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 Replies: 17 / Views: 3,730 |
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Valued Member
United States
352 Posts |
it is easy to buy gold. every where you look some one is selling it on tv and the radio
where do you sell gold? I went into one of those "we buy gold" shops. and laughed in their face, at the amount they wanted to buy my gold for..25% below spot, that is how we make our money..i countered with,, you buy on spot..and take a gamble it goes up!
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Pillar of the Community
United States
865 Posts |
Those we buy gold places are a rip off. Is it just scrap or do you have gold coins/bullion you are trying to sell?
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Valued Member
United States
269 Posts |
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Pillar of the Community
United States
4333 Posts |
Quote:
I went into one of those "we buy gold" shops. and laughed in their face, at the amount they wanted to buy my gold for..25% below spot, that is how we make our money..i countered with,, you buy on spot..and take a gamble it goes up! They don't have to hold it and wait for it to go up...they can get 98% from a refiner! or sell outright and add 10-25% over spot. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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New Member
United States
9 Posts |
My LCS buys at spot or more for bullion coins, ML, AGE, Etc. They pay 97% of spot for most foreign gold coins. Silver gets bought for spot +. ASEs spot+$1, 10oz bars spot +$.50 per oz. etc. There is another buyer in town that pays spot rounded up to the nearest $5 for gold bullion coins. Another is pretty much at 96% of spot. Most all the places pay 80% for "junk gold" jewelry.
I have had some luck buying and selling some gold on my local craigslist. I sold some gold coins today 1.7 oz for a total of $30 over spot.
Edited by ebrguy
06/05/2014 9:29 pm
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Pillar of the Community
Canada
3049 Posts |
Hrmm... figured I would chime in here...
1) The gold you see in the ads either on TV or in magazines... I would be skeptical of... when it comes to bullion buy recognized and preferably government rounds... GML's or AGE's even the Krugs or phillharmonics...
2) When it comes to bullion and not numismatics buy as close to spot as you can! Everything above spot a dealer is charging you is certainly negotiable...
3) When it comes to selling it there are basically 3 methods...
(i) Auction -but there will be fees ... not great for bullion but numis do well
(ii) coin dealer - they have to make a cut and will take it but you get cash and if you anticipate a crash in metals this is definetly the way to go... (I sold over 10K oz of silver to my local coin dealer just prior to the 30% drop silver took last year and I'm glad I did... I took a small loss but would've been a much bigger loss if I was going to hold on to the silver and sell it on my own slowly)
(iii) sell the silver yourself.. there's always people looking to buy put out ads in free interent classified sites.. put up posters... us the web... you can do it and you can get very close and sometimes above spot price..
edit:
You will notice I NEVER once mentioned a "we buy gold" place .... don't sell there... stick with places that will go closer to spot... I would even go to a pawn shop before I go to one of those stores...
Good luck
Edited by AgCoinAu
06/05/2014 5:12 pm
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Pillar of the Community
United States
4333 Posts |
Where is this fantasy land where dealers pay spot? Jiminy, my dealer pays half spot and pays 55c for 40's! No one here pays spot.
When I last sold 40's @ $35+ silver I had no bites on C'list until I went 25% below spot. My silver sat there for 3 weeks and ONE bite.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
06/05/2014 9:00 pm
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New Member
United States
9 Posts |
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Pillar of the Community
United States
931 Posts |
Silvertowne is very fair with their buy prices, and no amount is too large.
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Valued Member
 United States
352 Posts |
ok guys,,check this out..tell me what is a fair price just the band not the watch with spot at 1253.45 is 1000.00 gram fair?    Edited by frodo
06/07/2014 1:47 pm
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Pillar of the Community
United States
4897 Posts |
$1253.45 (spot) x .026 (calculator for 14K) = $32.59 per dwt (about what the refiner will pay). 27.83g / 1.55 = 17.95 dwt. 17.95 dwt x $32.59 = $584.99 ( about what the dealer will get for the gold). So what is a fair price for him to buy from a customer? $500? 15% profit seems legit imo.
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New Member
United States
9 Posts |
Here in Seattle you could quite easily walk out of several shops with about $520 in your pocket today. You'll be in the ballpark of .52 ozt. AGW. Most places here would pay you about 80% of spot on it. You'd have to decide if that is a good deal for you or not? Good luck! I hope you do well on it.
Edited by ebrguy
06/07/2014 3:00 pm
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Valued Member
United States
352 Posts |
thanks for the reply guys,,
yesterday.i stopped off at a pawnshop.i showed the broker the gold and asked him what he would give me for it.
he looked at it,,weighed it.then lowballed me. with an offer of $200.00
i looked at him and responded..do I look like I have stupid written on my forehead?
he immediately started telling me, that this is 14k not 24k. that is why it is low.
I whipped out the figures you provided, pointd out to him the math and that it is figured using 14k
I then told him I would "accept" 500.00 but no less
needless to say, I still have the gold
what a bunch of rip offs
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Pillar of the Community
Canada
3692 Posts |
Lol, Frodo, I once heard a pawn broker rave about the "new" 25 karat gold that just came out. This is the same Ali Baba guy I've been talking about since last year. Arm yourself with knowledge and a calculator in those places. Try if you can to see what they type into their calculators because they hide that for a reason.
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Pillar of the Community
United States
2543 Posts |
Quote:
what a bunch of rip offs Seriously people, it's a pawn shop it is not Bank of America giving competitive loans, nor David Lawrence buying your rare coins to market and sell in a competitive marketplace. They are pawn brokers. Their business model is to take advantage of desperate people, in desperate need of quick cash, and to buy or lend for a fraction of the value of people's valuables. It is what they do . If people are going to be lazy enough (and I don't mean that as derogatory as it sounds) to just take their coins and bullion to the local pawn broker, they can't expect to get spot or any kind of decent price. Pawn shops are for buyer's deals, not sellers. |
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Pillar of the Community
United States
2335 Posts |
If you own a pawn shop(& I don't) around here you have to hold anything you buy for a minimum of 30 days. We buy gold shops work under a different set of rules & only have to hold items for 3 days OR when they get clearance from the police, whichever comes first. You would think that would mean the we buy gold places could pay more due to less risk of spot price changes. That's not the case in my relatively small town.
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Replies: 17 / Views: 3,730 |
Posted 06/05/2014 2:25 pm
