Where does the gold go?
 

Hello,

I own a pawnshop out in NY. Im a very big beginner. lol. 22 years old and just starting in the gold and jewelry business. I sell my gold in LOTS to a buyer who drives all over town picking gold up. He pays around $17-$19 a pennyweight depending how the gold is that day. My questions is this, where does he sell this to????? It drives me nuts trying to figure out. Is it true refineries pay up to 95% of spot on 14K? Any info would be greatly appreciated.

Thank you
Richard

Re: Where does the gold go?
 

Im curious too...

Re: Where does the gold go?
 

http://www.midwestrefineries.com/


thats where he sells to and thats where everyone sells to.

Re: Where does the gold go?
 

On the photo of the Midwest Refinary page, I noticed their platinum display has a bunch of bowls? Has platinum been used for anything besides catalytic converters, jewelry, and computers?

Re: Where does the gold go?
 

I would think about trying to keep as much of that gold as possible.

I would also try to keep all the silver.

When I'm forced to sell gold I try to buy at least some silver as if silver ever goes back to like 15 to 1 I will have done ok.

A guy I know does the pawnshop thing. He is older and been at it a long time. He keeps all the gold and silver for his and his wife's old age.

Welcome aboard and it would be nice if you kept posting as your business gives a good idea to how things are going at least in your area.

Re: Where does the gold go?
 

a few years back, when I was looking for deals on Gold/Silver, I would stop in at an occassional pawn shop I passed

a couple of them did exactly this, they would keep ALL gold & silver that came through the door.

they seem to understand the game

Re: Where does the gold go?
 

This is where I have sent my scrap, and dust ..

They have by far given me the best return... Everything is video'd from the moment it arrives, thru unpacking and weighing ... Seem that the security they use helps compared to some of the others I have tried...

http://www.jensenindustries.com/news/refining_trust.htm

Re: Where does the gold go?
 

DF, platinum is used to make crucibles used in laboratories. I'm a chemist, but I've never had occasion to use one. A friend of mine found a bunch of Pt crucibles that had been forgotten in an old box in storage. He dutifully turned it in to management. I don't know how many oz. of Pt he had in his hands, but I think it was quite a bit!

Re: Where does the gold go?
 

Casting Jewelers always need gold. They don't need 22K coin or 24K coin
mixed with something, they need 24K "shot" [looks like nugget]. The refiners get scrap gold [10K,14K,18K] and refine it to it's purest state of 23.999 fine. They melt all together and take out all impurities. The casters buy it mix it with alloy to make the 10K or 14K gold jewelry. The smelters buy gold 2% to 3% under spot gold and sell it 2% to 3% over spot gold.
And that is what they do with the scrap metals.
During the height of the gold jump in 1980 the smelters had so much gold coming in but it wasn't going out like use to, so the just stopped buying it period. That's what started an avalanche in gold prices. If the smelters stop buying the gold scrap, that business will go kaput.

Re: Where does the gold go?
 

it is recycled and reused of course lol.