Do "We Buy Gold" Places Also Sell Gold?

Coinosaurus

And if so, do you think they would have any slabbed coins for sale that just walked in?

JamesMurray

<< <i>And if so, do you think they would have any slabbed coins for sale that just walked in? >>



I always wondered that myself , the ad's all show everything being melted but we know that won't be the case. I also wondered about the stones sometimes set in the metal. The ad used to show somebody holding a handfull after the jewelry was melted but never mentioned payment for those.One forum i used to read had an ex employee that would answer questions and the stories would curl your hair.

GRANDAM

I have stopped into several of those "We Buy Gold" places and asked if they had anything for sale? I have always been told no, they were not allowed to sell anything. It all goes back to the home office for evualation

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Edited to add,,,

The Shops I was talking about were the big national shops set up to do nothing but buy gold and silver. Nothing in the room but a couple of people at desks with checkbooks.

taxmad

Independent shops will sell you all the gold you want. However, just because they deal in 'junk' gold, don't think they don't know coins. I have always had better luck at pawn shops...

GrumpyEd

I was reading a sign on a place this week.
It said something like:

"we pay the highest price for gold, $20 per pennyweight in 12K"

I was thinking roughly if my math was close it's about $400 an ounce?

I'm sure if they sold gold they'd be quoting it in ounces and asking market price +

taxmad

<< <i>I was reading a sign on a place this week.
It said something like:

"we pay the highest price for gold, $20 per pennyweight in 12K"

I was thinking roughly if my math was close it's about $400 an ounce?

I'm sure if they sold gold they'd be quoting it in ounces and asking market price + >>



so $800/oz for pure gold. That is 60% of melt. Around here it is 75%. They sell to the refiner @97% after the 7 day hold. 22% is not bad, until the police come in and tell you this and that was stolen and the prosecutor will ask for restitution as part of sentencing...

scottgardener

I did walk up to one nearby and ask just that--did they sell coins? The guy had no inventory in stock but could contact sources and sell. I got an offer on an MS64 Saint that was competitive with local coin show prices--which are close to if not right at Graysheet. But, he was sight-unseen versus picking and choosing the best one, and he just felt a bit seedy for a place to slug out almost two Grand.

GrumpyEd

<< <i>so $800/oz for pure gold. That is 60% of melt. Around here it is 75%. They sell to the refiner @97% after the 7 day hold. 22% is not bad, until the police come in and tell you this and that was stolen and the prosecutor will ask for restitution as part of sentencing... >>



I think it would be $400 for pure gold.
I was roughing it, a pennyweight being about 1/10 ounce so that's $200 an ounce for 12K then $400 for 24K.
(my math might be off a bit, that was my rough guess)

So they're paying roughly 30% of melt.

Tdec1000

There was a guy down the street from us called the gold man, He occasionally got in silver dollars and other 90%. I got 2 1928P Peace Dollars and a few 1921's for basically 20% over melt, and he thought I was the dumb one.

pruebas

If they sold at the same place they bought, people would know how badly they were being ripped off.

BTW, a pennyweight is 1/20 of a Troy ounce. (To remember this just think of the pre-decimal coinage of England: 240 Pennies to the Pound.)

GrumpyEd

<< <i>BTW, a pennyweight is 1/20 of a Troy ounce. (To remember this just think of the pre-decimal coinage of England: 240 Pennies to the Pound.) >>



Oh, that's better. Then they're paying $800 an ounce for 24K.

They make it tough on the sellers to know what they're getting by buying in pennyweight since most gold sellers sell in ounces and prices are quoted in ounces.

The worst places are the TV buyers, they only say "send it in" and show smiling customers but they never quote a price based on a % of melt/market price.
It reminds me that in the last few weeks there are less of those TV commercials, maybe they only like to buy when the market is clearly moving up.

rons

I started working at one of those joints last week. A customer came in, obviously tweaking, with an American Artist Satchemo IIRC gold piece. One half ounce of gold netted the meth head $200. Mixed feelings to be sure but that was wrong on so many levels. I suspect I will be unemployed within a month. and to answer the OP No, they don't sell coins. In fact, they don't want coins there because then folks just come in a " hang around" for hours and that interferes with the traffic flow!!!!

pruebas

Ed, using pennyweight may be partly for obfuscation, but partly because that is what jewelers use for precious metals.

When I used to buy 24K jewelry at the legitimate Chinese jewelers on Canal Street in NYC, everything was always weighed and priced in pennyweights.

sonofagunk

<< <i>Ed, using pennyweight may be partly for obfuscation, but partly because that is what jewelers use for precious metals.

When I used to buy 24K jewelry at the legitimate Chinese jewelers on Canal Street in NYC, everything was always weighed and priced in pennyweights. >>



I know they exist, but just the fact that you have to state they are legitimate makes me laugh

BlindedByEgo

<< <i>

<< <i>Ed, using pennyweight may be partly for obfuscation, but partly because that is what jewelers use for precious metals.

When I used to buy 24K jewelry at the legitimate Chinese jewelers on Canal Street in NYC, everything was always weighed and priced in pennyweights. >>



I know they exist, but just the fact that you have to state they are legitimate makes me laugh >>



I didn't read anything where he stated or even implied legitimacy.

BillJones

Most of gold these guys buy ends up going off the smelter. They aren't there to sell it.

ScarsdaleCoin

this may help you out....

the travel gypsees tend to be owned by someone and the general rule is that employees can not sell back, the owners tend to want to keep control so that there is no monkey business with their employees selling back to someone they know....

the b/m shops who buy generally will be happy to sell you for CASH items that they have bought... but if they are going to do that then you must be paying them a drop more than they will get from their normal source.....

if a shop buys 20,000 a week in gold and you walk in wanting to buy 1 oz for $1350 there is no real incentive ....except that they hope you will be a repeat buyer... however if you are willing to pay $1,425 then heck the b/m guy will become your friend and more so over time.... its called developing a relationship.... in fact if you buy each week... he might even start pulling some little better items for you and give you some better deals

Teva

I have a friend who is a gold buyer and has 14 locations.
Everything he buys go to the smelter and then stright to
Saudi Arabia.

PerryHall

One of these places told me that they have a dealer that they wholesale any of good stuff they get.

swhuck

There's a local commercial that says that they're being upfront because they'll tell you exactly how much they'll pay for the gold... by the gram. And I think their rates per gram depend on the purity of the gold.