I have 344 grams of 24 carrot gold to sell

[Sunny55]

I am looking to sell 344 grams worth of pure 24 carrot gold.
According to today's price it's worth about £8100

I went to a few local jewellers who offered me from £5100 to £6600

Now the question I have is this.

Can I sell it direct to a smelter or company who will offer me more.
Rather than going through a moddle man?

I'm assuming that the jewellers will keep hold on the gold until they have a large enough quantity to go to a smelter to sell it for a higher price.

My questions is will these companies be interested in 344 grams?
And if so who and where are they?

How can I get in contact with them?

The only companies I can find online are middle men type companies.

How do I go direct?

Also I have more gold which I'm holding on to for now. However if a smelter needs a larger quantity It may be doable?

What would their minimum quantity be?

Any advice would be mostly appreciated

 

[MOIC]

Carrot?

Carat

 

[Sunny55]

Thanks, lol

 

[carents]

Depending on where you are based, you can try jewellers in Birmingham or jewellers in Southall. And these are traditional Asian jewellers and will give you a good price either cash/cheque. PM if you want more details.

 

[carents]

Best way to contact is to google, and then pick up the phone

 

[Sunny55]

I'm not far from southall and have got some quotes from the Asian jewellers.
What I'm really interested in is where they would sell my gold on to once purchasing it from me??

The only people I can find on google are middle men companies. I'm looking for a way to go direct and cut out the middle man..

..?

 

[carents]

Well, they aren't really middlemen. They deal in gold everyday. This assumption is wrong that a jeweller will keep hold of gold and sell it when the prices are high. They buy and sell gold everyday, and 344gm is not a lot of gold in itself.

 

[Sunny55]

I see, I was under the impression that they would simply buy off me at a reduced rate and sell on at close to the daily gold rate to another supplier.

My gold is worth about £8100 today
And the highest offer I received is £6600

So I was hoping that i could maybe get another £1000 going direct.
Maybe I'm wrong and will have to settle for £6600.

 

[carents]

6600 is a very bad valuation, try Taj Jewels in Southall, phone him and ask him for today's rate. (FYI: I am not related to TJ in any way, just a customer)

 

[beasty]

Cash for Gold stuff it in an envelope get 20% of the value.

I must mention

When people say
What is heavier a pound of feathers or a pound of gold, they have obviously never heard of Troy Ounces.

Just make a big chain and be Gangsta, damn where the hell is my ride/

 

[UKSBD]

Also I have more gold which I'm holding on to for now. However if a smelter needs a larger quantity It may be doable?

You're not Polish by any chance?

 

[Funding for Communities]

Presmans and Cooksons in Hatton garden. You will need ID and some form of business ID like an invoice or letterhead. They will normally set up an account there and then. They are both smelters and Presmans will pay a much higher price than Cooksons. You can get the scrap rate online from their website. It changes twice a day. Depending on what form the gold is in depends on how and when they will pay you. If it's straightforward they will pay you there and then by cash or cheque if not you wait for it to be smelted and tested. Just one thing though 24 K is very very unusual. A lot of jewellery sold as 24 is actually 22 and a lot of supposed Arabian 22 is actually 18 or 20.

Hope this helps
Mike

 

[MASSEY]

It is funny how they tout gold as a great investment, i guess it is if you can buy and hold on for 5 years or so without needing to sell because even when you get grossly shafted on the spot price you can still absorb it and make a profit.

How long have you had this gold, out of interest? Was it a short term buy and sell?

I was going to buy some off bullion by post a few years ago but thought against it, they say they buy back at 98% from existing customers and pay up to 97% of spot for gold bought from elsewhere. Although i doubt there is any incentive for any gold company to pay that much. Have you tried them, they are in Birmingham. https://www.bullionbypost.co.uk/sell-to-us/ would be interested to hear what they said / say to your offering. They seem one of the bigger players in the market.

 

[carents]

Gold used to be good investment, 10 years ago it was half the price of what it is now. But this threshold was hit few years ago, in fact current prices have gone down in last few months.

 

[TODonnell]

Gold is a fail-safe as much an investment. "The Nazi's are coming, stick the sovs under your shawl and run, Deirdre!"

Like cash machines may go offline, shares can tank, property is immobile what else can you buy, hold and move easily ... maybe art? [shrugs]