Ok I had a $5 AGE and other 24kt scrap Gold, and Went to a hotel cash for Gold exchange.
YaHa
Posts: 4,220 ✭
OMG.... I had a total Of 10.6 Penny Weights of 24kt Scrap Gold and One U.S. Gold Coin and was offered $220.00 for over a 1/2oz of pure yella stuff.. So, I think they only pay 70% of 1oz Melt value.. Funny thing also, she told me the refinery only pays them 90% melt and their profit is only 20% per ounce.
I had to go and check and must caution some to not at anytime try this at home... What a racket...
The lady also told me the juice many pay on ebay and other auction houses, seller fees comes out about the same price they offer after you sell your GOld.
She had a very small point, I had to tell her that 24kt Gold 90% of the time will sell for 12/20% higher above melt on ebay or other venues and thus the seller recoups Melt value most of the time after everything is said and done. I got those googally eyes.
I had to go and check and must caution some to not at anytime try this at home... What a racket...
The lady also told me the juice many pay on ebay and other auction houses, seller fees comes out about the same price they offer after you sell your GOld.
She had a very small point, I had to tell her that 24kt Gold 90% of the time will sell for 12/20% higher above melt on ebay or other venues and thus the seller recoups Melt value most of the time after everything is said and done. I got those googally eyes.
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I wouldn't do it.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
<< <i>I have been selling scrap jewlry to that cash for gold place online...it's a complete rip off unless you know the secret about how to get around their shadyness
And how much will that cost?
<< <i>I have been selling scrap jewlry to that cash for gold place online...it's a complete rip off unless you know the secret about how to get around their shadyness
So, how do you get around their shadyness other than knowing what you have and how much it's worth?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>I've never seen 24K scrap gold. Where did you find pure gold in scrap form? Jewelry from China? >>
I think he let his fingers do the typing....probably 14k...most refiners will only pay 80% on 50 oz or more of scrap ... down to 40 or less for small amounts.
<< <i>I've never seen 24K scrap gold. Where did you find pure gold in scrap form? Jewelry from China? >>
You know like people melt their own coins into ingots, I bought some legit 2.5 gram .9995 Gold crowned cicle coins back years ago.. I had each tested for weight and purity.. Probably have 400+ of them total when Gold was at $380 a ounce.
Also, I have many of those 1gram 2gram ingots from Apex/ Sunshine Mint squares.. To me that's scrap Gold.. I just had to do it.. My wife and son was also watching me go at it and saw I guess the manager looking at me out of the corner of his eyes like who is this wise ass.. So, the lady used every edge she was trained with to make her case.... I did get a business card and a thank you to come back..
Hey, If anything I am trying real hard to educated my family and some on here..
What am I missing?
<< <i>If you did this at todays price that sounds like they offered less than 50% of melt.
What am I missing?
Exactly.. I offered my advice of 24kt pure with id info on the $5 AGE and the other 1 gram apex sushine ingots, also on some of the man made scrap 999.5 refinery coins/or circle bowls I gave them.. So it looks like they are making 45%+ markup..
Btw: In our local Md.Independant News paper, a local Jeweler sent $500 worth of 22k+ scrap Gold to the top Cash4Gold tv site and he received a check for $150, he called and said you made a major mistake, they made a decision to send him another $150..So now he got $300.. He told them to send back his package.. The jeweler stated once you cash any check that a company like that gives you, sale is final...So, I think it's a bottom line offer they give you and if you know your stuff, he said you might get 80% value for your GOLD if it's at least 22kt.
Well considering the low pay out that these guys give you for gold I think that you should hold a few give aways instead.I will be first in line
<< <i>Well considering the low pay out that these guys give you for gold I think that you should hold a few give aways instead.I will be first in line
MikeyG, I will giveaway Gold on my 10,000th post. I might get kicked off by then though..
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<< <i>I've never seen 24K scrap gold. Where did you find pure gold in scrap form? Jewelry from China? >>
You know like people melt their own coins into ingots, I bought some legit 2.5 gram .9995 Gold crowned cicle coins back years ago.. I had each tested for weight and purity.. Probably have 400+ of them total when Gold was at $380 a ounce.
Also, I have many of those 1gram 2gram ingots from Apex/ Sunshine Mint squares.. To me that's scrap Gold.. I just had to do it.. My wife and son was also watching me go at it and saw I guess the manager looking at me out of the corner of his eyes like who is this wise ass.. So, the lady used every edge she was trained with to make her case.... I did get a business card and a thank you to come back..
Hey, If anything I am trying real hard to educated my family and some on here..
Those 1 and 2 gram bars have a decent demand for them also. Not as many jewelers setting them in bezels anymore, but I can keep off brand fractional gold on my table for long. Especially since $33-4 for a gram of pure isnt either a huge premium or a huge investment. I'm cheap I know compared with most that have them. I dont go for moon money on stuff, I just move it!
