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Offline denizenTopic starter
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« on: August 19, 2011, 09:46:03 pm »
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In my quest to rack up 25 posts I'm adding another topic that interests me and am unsure on.
Should I find a gold refinery and sell them the nuggets, that I may or may not find, or should I get some molds to cast my own bars and sell them that way? I feel like if I do it this way I'd be guaranteed correct ounce accuracy if the world ever fell back into the bartering system. HA. I also notice some folks have a tendency to NOT sell their findings and stock pile it. Which is a good idea. I know the first thing I'm doing if I strike it rich: buy an RV!  Grin

So should I go to a refinery and sell the nuggets/loose gold or do i cast them into bars and open the market up to where i can sell the gold? I hear some nuggets demand higher prices then their net weight.. Could be a lie.

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Offline seldom
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« Reply #1 on: August 19, 2011, 09:54:02 pm »
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Have your gold dust tested assayed. Assaying determines whether your gold dust is real gold and what the purity is. Buyers will want to see an assay report before purchasing your gold dust or nuggets.
Locate a dealer to buy your gold dust. In many cases, assay services also refine precious metals, so you may be able to test and sell gold dust at the same time. You will not get a price per ounce equal to the daily spot price of gold because the buyer must allow for the costs of refining the gold dust. However, good buyers will give you fair prices, especially if you get quotes from multiple buyers.
And yes nuggets can and do sale for prices higher then their gold content  


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« Last Edit: August 19, 2011, 09:55:33 pm by seldom » 		Logged
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Offline denizenTopic starter
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« Reply #2 on: August 19, 2011, 10:02:23 pm »
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What about refining it myself using flux powders/casting it? And i made sure each bar was a whole number ounce? I don't like the idea of losing money if I could have refined it myself and sold it directly to whoever wants the bars.. the tricky part is just that: error free refining. In the short term it would be cost effective not to self refine though. I'm not interested in wholly short term. Would you have a subjective number to throw out on what the refining cost could be? Would like to know the numbers in my losses(potential, i don't even have any gold yet. haha).

Thanks for the comment.

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Offline jarrow
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« Reply #3 on: August 19, 2011, 10:11:19 pm »
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Try aragold.com for refining schedule and fees

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Offline seldom
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« Reply #4 on: August 19, 2011, 10:24:09 pm »
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Well without a certificated assay nobody will buy your gold. So start up cost 250 grand plus 4 years to get a degree in geology 2 years to become a assayer 10 years to build a good reputation 100 grant to set up a state approved lad and refinery. Lot of money and work for the little bit of gold you may find your first 10 years. The people here who find gold and make money like Homie have years of experience and have learned the hard way how to find gold. Your best bet is forget worrying about how to get rid of finds and spend your time learning how to find what your looking for.

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« Reply #5 on: August 19, 2011, 10:33:09 pm »
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Hmm. Very good point Seldom. I'm getting ahead of myself..  Tongue

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Offline BitburgAggie_7377
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« Reply #6 on: August 24, 2011, 04:08:32 pm »
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Quote:Posted by denizen
I don't like the idea of losing money if I could have refined it myself and sold it directly to whoever wants the bars


I'm glad you're starting to pay attention to brother Seldom.   He will seldom lead you astray on such things.    As for the above, all businesses have their costs.....consider this a cost of business (because to be honest unless you're talking really large scales, you'll probably wind up costing yourself a lot more than you'd save---especially when you factor in the cost of your time).   Done nickel and dime yourself out of a fortune (especially before you've accumulated it)


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« Reply #7 on: August 24, 2011, 04:38:44 pm »
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You can in fact refine your own gold.  say taking 9K, 10K, 12 and 18K making it into 99%.

Unless your talking about lb's of it, it's just going to cost you time and money.

What's the point.

ARA will give you 98% spot for it the way it is.

No Fuss and No Muss.

If you cash in less then 500.00 dollars worth a time there is no tax record generated.  LOL

More then 500.00 and they generate a 1099.

This is why you have to keep records on your cost.



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Offline denizenTopic starter
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« Reply #8 on: August 24, 2011, 04:54:11 pm »
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ARA, homefire? What's that? Thanks for the tip on avoiding nasty taxes. I'll forget all nonsensical notions of melting the gold down myself.  Smiley

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Offline Renegade7
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« Reply #9 on: August 24, 2011, 04:59:51 pm »
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Amen to the 500.00 bit. When they 1099 on something like that its usually 30 to 40% of the value. they look at it like an inheritance tax, or getting a lottery ticket winnings

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