Anyone know anything about dealing in scrap gold?

[Faith28]

I wonder what happened to this idea? I've been searching for bullion threads and this was one that came up. Gina - your female instincts were spot on if you bought gold back in july 2010..

Where are you now?

My advice would be to buy and sell bullion coins.

1) Get yourself vat registered and EORI number
2) Purchase a monster box from www.gainesvillecoins.com (US region - or other companies like www.apmex.com etc)
3) Sell one coin per customer on ebay and when you deliver include a website address for where they can buy more coins. Ebay is just to get the customer's attention to your site.
4) Get on the kitco forums and start building your reputation as a silver coins dealer in the UK as well as other sites I'm not aware of.



If you want to be a trader have a look at www.bullionvault.com

You can buy and sell silver and gold relatively easily there. It's a london based company so you may prefer to deal with them. This would not be a business just a personal preference if you believe prices will continue to rise.

Good luck!

 

[coolfogdaisyliu]

Hi everyone!
Can anyone give me a hand ? I am a new in UK, but want to introduce my products to the people in need to achieve double win, If who needs chinese b2b or other information, i can share with you.
Thank you very much.

 

[Cats4Gold]

Got gold? Get cats!

Swap your shabby tat for a tabby cat at cats4gold.com

 

[MangoMM]

As a gold buyer who deals with both the public and the trade for over 20 years, I can provide some impartial advice here.

Ok, so you want to trade in the Scrap Gold business... Whether as a sideline, or full time... Here are a few considerations:

1. I would consider a 'fair price' anything above 90% of market rate.
2. Once you have purchased the gold, it will need to be melted and assayed. In the melting process you 'WILL' loose around 1% in weight (dirt, soap, stones that you can't get out, etc...)
3. Melting and assaying costs. (approximately £50 - this can take 3-7 working days depending on where you go).
4. You can then sell your melted and assayed gold. Typically at around 95% of fix dependent on volumes. You will need to take a risk as gold can go up or down in value between the time you buy the gold and when you come to sell it.

Case Study:
17 May 2011 AM london bullion market fix is £918.499.
Therefore 100% of market fix is £29.53 per gram for 24ct gold or £11.07 per gram for 9ct gold.

If you have 1kg of 9ct gold, then at 90%, you will be paying £9963.

Once your 9ct gold is melted and assayed, you could loose 1% in weight meaning that you now have 990g of 9ct gold.

Now after the melt and assay is complete, assuming that you have not made any mistakes (purchasing non-gold items as gold items or getting the purity wrong), you will have 371g (990*0.375) pure gold.

Assuming that the gold price has not changed in the time of the melt and assay (3-7 days), at 95% of fix, you will get back £29.53 (ppg) * 0.95 (% of fix) * 371 (weight) - £50 (melt & assay) = £10357.84.

So to earn c. £400, you will need to spend £9963.
If gold drops by 1%, you will loose c. £100 on this figure, and if it goes up by 1%, you will gain c. £100 on this figure.

Of course, you will need to factor the costs involved in advertising, accountants, vat registration etc... Also, the figures given above (% of fix, costs of melts and assay etc... are a general average, you may be able to negotiate better rates dependent on volume and the dealers you go to).

 

[Cats4Gold]

As a gold buyer who deals with both the public and the trade for over 20 years, I can provide some impartial advice here.

That's a really good reply - well written.

So, how many cats does that work out to?

 

[MangoMM]

Well as there are different carats of gold, then you yourself will know that there are different kinds of cats too...

So if you are talking about Persian or Siamese, then you may get less cats for your gold, but if its just a common one, you will probably get way more cats than you need.

That's a really good reply - well written.

So, how many cats does that work out to?

 

[vvaannmmaann]

I thought that the smart money was moving into silver?

 

[AdamJ]

Didn't that drop by something like 25% last week?

 

[MangoMM]

Over the last 20 years, gold has increased massively in value. But for example, at 8:00 AM this Morning, the spot price was c. £922, and now it is c. £910 per ounce. This means a drop of 1.4% in a matter of 9 hours.

On market close on 30th April, the gold price was £936 per ounce. This is a drop of 2.8%. Not quite 25%, but it is extremely volatile.

Yes, Silver could be the way to go, but Silver is currently worth 2107.460pence per ounce. The general public are not likely to own more than 100g of silver, and if dealer 1 pays 50p per gram, and dealer 2 pays 60p per gram, the consumer is only gaining £10 by going to dealer 2. Realistically, considering all the hassle, they are likely to just sell their silver to whoever they sell their gold to - I know I would unless I had a significant quantity.

Didn't that drop by something like 25% last week?

 

[MASSEY]

That's a really good reply - well written.

So, how many cats does that work out to?

Is that website serious?

 

[MangoMM]

I think the idea is brilliant!

The general public have been sending their gold through to 'postal gold' companies who don't advertise the prices they pay or decide to charge hidden commissions.

So if you are not going to do your research, you want to sell your gold, you believe what they tell you on tv, you believe the spammed forum posts, you may as well send in to cats4gold - at least then you know you will get a cat or two for it!

Is that website serious?

 

[Goldenboy]

Yes, I don't have a life, lol. As I've read this whole thread from start to finish, I've seen a massive amount of flaming and trolling, disrespect, etc. But that does not concern me. I have a bit more serious question:

There are a few companies out on the market (UK) that offer 98% of market gold value. Looking for a company that can offer 99% of market price for mostly 14ct gold (585) on large quantities (talking kilo's here, not grams). Any ideas, please?

Thanks in advance.

 

[GraemeL]

Looking for a company that can offer 99% of market price for mostly 14ct gold (585) on large quantities (talking kilo's here, not grams). Any ideas please?

My idea is that you wont find a company like that on a forum such as this. Trading in gold requires some very special knowledge and contacts.

 

[MrCloser]

I think the gold price has been massively hyped, and could be on it's way down. Working on a £400 margin per £10 000 is a pretty tight mark up in a volatile market.

I know gold has many uses in jewellery, dentistry, electronics etc but in reality most gold just gets hoarded in bank vaults. Other commodities actually get used and replaced rather than hoarded.

 

[Mike tells it like it is]

I am thinking of starting a scrap gold business as a sideline, any advice would be welcome

Yeah don't follow Gordon Brown's business model.

 

[MangoMM]

Considering Cooksons pay around 97.2% to the trade, I think you should be cautious with anybody claiming to offer 98%.

You must also factor into these percentages refining, melt and assay costs...

So if they say that they pay 98%, you will loose c. 1% in the melt, be charged for CHAPS payment, be charged for the assay, bringing your 98% down to a realistic 95%.

 

[MOONSTONE GOLD]

Hi guys,

If you require a service where you can:

• Sell Gold
• Get an estimate for your Gold
• Gold testing services ensuring the purity and value of your Gold

We will be more than happy to assist you.

Thank you,

Moonstone Gold

 

[Picture Bute]

Hi guys,

If you require a service where you can:

• Sell Gold
• Get an estimate for your Gold
• Gold testing services ensuring the purity and value of your Gold

We will be more than happy to assist you

Thank you,

Moonstone Gold

Business must be tough if you're replying to a 13 year old thread.