BTW My state is very strange on scrap. In state purchases I have to have dl thumbprint sig & send 1 copy to their police of where they reside and one to mine. Then I have to hold it 9 days.
Out of state there are no rules zero. The attorney generals office said that their interpretation is that there is no rule whasoever to do with someone mailing me jewelry from out of state! now I can get 96% from a local refiner and 98-99 out of state depending upon the amount. Think I can put a dent in them? $200 million in gold is what they advertise they want to buy this year. After their expense for sending mailers & advertisement their still making a killing. Figure 100 million profit after all of the massive advertising blitz.
Cash 4 gold used to be called ALBAR Refining on coinnet I believe. They were thrown out for non performance when it came to paying..........
Go figure!
Hotel guys only getting 90%. Please. they must be a true clown outfit and using someone elses front money who pays them 90% and makes the extra 8-9 percent after he gets half the profits from the whole endeavor since its his checks in the first place.
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<< <i>
<< <i>I've never seen 24K scrap gold. Where did you find pure gold in scrap form? Jewelry from China? >>
You know like people melt their own coins into ingots, I bought some legit 2.5 gram .9995 Gold crowned cicle coins back years ago.. I had each tested for weight and purity.. Probably have 400+ of them total when Gold was at $380 a ounce.
Also, I have many of those 1gram 2gram ingots from Apex/ Sunshine Mint squares.. To me that's scrap Gold.. I just had to do it.. My wife and son was also watching me go at it and saw I guess the manager looking at me out of the corner of his eyes like who is this wise ass.. So, the lady used every edge she was trained with to make her case.... I did get a business card and a thank you to come back..
Hey, If anything I am trying real hard to educated my family and some on here..
Those 1 and 2 gram bars have a decent demand for them also. Not as many jewelers setting them in bezels anymore, but I can keep off brand fractional gold on my table for long. Especially since $33-4 for a gram of pure isnt either a huge premium or a huge investment. I'm cheap I know compared with most that have them. I dont go for moon money on stuff, I just move it!
BTW My state is very strange on scrap. In state purchases I have to have dl thumbprint sig & send 1 copy to their police of where they reside and one to mine. Then I have to hold it 9 days.
Out of state there are no rules zero. The attorney generals office said that their interpretation is that there is no rule whasoever to do with someone mailing me jewelry from out of state! now I can get 96% from a local refiner and 98-99 out of state depending upon the amount. Think I can put a dent in them? $200 million in gold is what they advertise they want to buy this year. After their expense for sending mailers & advertisement their still making a killing. Figure 100 million profit after all of the massive advertising blitz.
Cash 4 gold used to be called ALBAR Refining on coinnet I believe. They were thrown out for non performance when it came to paying..........
Go figure!
Hotel guys only getting 90%. Please. they must be a true clown outfit and using someone elses front money who pays them 90% and makes the extra 8-9 percent after he gets half the profits from the whole endeavor since its his checks in the first place. >>
That's what I was spinning around in my mind.. 90% my ass... These guys have been steadily here for 2 months and saw a sign, will not be back after July 31.. Also papers stated 1hr wait, hell I walked right in at 11am this morning.. The paperwork they wanted your SS# and Drivers#, bullcrap I told them..
Also said that they have their own refinery.
TD
<< <i>I have been selling scrap jewelry to that cash for gold place online...it's a complete rip off unless you know the secret about how to get around their shadyness
<< <i>But they had to pay for the hotle room!!!!
Thats the cheap part. Maybe 10k for the week on average. The newspaper is the biggie. But still can be done for under 100k setup including salaries/hotel/travel/advertising in most major cities. The hotels and papers are hurting for business and even double truck ads are getting cheaper. 15 people for a week maybe including food/plane tickets will run roughly 22-25k and thats paying tremendously well and eating well. I've sat in on some planning seessions for these (never did one) and know several people that do them. I know they sell me a lot of good material cheap when I see them!!
You should have went back with some Presidential Dollars, based on their offering price....
<< <i>I got $175 for 9g & was happy although I knew I got ripped off (was worth about $225-250) >>
I wish pharmaceutical companies worked that close. Heck, I wish the furniture companies worked that close. Getting $175 for something "worth" $225 doesn't seem like a horrible deal to me, especially if time was saved from having to do a bunch of shopping around.
<< <i>OK, good lesson though one we already knew. But where is the best place to sell scrap gold and bullion? Any suggestions? >>
This place was rated on top for honesty...don't mistake them for "cash4gold" ( different outfit )... As mentioned before, the % paid is based on volume submitted.
cashforgoldusa
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