and time consuming.

Used jewelry has a shockingly low value on the market. Worth far less than the weight of the metal used.

Keep them for sentimental reasons. Hand them down. You’ll get next to nothing if you sell them, either as jewelry or for the metal from which they were made.

Pawn shops will low ball you if you sold your jewelry to them, but the process to melt and get an assay isn’t difficult.

I used to work for a precious scrap metal recycling company. They had 40 storefronts nationwide that bought precious scrap from pawn shops. We’d take whatever the pawn shop wanted to sell, melt it in a crucible, pull a sample (in the form of a pin), put it in an assay machine to determine precious metal content, then present an offer to the seller. If they accept, then they get a check or bank wire on the spot. All done in 30 minutes. I recorded a nifty video of grandma’s silverware and other jewelry getting melted in a crucible when I spent a day at a store.

The melted scrap that we bought was then shipped to our refinement facility where we minted our brand of bullion.

Of interesting note, we also recovered gold from dentist office air filters, jewelry store carpeting, and circuit boards. I got to hold a gold loaf (for lack of better word), the size of a Freebirds Super Monster burrito that was recovered from jewelry store carpets - IIRC, it was worth about $400k back in 2012.

 

[mdoan300]

There are several companies, Ampex, SD bullion etc. Who else is a credible source for physical metal ?

I used to work with these guys: https://www.herobullion.com/

They came from Provident Metals. They’re local to me so when I buy, I meet up for lunch, catch up, and pick up my purchase.

 

[Astro14]

Pawn shops will low ball you if you sold your jewelry to them, but the process to melt and get an assay isn’t difficult.

I used to work for a precious scrap metal recycling company. They had 40 storefronts nationwide that bought precious scrap from pawn shops. We’d take whatever the pawn shop wanted to sell, melt it in a crucible, pull a sample (in the form of a pin), put it in an assay machine to determine precious metal content, then present an offer to the seller. If they accept, then they get a check or bank wire on the spot. All done in 30 minutes. I recorded a nifty video of grandma’s silverware and other jewelry getting melted in a crucible when I spent a day at a store.

The melted scrap that we bought was then shipped to our refinement facility where we minted our brand of bullion.

Of interesting note, we also recovered gold from dentist office air filters, jewelry store carpeting, and circuit boards. I got to hold a gold loaf (for lack of better word), the size of a Freebirds Super Monster burrito that was recovered from jewelry store carpets - IIRC, it was worth about $400k back in 2012.

Thanks for your insight. That’s informative.

 

[mdoan300]

Thanks for your insight. That’s informative.

My time working there was quite fascinating. They are B2B and there were times we received fake bullion or bars drilled out & filled with other metal from businesses that shipped their stuff to us. And it wasn’t necessarily ill intent by the business. But the sheer volume of precious metals we moved (from scrap recycling, numismatics trading, bullion trading, etc) was massive, so the occasional dud was a shrug and move on situation.

 

[Vil_Riker]

Pawn shops will low ball you if you sold your jewelry to them, but the process to melt and get an assay isn’t difficult.

I used to work for a precious scrap metal recycling company. They had 40 storefronts nationwide that bought precious scrap from pawn shops. We’d take whatever the pawn shop wanted to sell, melt it in a crucible, pull a sample (in the form of a pin), put it in an assay machine to determine precious metal content, then present an offer to the seller. If they accept, then they get a check or bank wire on the spot. All done in 30 minutes. I recorded a nifty video of grandma’s silverware and other jewelry getting melted in a crucible when I spent a day at a store.

The melted scrap that we bought was then shipped to our refinement facility where we minted our brand of bullion.

Of interesting note, we also recovered gold from dentist office air filters, jewelry store carpeting, and circuit boards. I got to hold a gold loaf (for lack of better word), the size of a Freebirds Super Monster burrito that was recovered from jewelry store carpets - IIRC, it was worth about $400k back in 2012.

My gold dealer had a kilo bar for sale a couple of years ago. It was much smaller than what you see on TV.

 

[Dave Hess]

Maybe because people are very tight on cash due to the crazy inflation and I’m seeing more ‘CA$H 4 Gold’ sign twirlers in front of pawn shops down here in Florida.

 

[Pablo]

Maybe because people are very tight on cash due to the crazy inflation and I’m seeing more ‘CA$H 4 Gold’ sign twirlers in front of pawn shops down here in Florida.

Big city problems

An ounce of measly 12K near $2000, those signs might be worth it!