Home› Precious Metals

Do you have "We buy Gold" shops in your area?

tneigtneig Posts: 1,505 ✭✭✭
in Precious Metals
I keep trying to utilize this resource for silver buys, but very low to no success at all. Its not worth trying anymore.
Most don't have, keep, or can sell PMs to me anyway.

But!
There are as many of these shops as there are pizza parlors around here. Seriously. One in every strip mall and shopping area and more.
However on a recent trip to Connecticut/Boston area, I saw none at all?
COA

Comments

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Trust me, they have it, but you cannot buy it for the $ amount they already have locked in with a refiner. Plus, once they make that commitment with a refiner to supply so much, they have to honor it or pay a fee. This is what I was flat out told by 3 of them locally. There is no way they are going to sell to an avg. Joe walking thru the door looking to BUY?

    This may not be true everywhere, but it is around here because I've tried to run that game and came up as dry as you are.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • DorkGirlDorkGirl Posts: 9,994 ✭✭✭
    Yep, even here in Panama.
    Becky
  • CoupdescroungeCoupdescrounge Posts: 173 ✭✭
    When we first went into this most recent pullback, I stopped by the only one here. I’d been in a time or two to sell scrap gold rings. And one of those times, I’d remembered some silver eagles under his glass displayed in between the rings to attract the eye, but since spot was above 40 I didn’t even ask about them.

    But now with it down, I went in and asked if he had any silver bullion. He says he’s got only 2 rolls (1 eagle and 1 maple leaf) in the store. He looks online for spot price and quotes 485 for the eagles. That was basically spot price at the time with NO premium.
    On down the road in the car, had my son read off the dates. It was a complete run from 86 forward, with only the 96 skipped.
    Got greedy and went back for the maples the next day but he’d wised up.
  • mrpaseomrpaseo Posts: 4,753 ✭✭✭
    Yes, there was actually a coin shop that turned "We buy gold" when gold took it's turn up. I went in to see if they still sold coins... not a one in the house. That said, there is a "We Buy Gold" store every 10 blocks or so.
  • OldEastsideOldEastside Posts: 4,602 ✭✭✭✭✭


    << <i>But!
    There are as many of these shops as there are pizza parlors around here. Seriously. One in every strip mall and shopping area and more.
    However on a recent trip to Connecticut/Boston area, I saw none at all? >>



    Your pretty much correct on the ratio of pizza joints to we buy gold joints assessment

    Steve
    Promote the Hobby
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,296 ✭✭✭✭✭
    I saw a sign at a car dealer which said, "WE BUY GOLD".... So i put a sign up in front of my coin shop that said, "WE SELL CARS".
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    There's a janitorial service/cleaning company oufit that has a section of their building for doing "we buy gold" in a local town around here.

    It's everywhere, and everyone is trying to capitalize on the metals, even at these supposed lower levels some will try and convince you Spot is at.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • derrybderryb Posts: 36,837 ✭✭✭✭✭
    image

    Natural forces of supply and demand are the best regulators on earth.

  • VanHalenVanHalen Posts: 3,994 ✭✭✭✭✭
    Yes, there are several in my area operating as either B&M coin shops (which they aren't in the traditional sense) or in conjunction with pawn shops. As noted above they usually exist to buy from the public at under melt and really don't sell to the public per se.

    I've visited a few of them but don't waste my time there. It's not worth wasting time looking for a deal when it's clear the proprietors are only interested in buying at 20% under and selling at 20% over. C'est la vie.
  • nibannynibanny Posts: 2,761 ✭
    Hairdressers and phone stores have "We buy gold" signs in my area.
    They had them for a couple of years.
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • beaman004beaman004 Posts: 37
    I live in Guam and we have them in hotels, shopping centers, and most strip malls. Nowhere to buy a gold coin on the whole island though.
  • cohodkcohodk Posts: 19,155 ✭✭✭✭✭
    What has been described so far in this thread indicates gold is not about to turn higher anytime soon.

    BTW--A new shop is opening in a nearby strip mall next week.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    A flower shop/balloon shop in our town had a sign in their window for a few months before they went out of business. Another opened across the street from one of my buildings in an ideal location: great visibility, tons of parking, big banners and flags all over the place. They closed 24 hours later. No idea what the story was.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,296 ✭✭✭✭✭

    The more florescent the letters the bigger the warning.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Another opened across the street from one of my buildings in an ideal location: great visibility, tons of parking, big banners and flags all over the place. They closed 24 hours later. No idea what the story was.

    that's usually what happens when a business accepts stolen items image
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • bosco5041bosco5041 Posts: 1,303 ✭
    There are 2 in the fairly small town not far from me. One is a total rip off pawn shop and the other is very respectable as far as I can tell and they are just a block apart. For instance, the pawn shop has a 1961 proof set for $69.00. I don't go into that one anymore, a waste of time.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    In Hawaii, there is a car dealership that has a "We Buy Gold" sign.....
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭
    A few companies have tried setting up shop here in Fargo. None have lasted more then a year since they cant compete with either of the local B&M's. The one I work for has been in Fargo since the late 70's and the other since the late 90's. So people have always just brought their stuff to either one. Even the local pawn shops sell what little PM they get to us. If Fargo was a bit larger, say 200K people I think there would be room for a "we buy gold" shop or another B&M, but I don't see that happening for quite awhile.

