Where the best place to cash in some scrap gold jewelry? I would like to convert it to coins.
will give you the best deal.
I need to sell a gold coin or two and would prefer to do it anonymously as possible. If I sell it to a dealer, 2.5% under spot, he will cut me a check, no cash. Are there dealers that pay cash or is it nothing to be concerned about? Other tips for selling would also be appreciated. TIA.
Most coin sellers are set up to buy your scrap and if they want your LT business will be more than fair. Plus from a taxation standpoint it "may" (not sure and I am not an expert) qualify as an "exchange in kind"* lessening your tax burden. Check with a tax specialist to be sure. I exchanged some smaller coins for one ounce'ers a few years ago and was given a "free ride" for taxes based on that.
*It is called a 1031 exchange by the IRS and is seen mostly in the sale of rental property.
I wanted to add you could also find a local smelter (depending on where you live) or send it to a smelter if the quantity is large enough and have it melted, purified and poured into bars and assayed.
you're local jeweler, I'm in colorado and a jeweler, I am buying all the time and usually pay more than most, I pay 55% of spot on scrap, so check around and see what they pay.
Maybe you could recommend a smelter you know for those who wish to make their own bars and rounds with scrap?
First thing you got to do is know what you have. Know how much your scrap gold worth. How can you do that? Weight your item, check the carat (usually jewelry comes with a stamp on it). After you know the carat, check on-line the spot price for it. After you have done your calculation, it is time to shop. Know that gold buyers won't give you the actual price for your gold. Why is that? Because they need to profit from it of course. So, my suggestion is to shop around and try to get the price as close as possible to that one you came out with while doing your calculation. Just make sure you calculate correctly otherwise you might end up going around and around without being able to sell you scrap gold.
I hope this help!