Went to the mall today!

CoinMaster1229 · June 16, 2011 10:25AM

I saw one of those booths that say Buying Gold! so I approached the gentleman and said how much are you paying for gold. he named a price per gram, I responded how much per ounce. he said how many grams are in a ounce? I said i don`t know but I have a one troy ounce american Eagle at home made by the US mint. he said how pure is it, i said .999 gold. he went under the counter and came up with a book of gold coins. he is looking through the book pointing at coins and asking me is this it, is that it. finely he turns the page and there is american eagles!!!
so I point to the one ounce eagle and I say thats it there. so from the book he tells me that it is X number of grams. so I ask him to do the math and just tell me how much he will give me for the coin. so after some figuring he says $700.00 dollars even. So I say gold is like $1,500 an ounce, thats less than half!!! He reponds, well you can`t get stock market price you know. I said I know but I should do better than half the value? He just says sorry! I wonder how many people get ripped off like that.

questor54 · June 16, 2011 10:27AM

What is 'stock market price'?

mkman123 · June 16, 2011 10:28AM

Gold eagles are not .999 in purity they are 22kt. But yes that man is a ripoff

illini420 · June 16, 2011 10:32AM

I'm sure they would have offered you the same lowball price for a proof version which most of us would know carries a premium.

I'm also sure if that proof was graded PCGS PR70DCAM you would have also been given the same lowball offer even though we know an even larger premium should apply.

Scary to think of how many people unknowningly get taken by these lowball buyers, but in many cases the people should know better than to be selling to some random person in a mall or some group coming into town for a weekend renting space at a hotel.

relicsncoins · June 16, 2011 10:33AM

You should've told him you would pay $800 for every one he buys for quick $100 profit.

CoinMaster1229 · June 16, 2011 10:38AM

<< You should've told him you would pay $800 for every one he buys for quick $100 profit. >>

I wish I would have thought of that one!

questor54 · June 16, 2011 10:50AM

That's why they call it a 'mall'. People get 'mauled' there.

Actually, this is a testimony to how little confidence people have in their local B&M.

TexasNationals · June 16, 2011 11:11AM

Actually, this is a testimony to how little confidence people have in their local B&M

Good lord, give it up already, I am tired of everyone of your responses being negative about B&M's.

mkman123 · June 16, 2011 11:19AM

there are good B&Ms and bad B&Ms, I was lucky to have had a great B&M before I moved.

astrorat · June 16, 2011 12:03PM

<< I saw one of those booths that say Buying Gold! so I approached the gentleman and said how much are you paying for gold. he named a price per gram, I responded how much per ounce. he said how many grams are in a ounce? I said i don`t know but I have a one troy ounce american Eagle at home made by the US mint. he said how pure is it, i said .999 gold. he went under the counter and came up with a book of gold coins. he is looking through the book pointing at coins and asking me is this it, is that it. finely he turns the page and there is american eagles!!!
so I point to the one ounce eagle and I say thats it there. so from the book he tells me that it is X number of grams. so I ask him to do the math and just tell me how much he will give me for the coin. so after some figuring he says $700.00 dollars even. So I say gold is like $1,500 an ounce, thats less than half!!! He reponds, well you can`t get stock market price you know. I said I know but I should do better than half the value? He just says sorry! I wonder how many people get ripped off like that.

>>

You weren't getting "ripped off." You had an buyer that didn't know what you were trying sell (not a buyer who was trying to cheat you). I bet you were selling to somebody who buys used jewelry and then sends it in to be refined (at around 95-98% of melt). A "retail" purchase of 50-80% of melt is normal for small amounts (like a few grams at a time). He was quoting you his "normal" price for a gram of gold (multiplied out to one ounce). The fact that he had to look up indicates he is just a "broker" for used gold jewelry.

TwoSides2aCoin · June 16, 2011 12:11PM

It's clear that not everyone is as keen as those who read and post here. Those who's business it is is to get the stuff to the refiner do have "overhead". I would not want the headache and fees associated with "mall" business. I only say this in defense of the people who pay 30-50% of the value. It's not a crime to buy it at that price and it's certainly not a problem selling it at that price. People do it every day.

TwoSides2aCoin · June 16, 2011 12:16PM

<< What is 'stock market price'? >>

30-50% of the actual value of the stock.

DCW · June 16, 2011 1:25PM

Regardless of how many grams are in an ounce and the purity of the gold in the coin, someone who buys gold should know that spot price has been $1500+ per ounce for some time now. The American eagle is the gold standard for bullion, and its hard to believe someone running one of those stands would be that naive.

secondrepublic · June 16, 2011 1:50PM

I doubt they see a lot of gold American eagles. That is an investment coin and some random person is unlikely to own it, much less be selling it. As someone else said, these mall buyers probably are getting mostly 14k jewelry and the like.

questor54 · June 16, 2011 11:14PM

<< Actually, this is a testimony to how little confidence people have in their local B&M

Good lord, give it up already, I am tired of everyone of your responses being negative about B&M's. >>

I am trying to encourage B&M dealers to read and understand how they are hurting their own businesses and how they can change to be better.

Perhaps my efforts are wasted.

ricko · June 16, 2011 11:16PM

I have 'toyed' with a couple of these mall stand gold buyers.... for the most part, they have no clue about gold coins, and the price they offer is ludicrously low - of course, no one has to sell to them either. They are there to make a profit - period. I asked what price would be offered for a gold buffalo... they had no clue, and after explanation offered 40% of melt. I laughed, but turned it down in a good natured manner - not the kiosk operator's fault, they were just working to directions. Cheers, RickO

greatnortherncoin · June 16, 2011 11:50PM

wait until the motel coin buyer comes to town try them

questor54 · June 17, 2011 12:22AM

Seriously, I know I have a reputation of being critical of B&M dealers, BUT...

What is stopping the local B&M from spending a couple of hundred bucks on a banner, and maybe a grand on advertising, and say:

PLEASE CHECK OUR PRICES WHEN BUYING AND SELLING GOLD COINS!
DON'T SELL YOUR COINS FOR LESS THAN THEY ARE WORTH!
WE REALLY DO PAY MORE AND CHARGE LESS!

FAST FRIENDLY SERVICE! PLEASE GIVE US A TRY!

questor54 · June 17, 2011 12:25AM

<< I have 'toyed' with a couple of these mall stand gold buyers.... for the most part, they have no clue about gold coins, and the price they offer is ludicrously low - of course, no one has to sell to them either. They are there to make a profit - period. I asked what price would be offered for a gold buffalo... they had no clue, and after explanation offered 40% of melt. I laughed, but turned it down in a good natured manner - not the kiosk operator's fault, they were just working to directions. Cheers, RickO >>

Good for you! I would like to see lines of us in front of each of those mall stands and just toy with them. Make it so they dfon't have the time to do any of their rip-off transactions and maybe drive them out of business. Make them go through their entire process and then decline their offer!

johnny9434 · June 17, 2011 3:57AM

<< there are good B&Ms and bad B&Ms, I was lucky to have had a great B&M before I moved. >>

and im blessed to have a one or two myself. it took some time to find them but thats me. have a great weekend all

Went to the mall today!

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