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dali lambone
Predaceous Stink Bug
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well done.
SouthPark gives cash4gold the business:
http://www.southparkstudios.com/full-episodes/s16e02-cash-for-gold
http://www.southparkstudios.com/full-episodes/s16e02-cash-for-gold
DCFusor
Yellow Jacket
I've seen the idea floated around that the Cash4Gold guys actually do their homework, and are therefore a good trading signal - when they're flooding the airwaves, it might be a good time to buy yourself!
Unobtanium
Big Eyed Bug
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- 463
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Does anyone else consider the multitude of cash4gold-type stores a tragedy of sorts in America?
Back in the 1930s, the law required people to turn their gold in to the govy for "fair payment" (I think the going rate for gold back then was about $15/oz; however later the govy doubled the price after people turned in their gold for 15/oz).
Now in the 2000's, people are willingly going to the cash4gold sites and willingly selling their gold jewelry for well below spot value. And these poor chaps will likely NEVER have gold in their hands again.
I consider that the more people that own gold in any form is a good thing; but the cash4gold stores are diminshing that amount. I would love to know how much of that gold jewelry gets converted into bullion that ends up in the hands of the elite. Another method of transfer of wealth from the masses to the few?
Back in the 1930s, the law required people to turn their gold in to the govy for "fair payment" (I think the going rate for gold back then was about $15/oz; however later the govy doubled the price after people turned in their gold for 15/oz).
Now in the 2000's, people are willingly going to the cash4gold sites and willingly selling their gold jewelry for well below spot value. And these poor chaps will likely NEVER have gold in their hands again.
I consider that the more people that own gold in any form is a good thing; but the cash4gold stores are diminshing that amount. I would love to know how much of that gold jewelry gets converted into bullion that ends up in the hands of the elite. Another method of transfer of wealth from the masses to the few?
The significant difference is that today, relenquishing gold is not compulsory (though one might argue that the government is largely responsible for the economic duress [unemployment, etc.] driving people to sell off their assets).
Unobtanium
Big Eyed Bug
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Right, and that is what makes the extraction of gold from the people that much more sad today; the people are willing giving it up without the compulsion of law.
A friend of mine wanted to sell some old gold jewlery. SHe wanted to go to a local walk in version of Cash4Gold (WeBuyGold I think). I decided to tag along just to see what they offered.
Interestingly, they offered prices by the pennyweight. I doubt many people know what the going rate for 100 pennyweight in gold is today! So while my friend and the salesperson were talking, I pulled out a calculator and did all the coversions to see what they were actually offering. It came out to 30% of that days spot price for gold.
When I brought this up, they became very nice and doubled the offer! Since my friend wanted to be rid of the jewlery, she took the offer.
In summary, this place used an odd weight measurement that most people would not understand and they were offering 30% of spot price. Amazingly, this place has a long line all the time. I think I need to get into this business :rotflmbo:
Interestingly, they offered prices by the pennyweight. I doubt many people know what the going rate for 100 pennyweight in gold is today! So while my friend and the salesperson were talking, I pulled out a calculator and did all the coversions to see what they were actually offering. It came out to 30% of that days spot price for gold.
When I brought this up, they became very nice and doubled the offer! Since my friend wanted to be rid of the jewlery, she took the offer.In summary, this place used an odd weight measurement that most people would not understand and they were offering 30% of spot price. Amazingly, this place has a long line all the time. I think I need to get into this business :rotflmbo:
bushi
Ground Beetle
- Messages
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...that is just mind blowing, how clueless one can be, for fox's sake.. I mean, we do have internet these days, how much of an effort it is to do a freaking google search b4 you sell off your stuff????????
...I begin to think, that some people just deserve to be fleeced like that, for crying out loud! With one little disclaimer: I do not want my taxes to be squandered on providing for them, later on!
For real!
EDIT: Lets be clear, I do not defend the cash 4 gold shops, if they are indeed ripping people of like this, but I cannot excuse someone who is so careless, as to accept whatever price offered, without doing due homework
...I begin to think, that some people just deserve to be fleeced like that, for crying out loud! With one little disclaimer: I do not want my taxes to be squandered on providing for them, later on!
For real!
EDIT: Lets be clear, I do not defend the cash 4 gold shops, if they are indeed ripping people of like this, but I cannot excuse someone who is so careless, as to accept whatever price offered, without doing due homework
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h4rdware
Fly on the Wall
obfuscated valuation?
30%?
If it wasn't gold that would just be considered fraud.
30%?
If it wasn't gold that would just be considered fraud.
DCFusor
Yellow Jacket
The type of people who use this service and pawn shops most often don't have a clue about computers, don't own any and a search to find actual value of their stuff sounds like rocket science.
They are a little (only a little) justified in paying less than spot. Who knows that crap that 14k gold is alloyed with, and how hard it's going to be to refine it again for some certified use? As as this thread started out - they also see a fair amount of fraud, not all of which they can avoid.
They are a little (only a little) justified in paying less than spot. Who knows that crap that 14k gold is alloyed with, and how hard it's going to be to refine it again for some certified use? As as this thread started out - they also see a fair amount of fraud, not all of which they can avoid.
ancona
Praying Mantis
If you are selling your jewelry for scrap, you get what you deserve with Cash4Gold. Anyone with half a brain will research what they have and seek out the best price. If you are selling your gold, the best place to do it is at a reputable coin shop or bullion dealer.
