Gold panning

Discussion in 'Gold' started by ChrisTaylor, Dec 3, 2019.

  1. ChrisTaylor

    ChrisTaylor New Member

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    I have a friend that goes gold panning and wants to sell me some of his gold.
    Question
    what price is the going rate for this gold is it spot or more, Or should I pay less as it is not certified 999
    Thanks for any help
     
  2. Slimey

    Slimey Active Member

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    During the gold rush days of America, there was a Trading Post operator named James Savage who was witnessed taking the gold from a Squaw and placing it on one side of a scale and then placing the raisins she wanted on the other side until it balanced out. His justification was that she wanted the raisins and not the gold.
    Does your friend like raisins?
     
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  3. Drake181

    Drake181 Active Member Silver Stacker

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    This could be the greatest reply to a thread I've ever read.
     
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  4. 66rounds

    66rounds Well-Known Member Silver Stacker

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    HAHA! Raisins for gold, love it. For more realistic pricing, alluvial gold is typical 22-24k so I would go 22k spot for the tiny pieces. Good sized nuggets typically a priced with a premium over 24k spot, so keep that in mind when negotiating with your friend.

    Would love to have a mate that pans that would sell to me at spot, a great excuse to buy a melting furnace and try some home poured gold or even backyard refining!
     
  5. openeyes

    openeyes Well-Known Member Silver Stacker

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    Really depends how clean it is. Personally without testing I would not pay more than 80% spot and it would have to look clean to the eye.

    Ultimately without testing you really can’t be sure. Unless it’s for fun you have to get more serious about it and have a test kit setup. Money involved so you need to buy quite a lot. Just my opinion of course.
     
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  6. openeyes

    openeyes Well-Known Member Silver Stacker

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    Many moons ago about 1985 I was working very briefly in Marble Bar. Speaking with the publican I was told that some “locals” would come in regularly with some gold and get a bit of cash to spend at that establishment. Once spent they would disappear again and return a few days later with more. Rinse and repeat. People tried to follow them apparently to no avail. Sad but true story.
     
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  7. ddevil

    ddevil Active Member Silver Stacker

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    Goldmongers buys nuggets based on the percentage reading off the XRF. For example, if the reading is 93%, we will buy it at 93% and not as 22ct, which is what most places will buy them for. We will also buy them for 94% of spot, as we do a special rate for Silver Stackers
     
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  8. openeyes

    openeyes Well-Known Member Silver Stacker

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    Do you mean if the nugget XRF'ed at 93% and you pay 94% of spot you would be paying 87.42% of the weight?
     
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  9. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Rule of thumb is about 80% spot for clean nuggets. You don't want to be buying internal quartz at $70 a gram.
     
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  10. ddevil

    ddevil Active Member Silver Stacker

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    n
    No. We pay 100% of the gross weight. For example, if you bring a 10g 22ct ring in, you will be paid at total of $597.84. So, the rate that you are paid, is reduced depending on the purity of the gold. The only time weight is ever reduced is to estimate they weight of a stone. In that example, I used a spot of $2,158.
     
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  11. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    IMAG1521.jpg

    This is about what I usually get and sometimes small pickers.
     
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  12. Jason1

    Jason1 Active Member

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    Ok I do prospecting, nuggets tend to pull a premium as they have collectors wanting them. but keep in mind natural gold is rarely over 22k,
    If you were buying it for the gold it self you wouldnt pay 24k prices. If you were buying a nugget you like as your a nugget collector well thats a different story.
    If your buying Dore bars then you would likely pay spot on its purity as that is more than what the refineries would pay for it and you would get the Dore bar XRF tested, they can be from 9k if dodgy all the way to 22k so you want to test them, typically dore bars are 80% but that depends on the location they come from and type of mining going on eg panning likely be less pure.

    I should also ad its harder to test panned small flakes from a prospector as often its from various locations and all the small bits could be different purity. So much easier to buy panned gold melted down into basic dore bars as you can test its purety as a whole.
    So you need to work out if your buying for the gold value or for collection, collectors obviously pay more but is harder for the seller to sell quickly as you have to find a buyer the nugget appeals to, so often you can find gold prospectors willing to sell for gold value over collector value. So best to ask the seller if he wants a quick sale for gold value or if he is thinking your a collector and wanting to pay collector prices. I ask that so not to waste my time.
     
    Last edited: Dec 4, 2019
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  13. ddevil

    ddevil Active Member Silver Stacker

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    The only way you are going to get spot or above for nuggets is if they are bought as nuggets by a collector. Scrap prices are the best you can really hope for when it comes to selling nuggets, especially the smaller specimens. I'm happy to check (for your peace of mind) and even quote on any nuggets that people have, no obligation to sell of course
     
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