Featured NEWS: Record prices are triggering a gold rush of customers looking to melt old jewelry for cash

I used to work for a jewelry store and we always sent jewelry in oversized FedEX boxes. Had thought about that for metals but Registered Mail is very picky about how things are packaged and is expensive to begin with.

Registered Mail does not allow plastic tape. They have a paper tape you use to seal all the edges. They then go back and stamp all edges with a red ink stamp overlapping the edges to be able to identify areas where the seal has been tampered with. I have a labeled and taped inner package with addresses that is put inside a USPS cardboard mailing package. This package costs $2.50 but it is self-sealing, requires less paper tape, and is quite convenient.

The label to the refinery is a dead giveaway of what is inside the package. No real way around this. Just have to trust the Registered Mail system to handle your package properly. I am sure that Registered Mail is a pain for the Postal Service but it is the only really secure way to ship with them. You do pay through the nose for the service so you expect the system to work for you.

I have had poor experiences with both UPS and DHL. FedEX has always been great for me. They have been my go-to shipper with paintings for years.

Good point. I think I will stick with the USPS for this reason. I am done shipping gold for now but have quite a bit of silver to send. Not nearly as valuable so I may not go to the expense of Registered Mail with it.

 

I'll probably stick to selling my small quantities of gold locally. The cash on the barrel security is worth it to me, especially since I don't pay more than 10% of scrap if I can help it.

When I mention "I usually go after jewelry" around here the answer is always either "sorry no jewelry" or "maybe next time". (clue: there's never a next time.) If there's some out, it's always modern low-grade costume. I do get lucky here and there at church, thrift and estate sales, but rarely anything good and never anything truely old.

 

The gold buyers around here are criminal. The offer is usually around 65%. I am getting 95% from the refiner.

 

It's a bit of an ask, there, but they've got overhead and it has to pay them to buy and resell. That's a bite though, especially since a lot of them don't even want to see silver right now.

 

Ugh this is why I haven't sought anyone out yet. I'm afraid local buyers are gonna be greedy.

 

gotta do research.....!

 

I knoooow but making phone calls is my personal hell.

 

nothing , online???

 

I also have no idea how to find a good way either.
Scary since I know nothing about this area.

 

Not last I went looking. Probably because they don't want their competitors scooping their rates. Also idk who y'all go to but my local metals scrapper is primarily industrial scrap so idk if they even do precious. Otherwise it's what...pawn? Jewelers? Coin guy only does coins as far as I know. Definitely not the places that say CASH NOW lol.

 

Most places don't publish. Prices keep changing daily, so they don't lock in a rate just in case.

 

Oh, I'm with you 100%. The worst words anyone can say to me are "YOU need to call..."

 

I'm more likely to drive across town to ask something than pick up the phone. It's terrible. Calling for my job? No issue. Calling to make an appointment somewhere? Can't. Hate it. I will eventually but I need proper avoidance time first.

 

Same here.

 

Just today, I drove to the drugstore to request a refill Rx, rather than call on the phone.

 

I had a bag of scrap and damaged sterling (bent spoons, badly dented stuff that I wasn't going to have repaired), nothing old or collectible, and yesterday, I went to a jewelry store locally. It's probably the best/oldest one in our area. I've dealt with the owner before, and he gave me a touch over 80% of melt value. The reason, as he explained, is he's willing to bet that silver continues to go up, and therefore paying me that much is a bargain in the long run for him. He said his connections in the rare metals trade are confident that silver will hit $50/ounce, maybe within a year. Hate I had to part with the stuff I sold, but we've got a home improvement project in the works, and needed a bit of extra cash.

 

I want to sell some gold jewelry, but the discounts off the gold price have been so steep - Selling at 95% is an awesome deal. What gold price do they base that off of - Kitco?
Can anyone name some refiners who buy from the public?

 

I don't think any do; around here you need a business license.

 

I use Midwest Refineries. Got the recommendation from someone here on the board. Have also heard Northern Refineries is good. Both are in MI so not too far from me in IL. I am sure there are others. You need to mail the gold and would recommend Registered Mail (insured). It is expensive but worth it for peace of mind for a high value shipment. Never had a problem until recently and the package did turn up intact.

Not sure where the spot gold price is obtained. I get a print-out itemizing my pay-out and the spot price. It has always been consistent with what I am seeing on-line for the day's gold price.

 

@verybrad theft is actually a smaller occurrence from letter carriers. More common with mail handlers but again not common. Things will take longer since DeJoy completely & not for the better closed way too many processing centers where mail regardless of how it is sent is sorted for the proper destination. He also moved letter carriers out of postal offices which creates a delay if there is a federal holiday an even longer delay. For claims, pictures, pictures & more pictures prior to mailing. If you are mailing other than 1 st class mail the goal should be to arrive at USPS before the first truck leaves. As @mirana has pointed out, most carriers know the value of their job, with one of the largest unions protecting them but guess what when it comes to a carrier & theft there is nothing that can be done to save the job & they are prosecuted as a federal crime they know that going into the USPS, before they make what is called permanent. Packages are lost, & agree once a claim is filed it seems it appears I have had happen mailing jewelry to our DIL via our sons APO BOX. If things were left in place it would expedite things within in a timely fashion. Just know most carriers just want to do their job without slack from upper management.