Buying Gold

fastrudy

Does anybody here have any opinions about putting an ad in a local paper announcing that you are buying Gold and Silver? I am considering doing this and would like to be reminded of the pitfalls, regulations and rewards of entering this business. Thanks for your input.

mkman123

carry a gun with you. Might be many crooks out there who want to rob you

Coll3ctor

Over half of your calls will be by people with a circulated 1945 mercury dime that want $50.00 for it. I used to do that but the rewards never paid for the paper ads and all the hassle.

OnlyGoldIsMoney

You may find yourself being offered a great deal of jewelry items, rings, chains and the like. It seems to me that those types of items are difficult to assess for fineness. Like Broadstruck noted you may have to deal with some unscrupulous characters as well.

Edit for spelling

Kareemofwheat

Be careful. I had close friend in California in 1980 buying silver and had a small newspaper ad in the classifieds in Sacramento.
He was kidnapped and executed in Ranch Cordova California.

Coll3ctor

<< <i>carry a gun with you. >>





You think he lives in Texas

PutTogether

<< <i>

<< <i>carry a gun with you. >>





You think he lives in Texas >>



Doesn't matter where he lives - it is a good piece of advice. IF the OP has proper training.

Cladiator

<< <i>

<< <i>

<< <i>carry a gun with you. >>





You think he lives in Texas >>



Doesn't matter where he lives - it is a good piece of advice. IF the OP has proper training. >>

That advice would land him in prison if he's in California.

Weg

I've thought about the same thing, but specificy coins and old paper currency. Safety was my first thought; no way in hel would a transaction happen at home, even their home unless I was convinced he/she was over 80 and couldn't drive. I'd meet at a small local restaurant for coffee.

coynclecter

I did that a few years back and had a lot of calls like the 1945 dime example. Others just wanted an offer but never planned to sell. No offer would be goood enough (free appraisal). I did get one guy in Hemet who had 100 rolls of wheat pennies he sold me for about2-3 cents each. Later I found a whole lot of indian heads and mint marked from the teens and 20s, lot of fun.

In the end, Not worth the effort.

I do now transact some deals with individuals, mainly gold/silver for cash. the first deal is always at a bank, I tell them I like to be under the cameras. If they dont balk at that then you probably have a real one. I would NEVER have then come over and dont really like the idea of going to thier house.

commoncents123

What about paying an off duty cop to sit in in a rented suite with you during advertised hours

PutTogether

<< <i>

<< <i>

<< <i>

<< <i>carry a gun with you. >>





You think he lives in Texas >>



Doesn't matter where he lives - it is a good piece of advice. IF the OP has proper training. >>

That advice would land him in prison if he's in California. >>



Not true Cladiator - not true.

1) California still issues CCW permits. Some counties tougher than others, but they are issued.

2) Contrary to popular, misinformed, belief - handguns CAN be carried openly in the state of California, provided they are not loaded. Meaning you can have your Kimber on your hip with no mag in it (or an empty mag), and loaded magazines in a mag holder on the other side of your belt. 100% perfectly legal so long as you are not in a STATUTORY "no gun" zone like a school, post office, DMV, etc. An unloaded semi auto can be brought into action VERY quickly with some practice and training, and a visible gun can be a very strong deterrent to scumbags. Besides, most folks just assume you are a cop anyway. It CAN be a hassle dealing with misinformed police, but it absolutely is legal and will not land you in prison.


Link to Memo issued by San Diego PD.

Weg

Don't need the cop. I can shoot much better than 95% of them.
I do like the idea of the bank. Fastrudy may have the same motive I do.
When I see a pawn shop give $600 for a proof gld eagle when spot is $850, I'd be happy to give 85% instead of 70%.

I like a good deal, but not that much, especially from someone that's allready down.
Allthough the thought is nice, it sounds like it's not worth it, dam.

What do you think fastrudy?

streeter

Put an ad in the paper to buy. FOOLISH.

Unless you are the only buyer within a large radius and the local shops are ripping people off.

If you are in a large population geographical area--why don't you just provide liquidity to small one man shops so that they don't have to hustle to resell their stuff to the wholesaler. If you have a chunk of dough---some shops might deal with you. And the bright side of that is that you can operate like the invisible man--which can be a blessing when dealing with money.

roadrunner

I tried something along those lines once and got essentially dreamers asking me to pay 2X or 3X what their stuff was worth. One guy wouldn't sell his Morgan dollars from 1980 because he paid too much.

Frankly, you'll do better on ebay and the BST. A lot more hits...less cranks. In our state, you also need to be licensed with the state to buy precious metals. And there are waiting periods before you can sell it. Technically the police have to be informed of all your PM purchases and you cannot pay cash, only check. This is what the local shops are required to do though few actually comply.

roadrunner

cars

<< <i>

2) Contrary to popular, misinformed, belief - handguns CAN be carried openly in the state of California, provided they are not loaded. Meaning you can have your Kimber on your hip with no mag in it (or an empty mag)[/L] >>



I thought a firearm with Empty magazine is considered a loaded weapon, at least here in Ohio. Law enforcement is unable to tell the mag is empty therefor its considered loaded. Wouldn't want anyone to protect themselves now would they.

fastrudy

Well, that certainly does not look like a great idea. I am in New York, no coin shop or pawn shop within 30 miles of me and no ads for buying gold in any of the local papers. Area is affluent, and there was a coin shop here about 10 years ago, but the cost of rent caused them to fold. Don't want to wear a handgun. The best idea was doing the transaction in a bank, but around here the bank would get wind of you doing 'business' under there roof and throw me out of there. Thanks for the input anyway.

Fastrudy™

percyb

<< <i>carry a gun with you. Might be many crooks out there who want to rob you >>



My exact thought, especially if you live in a city like Chicago.

1jester

<< <i>I tried something along those lines once and got essentially dreamers asking me to pay 2X or 3X what their stuff was worth. One guy wouldn't sell his Morgan dollars from 1980 because he paid too much.

Frankly, you'll do better on ebay and the BST. A lot more hits...less cranks. In our state, you also need to be licensed with the state to buy precious metals. And there are waiting periods before you can sell it. Technically the police have to be informed of all your PM purchases and you cannot pay cash, only check. This is what the local shops are required to do though few actually comply.

roadrunner >>



RR, I'm not quite sure I understand your post. Do you mean that to be in the business of buying and selling precious metals, you have to have a license, or does every single person have to declare their purchases and pay by check? It's illegal to buy and sell PMs without a license, and with cash? Where do you live?

ProofCollection

I have had successful transactions via Craigslist for buying silver. I never had any problems, but I think if you look for red flags you can spot them. I always met in a public place and kept the transactions small - under $500 or so. Some sellers aren't the smartest and may be willing to risk sending you the good and waiting for payment by check in the mail. I had one lady that seemed willing to do this with about $18k of silver (from what I could tell). She couldn't identify it clearly so I told her the only way I'd buy it is if she sent it first. She (wisely) backed out of the deal, but she just about did it.