30% of spot?!?!?!
30% of spot?!?!?!
white&yellow999
Predaceous Stink Bug
Seriously, benjamin good thing you were there and knew what the true value was. 60% of spot is still not very good but sure beats 30%. They probably deal in the pennyweights to confuse the seller. It is truely a sad story of how bad these places try to screw people that are oblivious to what the spot price of gold is. I can see how it is partially the sellers responsibilty to do some research before going to a place so they know if it's a good offer, but it is just not ethical to low ball the hell out of people and make them think they are getting a fair deal, when they aren't.
DCFusor
Yellow Jacket
Only if you want to deal with a bunch of angry customers later when they find out you ripped them off.
My (now ex) wife ripped them off a couple of times...they're good at detecting painted rocks, but junk jewelry that looks good - and thickly plated, sometimes fools them.
It's a lot like the pawn shop game. You've gotta be pretty tough to deal with that.
My (now ex) wife ripped them off a couple of times...they're good at detecting painted rocks, but junk jewelry that looks good - and thickly plated, sometimes fools them.
It's a lot like the pawn shop game. You've gotta be pretty tough to deal with that.
K
kjansen1969
What the --??? This sounds like a good lesson in learning the value of gold, though. I wasn't sure if the above letter framed was a joke or serious.
Arkad
Fly on the Wall
For the benifit of PM Bug Members and/or guest.
Here is a chart and (edited) story board for a video that I did expaining how to find the actual melt value of your gold items.
I edited out any commercial info.
Here is a chart and (edited) story board for a video that I did expaining how to find the actual melt value of your gold items.
I edited out any commercial info.
Finding the value of your gold items.
Karat---- Parts----Gold Percentage---Fineness
10K------10/24-------41.67%---------.417
14K------14/24-------58.33%---------.583
18K------18/24-------75.00%---------.750
22K------22/24-------91.66%---------.917
You will need a scale that measures Troy ounces or grams, and the information located in the chart above.
First, you need to establish the purity of the gold item, which is expressed in karets or fineness, as shown on this chart.
This ring is stamped “10K” so I can assume that it is 10 karet gold, which is 41.67% pure, or .417 fine.
Now we need to know what the ring weighs. The ring weighs 0.08 troy ounces or 2.3 grams.
At this time we look up today’s gold price. Today’s gold price is $1680.00 per Troy ounce.
Once you have this information it is easy to calculate the exact gold melt value of your item.
First you multiply todays gold price $1680 by the weight of your gold item in troy ounces 0.08
This equals $134.40, but you’re not done.
Remember this price is for pure gold. This ring is 10 Karet or .417 fine or 41.67% pure gold.
Now you want to multiply $134.40 by .417
This equals $56.04 which is the exact gold melt value of this ring.
Most reputable gold buyers will pay 80% - 90% (or sometimes more) of full melt value for your gold items. If they don’t, then stay away from them.
For this ring I can expect to be paid around $45 to $50 dollars by a reputable Buyer.
Karat---- Parts----Gold Percentage---Fineness
10K------10/24-------41.67%---------.417
14K------14/24-------58.33%---------.583
18K------18/24-------75.00%---------.750
22K------22/24-------91.66%---------.917
You will need a scale that measures Troy ounces or grams, and the information located in the chart above.
First, you need to establish the purity of the gold item, which is expressed in karets or fineness, as shown on this chart.
This ring is stamped “10K” so I can assume that it is 10 karet gold, which is 41.67% pure, or .417 fine.
Now we need to know what the ring weighs. The ring weighs 0.08 troy ounces or 2.3 grams.
At this time we look up today’s gold price. Today’s gold price is $1680.00 per Troy ounce.
Once you have this information it is easy to calculate the exact gold melt value of your item.
First you multiply todays gold price $1680 by the weight of your gold item in troy ounces 0.08
This equals $134.40, but you’re not done.
Remember this price is for pure gold. This ring is 10 Karet or .417 fine or 41.67% pure gold.
Now you want to multiply $134.40 by .417
This equals $56.04 which is the exact gold melt value of this ring.
Most reputable gold buyers will pay 80% - 90% (or sometimes more) of full melt value for your gold items. If they don’t, then stay away from them.
For this ring I can expect to be paid around $45 to $50 dollars by a reputable Buyer.
On a related note, I was driving through a rural town in the U.S. this weekend and noticed a mom and pop toy store right on the town square. In the window were advertisements for various toys and a giant "We Buy Gold and Silver" poster!
:rotflmbo:
:rotflmbo:
DCFusor
Yellow Jacket
Good to see mom and pop doing a bit of off the record stacking.
* necro bump *
Consumers cash in on unwanted gold as its price soars amid a spreading bank crisis
Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
www.kitco.com
Going rate then was $20.67
FDR then raised the price to $35.
I went into one of those places once. However, I was trying to buy gold from them. I figured if they were low balling people when buying, they might be willing to sell for spot or just a little higher, and make a nice profit.
No dice. They wouldn't entertain the idea at all.
