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Selling gold.

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  • 08-10-2012 8:50am
    #1
    kneemos
    Registered Users Posts: 20,437 ✭✭✭✭


    Is it possible to sell gold?If I had a twenty four carot gold necklace for example(I don't)rather than go to Cash For Gold could I cut out the middle man and sell direct or melt it down and sell it as a giant nugget.Just curiosity I'm not planning a heist.


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    #2
    Victor
    Registered Users Posts: 78,442 ✭✭✭✭Victor


    Jewellery is worth more than it's weight in gold.


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    #3
    kneemos
    Registered Users Posts: 20,437 ✭✭✭✭kneemos


    Victor wrote: »
    Jewellery is worth more than it's weight in gold.

    I may be wrong but I don't think Cash For Gold are paying $1500 an ounce or whatever it is at the moment.


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    #4
    Del2005
    Registered Users Posts: 18,998 ✭✭✭✭Del2005


    kneemos wrote: »
    Is it possible to sell gold?If I had a twenty four carot gold necklace for example(I don't)rather than go to Cash For Gold could I cut out the middle man and sell direct or melt it down and sell it as a giant nugget.Just curiosity I'm not planning a heist.

    Don't go to a cash for gold place, as already posted they rip you off, a proper jewellers will give you a good price. Don't bother with melting it down.


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    #5
    Ken.
    Closed Accounts Posts: 12,898 ✭✭✭✭Ken.


    As far as i know the big places don't buy by the ounce. They buy ingot's. So you'd need to get enough to make an ingot.Then get someone professional to test the purity of it and then they might buy it from you at the going rate.


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    #6
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    kneemos wrote: »
    Is it possible to sell gold?If I had a twenty four carot gold necklace for example(I don't)rather than go to Cash For Gold could I cut out the middle man and sell direct or melt it down and sell it as a giant nugget.Just curiosity I'm not planning a heist.

    If you want to sell gold, a reputable jeweler is better than the "Cash4Gold" type places. I don't think wholesale dealers would deal directly with the public.


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    #7
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Even if you had enough gold to make an ingot (for investment purposes usually a kilobar or approx 35 ounces, spot price in excess of $60,000) and sell on the market you would need to pay for it to be valued professional having its purity tested which would probably cost over 1,000 and then you would have to pay brokerage which could run to another few hundred and then shipping to wherever the point of delivery used by your brokers are.

    For these reasons investors holding assets in the form of gold rarely touch or even see the gold. Trade in gold to the most part is based on exchange traded funds which are based on companies that hold the gold in safes and you trade a financial security with the claim to the gold.


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    #8
    kneemos
    Registered Users Posts: 20,437 ✭✭✭✭kneemos


    Suppose I went prospecting and found a few ounces what would I do with it?


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    #9
    Victor
    Registered Users Posts: 78,442 ✭✭✭✭Victor


    kneemos wrote: »
    Suppose I went prospecting and found a few ounces what would I do with it?

    You would get a licence from the Department of Communications, Energy and Natural Resources.


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    #10
    RUCKING FETARD
    Closed Accounts Posts: 1,455 ✭✭✭RUCKING FETARD


    kneemos wrote: »
    Suppose I went prospecting and found a few ounces what would I do with it?
    Conroy finds more gold targets in Co Cavan


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