Scrap Gold prices

Wow....... $1633 right now. Are we about to see it go up even further? Are countries starting to BUY now more than individuals because of situations going on? China and India are big investors. So....... will this increase the number of BEACH hunters? This maybe more than a niche for people detecting. There seems to have been a real increase because of gold prices ...... and the reduced price of machines like the Nox with better performance. Will more companies move into this niche..... and actually make water machines rather than machines that CAN work in the water?

$1634.70!-----And yeah, it's going to happen.----There's going to be so many beach hunters out there that you won't have room to swing your coil.

Miss and inch miss a mile......... someone recently explained how many inches there was on a beach........ size of coil......and poor coil swing. I think a few more out there isnt going to hunt us to much. Just wondering how many cut loose some of that treasure chest already...... or is on the verge?

Gold went up to $1648 today so far. Already having customers bring it in to scrap. Silver at $18.50. Where will it end.

Most analysts and chart readers predict gold hits close to $3000 an oz, within the next 24 months. Silver should get near a $100 an oz.

The problem with predictions is........ they are made based on those people trying to get you to sell your gold lol. With enough leverage they can manipulate the market up and down like China and India may do occasionally taking a tidy profit each time.

The problem with predictions is........ they are made based on those people trying to get you to sell your gold not so much your paper gold lol. With enough leverage they can manipulate the market up and down like China and India may do occasionally taking a tidy profit each time.

What do you guys do with good gold rings? do you sell for scrap, or to people to wear? I have about 150 very good gold rings, some are 14K and some are 18K, lots of silver rings, would you just sell for scrap? I have been detecting about 20 years, and have never sold anything, I have gave away some and returned some. Hot Wheels, boxes full. Is there anyone that buys good gold rings and not rip you off ? Thanks flintstone

Dewcon, I respectfully disagree. Market analysts and chartists do not sell gold. Market analysts study the economics in the world. , and the things that affect the markets. They are watching the way the corona virus is slowing down the Chinese economy, manufacturing and supply disruptions, they are watching the moneys spending and money printing the countries are doing , watching the different economic indicators, taking into account the past business cycles, and how and why things have happened and how the metal prices have reacted.

Chart readers watch chart formations, trendlines, volume numbers. There are head and shoulder pattern, inverse head and shoulder patterns, cup and handle patterns, triangle patterns, bullish and bearish wedges, support and resistance lines, etc.
These past patterns usually tell where the future prices are headed.

Reading the markets are similar to the weather men who read and predict the future weather.

Then there are Florida beach hunters like Dewcon who watch the tides, the wind actions, the waves , the sand build up or lack there of , and can predict if the chances are good there will be treasure to be had.

Those folks who can predict the future moves based on the past observations are very successful. Those people who follow the smart successful market forecasters can also do quite well.

I happen to be a follower , and my mining stock portfolio was up 100% last year, so far up 30% .this year.

Ha.... and then there is plain dumb luck lol. You really get to learn a beach if you hit it long enough. Gold really can be moved to repeated spots on the beach. I’m always wrong whe it comes to what’s going to happen with gold prices.

That’s the biggest problem with all this found gold. Some can be appraised... giving you a better value to sell on some sites. Some sell several rings at once hoping just like an auction for bidding wars. Straight up melt value a refinery OR sometimes a local jewelry but expect 10% less. Most all with stones I still have. When it got to $1900 I sold a lot and bought a Jeep. Silver .... some again sell several at once or scrap. Some I know sell every find right away. They figure it’s free money. I’ve sold a lot of finds for spot.... but I’ve still got enough to do about any kind of testing.

Flintstone Wrote:
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> What do you guys do with good gold rings? do you s
> ell for scrap, or to people to wear? I have about
> 150 very good gold rings, some are 14K and some ar
> e 18K, lots of silver rings, would you just sell f
> or scrap? I have been detecting about 20 years, an
> d have never sold anything, I have gave away some
> and returned some. Hot Wheels, boxes full. Is ther
> e anyone that buys good gold rings and not rip you
> off ? Thanks flintstone


Freddy...A lot of guys are using Midwest Refineries. They pay VERY well and quickly. Details on their site, just Google them and scroll through the gold and silver requirements. That’s where ALL of my stuff will be going when prices REALLY get stoopid. EXCELLENT reviews of their customer service and professionalism.

Midwest Refinery in the past year has UPPED their pay it seems as well. They went from 88% i believe to 95% of spot melt to match ARA..... who actually went down from 98% under the previous owners to 95%. BUT.... id call first because some wont give the pay out to individuals..... only to businesses. IE..... they may still only pay you as a individual 88%..... or in the case of ARA i think its 90% unless you were a previous customer. The difference can come also in a bit of a shell game..... all pay in Troy ounces not regular ounces... that mean you loose so many grams of gold you thought you were going to get paid for. Then they throw penny weight at you .... another confusing term since most of us only talk grams and ounces on here. Do some research on how you are getting paid. Hey..... but some dont care to them its FREE money.

Well ...... i just got my check from Midwest. They received and melted the gold on Friday..... i got my check today, Monday. How fast is that? Things that hurt me is when i send it in gold prices were $1640....they dropped during that two day ride... to $1572. I lost a couple of tenths from Troy oz wt received and Troy oz wt after melt. They did pay 95% of melt value and 90% on my silver. Not a lot of confusion.

