Sell Silver & Gold

bickerton1963

I'm a newbie and not a spammer but I just wanted to mention the pitfalls of trying to sell silver for cash. I eventually got a great price from the birmingham silver company, they weighed my silver in front of me and I ended up with nearly twice as much as a previous offer from one of those postal services. I also sold them some gold at £11.03 a gram, I believe the best price in the country.There seems to be several issues with selling gold & silver so I want to pass on what I have learnt

1/ Shop around for the best price, but don't just go in blind. Query any fees charges etc . if they are charging to return items or for non gold items etc don't use them .
Check any terms & conditions and if they are too long-winded avoid like the plague. Just ask yourself why they'd be hiding behind so much jargon. Also remember that if a price seems to too good to be true then it usually is...ie if its so much more than the competition.

2/ Always ensure that you see the weight of your items on trading standards approved scales. The company I used have such scales and even if you post to them they will send a foto of your items on their scales....That's an innovation!!

3/ make sure you've sorted out your gold & silver first. Check all carats and keep the unknown ones to one side. Ask for clarification as to the quality of the metal in these items and ask to borrow an eyeglass if on the premises!

4/ Check all maths and figures and check your payment

Hope it helps

Bullfighter

bickerton1963 wrote: »

I'm a newbie and not a spammer but I just wanted to mention the pitfalls of trying to sell silver for cash. I eventually got a great price from the birmingham silver company, they weighed my silver in front of me and I ended up with nearly twice as much as a previous offer from one of those postal services. I also sold them some gold at £11.03 a gram, I believe the best price in the country.There seems to be several issues with selling gold & silver so I want to pass on what I have learnt

Gold is currently trading at £30.49/gram.

http://goldprice.org/gold-price-per-gram.html

Physical gold/silver usually sells for MORE than the spot price.

If it is 'junk' gold or silver (ie broken jewellery) then I would expect to get maybe a little less than spot price.

£11 is pitiful.

Sorry.

bickerton1963

Sorry Bullfighter I received £11.03 per gram for 9 carat I should have stressed 9 carat. That equals approximately 97% of the gold fix on that day and was more than offered by both Lois Jewellery and Hatton garden metals albeit by 3p a gram. Gold price on that day was around £29.50 for 24carat per gram

However what you say about physical silver/gold is wrong. No one ever gets more than the spot price for gold or silver, not even trade!! Companies sell physical gold for more than the spot price.

Sorry, it was still the best price in the UK on the day. If you go their gold company side ie Birmingham Gold Company you'll see today's price for 24ct is £29.41 a gram

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Bullfighter

bickerton1963 wrote: »

Sorry Bullfighter I received £11.03 per gram for 9 carat I should have stressed 9 carat. That equals approximately 97% of the gold fix on that day and was more than offered by both Lois Jewellery and Hatton garden metals albeit by 3p a gram. Gold price on that day was around £29.50 for 24carat per gram

However what you say about physical silver/gold is wrong. No one ever gets more than the spot price for gold or silver, not even trade!! Companies sell physical gold for more than the spot price.

Sorry, it was still the best price in the UK on the day. If you go their gold company side ie Birmingham Gold Company you'll see today's price for 24ct is £29.41 a gram

9ct makes more sense!

I'm not wrong about physical being more than spot, though it does refer to bullion/coins rather thank junk. Have a look on ebay for Krugerrands (1Toz 24k gold) or Silver Maples/Eagles/Philharmonics etc. They are at LEAST 10% over the current spot price.

bickerton1963

Bullfighter wrote: »

9ct makes more sense!

I'm not wrong about physical being more than spot, though it does refer to bullion/coins rather thank junk. Have a look on ebay for Krugerrands (1Toz 24k gold) or Silver Maples/Eagles/Philharmonics etc. They are at LEAST 10% over the current spot price.

Don't get me started on ebay. Their fees are so high that anyone selling gold on it must be mad. yes bullion sells for 10% more on ebay or 5% more online but i was talking about non-bullion gold.