BEWARE "BUY YOUR GOLD" Ripoffs!

[Kaonohi]

My son had a 14k Hawaiian bracelet that weighed 26.6 oz. Troy.
I calculated the gold worth at $700+/- (depending on spot fluctuations).

I figured that 25% is a reasonable cut for the broker, and that he could get about $525.

He went into Windward Mall to a gold-buying kiosk. They were a bit evasive on details, but offered him $200 - take it or leave it - (and by the way, take off, we have plenty of suckers lined up behind you). He laughed as he left - good boy!

That's about a 70% profit for them. I understand they have expenses, rentals and salaries, but this is ridiculous.

I'm going to survey buyers to see what their percentages are. I'll report back. I welcome assistance.

[Walkoff Balk]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

Do these places need a license with the Better Business Bureau?

[tutusue]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

Kaonohi...there's already a thread about good places to sell gold but I can't find it...and I started it!!! Anyway, I recommend getting a price from Pacific Diamond and Swiss Watch Exchange on Kapiolani. I was referred there by a friend. He took a gold watch to another store and was given a price of about $300. He then took it to PDSWE and received over $700. Look how close those numbers are to yours! I sold all my no longer used jewelry to this company and received more than I anticipated...altho' I hadn't put the effort into calculating it like you did. Nice people, too.

[scrivener]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

Here's your thread.

[lensperson]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

It's worth noting that gold and silver artifacts are usually identified with
standard markings. These markings are often very small and require a
a loupe or small 10x magnifier to actually read.

Silver is usually marked as Sterling. 925 is the mark there.

Gold is rated by karat per centage.
24k is 100 percent gold.
12k is half gold.
In the event of a currency or financial meltdown well marked metal has more value than paper money.

[tutusue]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

Thanks, Scriv! I searched on the word "gold" and viewed the results for the past 18 months. Never found the thread. You're a great sleuth!

[pzarquon]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

The fact that these operations are willing to pay the overhead needed to hold onto a retail space (i.e. in a mall), and clearly only do a few transactions a day, illustrates just how poor a deal sellers are getting.

[salmoned]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

My son had a 14k Hawaiian bracelet that weighed 26.6 oz. Troy.
I calculated the gold worth at $700+/- (depending on spot fluctuations).

Hey, the gold value is closer to $25,000 on that bracelet! Oh, you probably meant 26.6 grams.

I don't understand why anyone would accept a small fraction of melt value when most jewelers pay over melt value for their stock. 80% of melt value is a good price when no middlemen are involved.

[Kaonohi]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

Hey, the gold value is closer to $25,000 on that bracelet! Oh, you probably meant 26.6 grams.

I don't understand why anyone would accept a small fraction of melt value when most jewelers pay over melt value for their stock. 80% of melt value is a good price when no middlemen are involved.

Right on. I did mean grams (Troy, 31.1/oz.), my bad.
Thanks or keeping me in line.

Good ending!

The kids shopped around. Most Place offered him $380, but He finally found a place that offered him $490.00 - $10 less than what he was going to settle for, and he took it.

With the wide variation in gold prices these days, I think he did well.

Avoid the kiosks if you are selling gold. Go to reputable dealers.

[lensperson]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

It is quite possible to attend a few garage sales and find old silver and gold stuff
that was placed on the sidewalk and priced to sell.
That stuff can go quickly.

The bargains happen early in the morning.

Dinner starts later.

One time I was at the midway swap on a dreary morning.
An old person drove in with a truck load of stuff.As the merchandise was unloaded
a cane with a head of a duck appeared.

Older scrutineers soon zoomed in.
The head of the cane weighed three ounces and was 18 kt.
The old dude got paid ten dollars.
Pays to shop arround.
Sharks fin soup.

[memorylane]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

I recently took some silver and very penny ante gold to a pawn shop, more of the former than the latter and they take a magnet to it. If it doesn't stick, it ain't real. I asked "But what about the stamp?" and was told a con can buy them to put it on himself.

[lensperson]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

Quite fascinating !
The main elements normally known as magnetic are Iron,nickel and cobalt.

Lanthanum is weakly magnetic.

There are elements with anti magnetic properties. Bismuth is the element with the
most such property.

As a sidenote ,stainless steel that is not attracted to a magnet is the most valuable
as scrap.

Some of those pawn shop employees are talking from the side of their neck.

[amagab]

Re: BEWARE "BUY YOUR GOLD" Ripoffs!

Believe it or not but I actually found eBay to be the best place to sell gold, silver, and jewelry.