Troy Oz wt rec'd....... weight after melt..... assay yield%.... Troy ozs contained

% payable (95%)..... Troy ozs payable.... Market price $1572..... Settlement amount $.

Everything seems to be very straight forward...... and FAST. Just pick you time to sell better than i did. They just have a sheet you need to send in the first time and a copy of your drivers license.

Good to hear....and also good to know someone else can drive the price of gold down other than me!

Cliff

Boys-----Find high--sell low! ----Been there, done that!-------cdv Wrote:
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> Good to hear....and also good to know someone else
> can drive the price of gold down other than me!
>
> Cliff

dewcon4414 Wrote:
-------------------------------------------------------
> Well ...... i just got my check from Midwest. They
> received and melted the gold on Friday..... i got
> my check today, Monday. How fast is that? Things t
> hat hurt me is when i send it in gold prices were
> $1640....they dropped during that two day ride...
> to $1572. I lost a couple of tenths from Troy oz w
> t received and Troy oz wt after melt. They did pay
> 95% of melt value and 90% on my silver. Not a lot
> of confusion.
>
> Troy Oz wt rec'd....... weight after melt..... ass
> ay yield%.... Troy ozs contained
>
> % payable (95%)..... Troy ozs payable.... Market p
> rice $1572..... Settlement amount $.
>
> Everything seems to be very straight forward......
> and FAST. Just pick you time to sell better than i
> did. They just have a sheet you need to send in th
> e first time and a copy of your drivers license.


Just curious, is there any tax implication when you sell to them?

Home land security requires them now to notify them over a certain amount. Apparently they got concerned about cash for gold and of course terrorist. Paying tax like always is our responsibility. They do not take tax money though. Of course you don’t have to get a check ... they will make a bar or do rounds for you. It kind of like the bank... you put a deposit over a given amount..... people get notified.

Interesting. A bank has to notify the feds on deposits >$10K in cash.

I had a friend that's in his 80's take his scrap gold to a local refinery and he walked away with ten 10oz bars, and eight 1oz ingots, I'd imagine that got sent to the feds, but with material exchanges like this, and a one time exchange, I wouldn't imagine that would trip any red flags/audits/etc.

It seems like various government agencies track everything. . The post office even takes pics of most 1st class mail you receive. You can sign up at the USPS website, and every morning they send me pics of most first class mail I will be getting that day.

Lots of businesses track you thru the USPS. I hadn't bought from REI for literally 20+ years after i moved to a town that didn't have a local store. When REI did build a store near me, I went in with my REI ID card and the guy said "we don't need that". He then read me all my information knowing just my name and the zip code where I now lived. He said the USPS sold that information to businesses.



Edited 1 time(s). Last edit at 03/03/2020 02:33PM by Champ Ferguson.

Gold is only good to us if people are buying it and wearing it. I know I like the price high when I'm selling but the flip side is that when the price is high fewer people are buying it and wearing it. Less gold is given as presents. Less impulse buys. Existing gold is more likely sold to support a desire. Basically we end up with less gold floating around in the population to be lost for us to find. I like to see gold drop in price more than I like to see it rise.

And those analysts....their backers want you to buy gold as a commodity....so the future price is always higher than the present price. HA!

HH
Mike

I don’t know Mike..... there are some countries that like physical gold..... China.. India. They don’t even want it to leave the country and back their money like we used to. These countries can have a huge impact on gold going up ....or down. It doesn’t get crazy high often so I like to sell just because it’s short term..... then returns to a more realistic standard of living point. AND there is that point .... it found gold.

Gold and silver also act as money insurance. As the dollar or any paper currency loses value, the metals rise in value and preserve buying power. In countries where people have experienced hyperinflation, they love gold and silver, they see its value as monetary insurance. Those of us here in the states have not had the dollar become worthless....yet. I'm afraid the day is coming, as all fiat money eventually becomes worthless. By the time Joe average realize what is happening , its priced out of his reach. Better to buy some when it is still affordable, and tuck it away for use when the stuff hits the fan.

Possum......but would our government require us to turn in our gold if needed? They did do a recall on those gold coins back in the day. Home Land Security may well be getting a report of those with large hoards...... ouch to them.

I have no idea if the govt would do that or not. If Bernie gets in he will just take everything we have! Detectors and all.

Those of you who like buying silver may want to observe the price fall right now.

Pimento Wrote:
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> Those of you who like buying silver may want to ob
> serve the price fall right now.

Why is pm prices falling now?

D&P-OR Wrote:
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> Pimento Wrote:
> --------------------------------------------------
> -----
> > Those of you who like buying silver may want to
> ob
> > serve the price fall right now.
>
> Why is pm prices falling now?


A lot of something like this (where everything goes down at once) is margin players that have to cover calls and such. They have to sell anything they are holding to meet obligations or they lose the entire investment.


eta: my local coin dealer isn't selling any of his stock for less than about $18/oz right now, which means he isn't selling anything(and that's his stated intent). He is hoping for a lot of traffic this week of panic sellers/sheep that watch the news.



Edited 1 time(s). Last edit at 03/16/2020 04:36PM by Champ Ferguson.

I think they are buying bonds right now. Golds taking a real slide..... but remember it was $1200 or a bit less.

They're putting it into Toilet Paper.