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Has anyone ever pawned or tried to pawn....

OldEastsideOldEastside Posts: 4,602 ✭✭✭✭✭
in Precious Metals
your bullion, I'm just wondering, I meen sometimes you may need a few bucks
but don't want to part with your stuff, just kinda wondering what % they offer
on a loan and/or anyone would feel safe with even the thought of doing so?

On the flip side, have ya ever bought any bullion and/or would you feel safe
doing so from a pawnbroker?

Steve
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Comments

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    you don't want to do that and I doubt any forumite would do it as they could go to a B&M and get better prices.

    When gold was 1800 I stopped by one of those "cash 4 gold" stores for fun to see what they pay. These stores are not related to the Cash 4 Gold online places these are local stores opened up by people living in the area. Anyways they offered 1200/oz and 10x FV for 90% when melt was 23x

    I smiled and then told them I would consider their offer and left
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  • guitarwesguitarwes Posts: 9,266 ✭✭✭
    No. At 30% interest and offering 1/2 or less than what it's worth, I can find some dough someplace else.

    I have bought a little bullion from the local pawn shop. It all turned out to be real upon close inspection. All the shops around here ship everything bullion (scrap gold, silver coins/rounds) off to the refinery. I happen to luck up one day and ask if they had any silver and some just came off pawn and the owner said he'd sell to me, otherwise nobody else gets a chance to buy it. It's all scrapped.
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  • StaircoinsStaircoins Posts: 2,566 ✭✭✭

    Dealing with pawn shops = Sell low, Buy high.

    YMMV.

  • 7over87over8 Posts: 4,733 ✭✭✭


    << <i>When gold was 1800 I stopped by one of those "cash 4 gold" stores for fun to see what they pay >>



    The 90% price doesnt surprise me at all. What did you think you were going to get - melt? Never. Sell on your own.

    Think about it. A dealer that has rent, electric, gas, potential risk (hold periods) isnt offering you anywhere near melt. They aren't in business for fun. They are in it for profit.

    The dealers that have customers for 90% that want to pay **melt** when they purchase, often pay a few dollars back per $$ face. Maybe $3-$4 dollars back per $1 face.

    Anyone else melting 90% at a refiner is lucky to get 90% of **melt** - so 90% of 90% on the weight, and they pay behind that. Those guys have to make 15-20% on thier money or they would probably rather sit home.
  • johnny9434johnny9434 Posts: 28,303 ✭✭✭✭✭


    << <i>Dealing with pawn shops = Sell low, Buy high.

    YMMV. >>

    more or less
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    You could do better at a coin shop, forum or even as collateral for a loan. Cheers, RickO
  • LochNESSLochNESS Posts: 4,829 ✭✭✭


    << <i>Dealing with pawn shops = Sell low, Buy high.
    YMMV. >>


    Generally this is all very true HOWEVER deals can be had if you're lucky. I once bought a diamond ring from the local pawn that was appraised (afterwards) by my local jeweler for 20% more. Like coins, you gotta be patient and knowledgable.
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  • CakesCakes Posts: 3,626 ✭✭✭✭✭


    << <i>

    << <i>Dealing with pawn shops = Sell low, Buy high.
    YMMV. >>


    Generally this is all very true HOWEVER deals can be had if you're lucky. I once bought a diamond ring from the local pawn that was appraised (afterwards) by my local jeweler for 20% more. Like coins, you gotta be patient and knowledgable. >>



    The key word is appraised.
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  • JazzmanJABJazzmanJAB Posts: 1,026 ✭✭✭✭
    I had to last summer. I needed some quick cash for cash flow purposes.
    I took 4, 1oz graded Buffalos for a loan.
    Spot gold was around $1,600, The pawn shop wanted to only give me $1050. per coin. I asked for $1,100.00 and they agreed.
    The loan was at 5%/month (60% per annum). I paid the loan back at the end of the 30 day period.
    I ended up paying about $ 228.00 interest for the 30 days on $4,400.00.
    I felt secure leaving the coins for the colateral and received the same one back.
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