Gold buyers

My Crystal ball is not so great these days and starting to wonder what is going to happen to gold in the future.

Has everyone seen these gold buying tables popping up in shopping centres around Sydney ? Not sure about their business model but is there really that much money in buying gold changes and rings ???? :confused:
 
yes, i have seen it too.
there are actually couple of companies invloved and they pay below market price for the gold and i think most people dont care they want cash right away to spend :confused:

i personally think its good to keep gold instead of selling.
 
i wonder how many stolen items are being pushed through these guys? its obviously being melted down, so taking identification off the sellers is useless.

seems like the latest incarnation of cash (crack) converters
 
Not sure about their business model but is there really that much money in buying gold changes and rings ???? :confused:
My sources tell me they pay as little as little as 30% of spot Gold value for items, sometimes even less. They are simply preying on the uninformed public who could offload their jewelery for much better prices to a reputable jeweler/bullion dealer or on eBay. Even if you said 20% costs for wages/melt it would still be around a 50% profit factor....

I imagine they are popping up everywhere because they are making good $ out of it.
 
my friends home was burgled and they stole all her jewellry, and thats pretty much all. I thought it was strange, but the police told her that its becoming more common, as they can take it to the gold trader and get quick money.
So, its not just that they are preying on the unsuspecting public, but there don't seem to be any checks in place to ensure that the jewellry is not stolen.

Pen
 
How else can I sell a 22 carat heavy gold wedding ring for closer to its actual gold value?

A carton of beer would be more useful, and leave happier memories than this ring does.
 
Hi,

The gold buyers in the centres are a franchise operation I think. What they do is buy it at a price where they can melt it down and make a profit. They remove any stones and flog them off to manufacturing jewellers.

Jewellery that is "nice" is sold to jewellers who deal in collectables and antique jewellery or auctioned off at a collectables auction, some women love older jewellery,

Simon, try a jeweller, you usually get more for it there but still only about 25% of its retail price.
 
I bought the ring in Malaysia from the typical Indian gold shop. They sell the jewelry by weight and also have a buyback service. Prices fluctuate as to the price of gold. By the margins are slim.

In Asia people speculate on gold by buying and selling jewelry which is almost pure gold. The workmanship component is marginal - must be sweatshops back in India making the stuff up.

Is quite a noble profession over there and c ertainly easier for the average person to buy and sell gold. In a useful form too rather than as a coin or ingot.

Cheers,
 
Hi, I just started researching this a bit as I have a couple of fine bracelets, earrings and a nice bangle which I think are all 9Kt. So not a heap but about 15gm all up. I think I could get a reasonable price for the bangle on ebay but there is so much on there I'm worried it will just get lost amonst alll the garbage on there.

For the rest this website www.cashforoldgold.com.au so far looks to be one of the better ones.

My problem is I have spent too much money on my hobby lately and have to put some money back in the bank account before I get into trouble. I'm so not a 'jewellery person' and this stuff is just sitting around.

I dont' know whether to trust the local jeweller or not, they are in business to make money after all. What to do?
 
Hi, I just started researching this a bit as I have a couple of fine bracelets, earrings and a nice bangle which I think are all 9Kt. So not a heap but about 15gm all up. I think I could get a reasonable price for the bangle on ebay but there is so much on there I'm worried it will just get lost amonst alll the garbage on there.

For the rest this website www.cashforoldgold.com.au so far looks to be one of the better ones.
To be honest the prices they are offering for jewelery on that site are beyond anything I've seen including from jewelers! Their prices are very reasonable.

As an example they are offering:
9k Gold Items
Mailed Gold: $15.66 Per Gram
Personal Visit: $14.79 Per Gram

Current spot price of 9k Gold is $46.38 x .375 = $17.40 (per gram)
http://www.goldprice.org/gold-price-per-gram.html

So if you mailed to them, you are receiving around 90% of spot value. I have bought some scrap for around 60-80%, so to get 90% from a dealer is pretty exceptional (IMO).

This directory is listing another business with same PO box as that Gold company:
http://au.vicdir.com/sn772359-0-hotkey-docklands-bayside.htm
http://www.cashforoldgold.com.au/contact-us.html

Not saying they are dodgy, but just be wary :)

If 9k your jewelery should be hallmarked with "375", often very small text.
 
Thanks for that info. Yeah I looked up the 'real' price of gold per gram and came to the same conclusion, that if selling 'scrap gold' then to post it to them woud probably be one of the better places to go.

Now, though I'm still umming and ahhing about putting them on ebay as to be honest, I don't really know what I'm looking at to describe it properly so I might visit the local jeweller just to get a bit more info before I make the next move.

By the time I've decided the price will have dropped no doubt, making it an easy decision. :rolleyes:
 
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