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Mcprice302
Penny Collector Member
USA
404 Posts |
 Posted - 09/17/2009 : 18:43:08
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Well, I've been considering this for quite some time now, and am in the process of taking the plunge. My area is a very untapped market for this, and with the help of my local scrapyard, am setting appointments and all day Saturday sessions at their location.
I've researched this to as much as I can find. I know the mathematics and conversions involved and have purchased a pretty nice scale (not a gas station special!). I have yet to buy any testing equipment though. I know there are some others around here that do this already, and I am seeking your advice on nitric acid testing versus a digital assayer.
Also, does anyone have any recommendations on refineries? I've found a couple that look trustworthy, but would much rather here some feedback here first. Any other info would be greatly appreciated as well. If you wish to keep some things a little quiet, feel free to shoot me a pm. Thanks in advance for any and all help. -Mike
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 09/18/2009 : 00:02:13
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| I havent done business with them but I have heard nothing but goodthings about midwest refinery. Also I would look into FasTTcar's business. I belive it You must be logged in to see this link. I'm sure you could work out a deal with him. |
Copper Penny Investing
www.portlandmint.com |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/18/2009 : 02:40:32
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| Just don't send the gold to cash4gold. They will rip you off by paying a small portion of the real value. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Mcprice302
Penny Collector Member
USA
404 Posts |
Posted - 09/18/2009 : 09:04:51
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quote:
Originally posted by highroller4321
I havent done business with them but I have heard nothing but goodthings about midwest refinery. Also I would look into FasTTcar's business. I belive it You must be logged in to see this link. I'm sure you could work out a deal with him.
Yes, midwest refineries was one I have been looking into. If I can do business with another realcent member, then that would be great too. Cash4Gold is the biggest hustle there is next to Bernie Madoff, but thanks for the warning anyways Jade.
I would love to find out more on the testing equipment as well? Its about the only thing I lack before taking this to a higher level. Any other pitfalls to avoid? |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 09/18/2009 : 10:05:58
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quote:
Originally posted by Mcprice302
quote:
Originally posted by highroller4321
I havent done business with them but I have heard nothing but goodthings about midwest refinery. Also I would look into FasTTcar's business. I belive it You must be logged in to see this link. I'm sure you could work out a deal with him.
Yes, midwest refineries was one I have been looking into. If I can do business with another realcent member, then that would be great too. Cash4Gold is the biggest hustle there is next to Bernie Madoff, but thanks for the warning anyways Jade.
I would love to find out more on the testing equipment as well? Its about the only thing I lack before taking this to a higher level. Any other pitfalls to avoid?
I would talk to Market Harmont or FastTTcar about testing equipment.
Biggest pitfall I see is buying something you think is gold, but turns out not to be. |
Copper Penny Investing
www.portlandmint.com |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 09/18/2009 : 11:35:21
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Buy the acid test kit and the IGEM tester.
You do need both.
I have a couple GT 3000's that work great, but I still do acid testing to confirm on some items. Acid test kits also contain silver testing solution, which the digital testers do not do. |
www.londongoldbuyer.com |
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2old
Penny Pincher Member
188 Posts |
Posted - 09/19/2009 : 10:28:15
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| Best wishes to you. I also considered this, maybe a short term apprenticeship at a coin dealers shop would help. Once my mentor showed me some of the pitfalls, like a clasp being marked 14k and the necklace being 10k, As well as some other pitfalls, I decided I did not have the time to learn, nor the money to lose. |
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Mcprice302
Penny Collector Member
USA
404 Posts |
Posted - 09/19/2009 : 15:14:39
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quote:
Originally posted by fasTTcar
Buy the acid test kit and the IGEM tester.
You do need both.
I have a couple GT 3000's that work great, but I still do acid testing to confirm on some items. Acid test kits also contain silver testing solution, which the digital testers do not do.
The GT 3000 looks nice, I'm gonna look into getting one hopefully this week. I noticed that it's range is 6-18k, and I would imagine that most gold jewelry is 10-14k anyways. Do you use the nitric acid on items believed to be above 18k? Any reccomendations on quality acid testing products or places to purchase from? Thanks again, this information might save thousands down the road. -Mike |
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Ember
Penny Sorter Member
USA
27 Posts |
Posted - 09/20/2009 : 17:54:05
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How accurate are the electronic testers? Have any of you done any comparisons/tests against a known karat gold for accuracy? I have heard mixed reviews each time I research the subject. Some say the testers are accurate, others say they are better used as a door stop and to use nitric for testing.
A guy I know who works in a coin/antique shop tells me not to waste my money on an electronic tester. Says, "they are about as reliable as an electronic diamond tester." I never used either so can't compare.
I'm talking about the hand held testers. I know there are some big buck computer machines that are very accurate. |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 09/21/2009 : 09:16:51
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I am very happy with the GT 3000.
You have to play with it a bit to understand how it reads, but gives you a great indication of if the item is as hallmarked.
I have tested it against known items and they are accurate enough for me to use to buy. As mentioned, I use acid as well if I am not sure or for higher Karat and silver.
Make sure you get a good blackstone as well, the ones with the kits usually are not that great. |
www.londongoldbuyer.com |
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Mcprice302
Penny Collector Member
USA
404 Posts |
Posted - 09/21/2009 : 09:46:51
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Thanks fasTTcar, seeing as I'm just starting out in this, I believe the GT 3000 is about right for me in terms of price vs. performance. No need to spend thousands right now until I at least see how this is gonna work for me right?
I'm also wondering about stones, ie topaz, quartz, cubic zirconium, etc... I know these are of little value. What I would like to know is if I'm looking and weighing a piece, what kind of percentage or discount could I expect to drop off the weight if lets say a ring has a topaz stone in it? I realize this could vary wildly, but any insight would greatly help out here. I can definitely see how recieving a piece like this in the mail would be far better than in person. That way you could just remove the stone before weighing it, without some old lady going ballistic on you! Maybe I should decline pieces with stones altogether? |
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fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 09/21/2009 : 15:27:18
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Ask them if it is ok to take the stone out first. 99% of the time they say ok.
If not, tell them you will give them an estimate of what you would pay using the weight of the item and will offer them a firm number if they agree and let you take the stone out.
Note, even diamonds are virtually worthless in the resale market right now unless they are over .5 Carat and are of high quality. |
www.londongoldbuyer.com |
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Ember
Penny Sorter Member
USA
27 Posts |
Posted - 09/23/2009 : 01:03:40
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| Once you start getting scrap jewelry, take the stones from each piece and place them into a coin tube or something to safely hold them, and hold on to them for weighing. Use the different size stones to help gauge the weight in each new piece of jewelry you run across. It won't be accurate, but it will get you fairly close. |
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Getting started in scrap jewelry
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