    Oh there is one gold buyer in Moorhead....I wont say his name. Just that hes a crook.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I can think of four in this little dinky village....not sure how much business they do, but the signs are there. Cheers, RickO
  • derrybderryb Posts: 36,837 ✭✭✭✭✭


    << <i>What has been described so far in this thread indicates gold is not about to turn higher anytime soon.

    BTW--A new shop is opening in a nearby strip mall next week. >>


    Thread tells me that demand has not dwindled. When buyers leave the market, I'll re-evaluate my view.

    Natural forces of supply and demand are the best regulators on earth.

  • morgansforevermorgansforever Posts: 8,461 ✭✭✭✭✭
    I have 6 locations to get burned within 10 minutes of me. Everyone of them pays the most for gold image
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • LowBudgetLowBudget Posts: 383 ✭✭


    << <i>When we first went into this most recent pullback, I stopped by the only one here. I’d been in a time or two to sell scrap gold rings. And one of those times, I’d remembered some silver eagles under his glass displayed in between the rings to attract the eye, but since spot was above 40 I didn’t even ask about them.

    But now with it down, I went in and asked if he had any silver bullion. He says he’s got only 2 rolls (1 eagle and 1 maple leaf) in the store. He looks online for spot price and quotes 485 for the eagles. That was basically spot price at the time with NO premium.
    On down the road in the car, had my son read off the dates. It was a complete run from 86 forward, with only the 96 skipped.
    Got greedy and went back for the maples the next day but he’d wised up. >>

    that was a great score
    "I'm dropping my standards so that I can buy more"
  • johnny9434johnny9434 Posts: 28,344 ✭✭✭✭✭


    << <i>Hairdressers and phone stores have "We buy gold" signs in my area.
    They had them for a couple of years. >>

    and every one of them pays the most, right?
  • jdimmickjdimmick Posts: 9,678 ✭✭✭✭✭
    Speaking from the other side of the fence, its a lot easier selling to the firm or refiner than trying to deal with customers looking thru your stuff picking and poking


    Back in the heat of the buying in 2011-2012 , I finally quit letting customers go thru the stuff we bought because it was such a hassle. ( coming from a coin shop turned gold buying shop) I always tried to be customer oriented.

    But they would take hours hand selecting this and that and buy just a few hundred $ worth of stuff, and sometimes complain about the price on top of that.

    I like dealing it all at one time, much easier
  • cohodkcohodk Posts: 19,155 ✭✭✭✭✭


    << <i>

    << <i>What has been described so far in this thread indicates gold is not about to turn higher anytime soon.

    BTW--A new shop is opening in a nearby strip mall next week. >>


    Thread tells me that demand has not dwindled. When buyers leave the market, I'll re-evaluate my view. >>



    Demand is coming from who? The middle man? Thats not demand, its exploitation.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • PerryHallPerryHall Posts: 46,152 ✭✭✭✭✭
    From what I've seen it might be easier to ask if there are any areas that don't have a "We Buy Gold" place.

    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

  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    We sure do, but many are
    quickly closing !!! image
    Timbuk3
  • VikingDudeVikingDude Posts: 1,346 ✭✭✭


    << <i>From what I've seen it might be easier to ask if there are any areas that don't have a "We Buy Gold" place. >>



    Agreed. Almost like asking if there is a cell phone store near you.
  • jdimmickjdimmick Posts: 9,678 ✭✭✭✭✭
    Yes, it is true, several are starting to close. I sold mine at the end of last year, but still buy from them(the new owners) I would have stayed one more year (this year) but was tired of being shot at , an a target for thugs, sO I got out and went to middle-manning., and back to appointment only coins appraisals.

    I expect by the end of this year when gold is around a 1k, a lot more will go down. I have noticed the difference now vs 1 year or more ago:

    price is lower so more people refuse to sell. (when gold was really high, people were blown away by how high the buying prices were for their stuff),
    people are not as frantic needing money as they were the past few years
    and a lot has been bought out from the public already over the past 4-5 years.
  • PerryHallPerryHall Posts: 46,152 ✭✭✭✭✭
    Doesn't take much to set up a "We Buy Gold" operation. In most cases it's an established small business that just puts a sign in the window advertising that they buy gold, silver, and rare coins.

    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

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,296 ✭✭✭✭✭
    If you don't have a GOLD BUYER in your area, the fishing is probably good.
  • jdimmickjdimmick Posts: 9,678 ✭✭✭✭✭
    Yes, if there is not one in your area, might be a good idea to open one up, just about a little less than a year left to open one of these. You can make some good $ in that short of time if virgin territory.

    three fast rules: because you are on the tell end of the run, keep opening costs minimal.
    But don't cut corners on safety/security
    Check your local laws, many locations now require exstensive paper work, bookkeeping, licenses, etc
  • BaleyBaley Posts: 22,661 ✭✭✭✭✭
    One of these shops opened in a nearby shopping center a couple years ago.

    Recently closed.

    Liberty: Parent of Science & Industry

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,296 ✭✭✭✭✭
    Went to renew my license last week realizing it'd been expired for as old as this thread is. As soon as I went to turn at the intersection , I saw an insurance agency with a sign that read "WE BUY GOLD".
    I'm thinking about getting a sign that says : "We sell insurance"
  • johnny9434johnny9434 Posts: 28,344 ✭✭✭✭✭
Sign In or Register to comment.