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

tneig

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?

piecesofme

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.

DorkGirl

Yep, even here in Panama.

Coupdescrounge

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.

mrpaseo

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.

OldEastside

<< <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

TwoSides2aCoin

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".

piecesofme

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.

derryb

VanHalen

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.

nibanny

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

beaman004

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.

cohodk

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.

Weiss

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.

TwoSides2aCoin

The more florescent the letters the bigger the warning.

piecesofme

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

bosco5041

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.

mkman123

In Hawaii, there is a car dealership that has a "We Buy Gold" sign.....

Jinx86

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.

ricko

I can think of four in this little dinky village....not sure how much business they do, but the signs are there. Cheers, RickO

derryb

<< <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.

morgansforever

I have 6 locations to get burned within 10 minutes of me. Everyone of them pays the most for gold

LowBudget

<< <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

johnny9434

<< <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?

jdimmick

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

cohodk

<< <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.

PerryHall

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.

Timbuk3

We sure do, but many are
quickly closing !!!

VikingDude

<< <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.

jdimmick

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.

PerryHall

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.

TwoSides2aCoin

If you don't have a GOLD BUYER in your area, the fishing is probably good.

jdimmick

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

Baley

One of these shops opened in a nearby shopping center a couple years ago.

Recently closed.

TwoSides2aCoin

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"

johnny9434