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"Cash for Gold Business Booming" - Makes you sick - CNN Atricle

jessewvujessewvu Posts: 5,088 ✭✭✭✭✭
in U.S. Coin Forum
Link to CNN

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    RaufusRaufus Posts: 7,581 ✭✭✭✭✭
    I can't belive that anyone sells to these fools.

    I found an old gold chain. For kicks I took it to a place in the mall who advertised that they buy gold. They totally tried to baffle me with BS. They offered me just under half of melt. When I confronted them on this and did the calculations (weight x percentage gold x spot) they asked me to leave.
    Land of the Free because of the Brave!
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    adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    They do have good marketing.

    Sounds like a great deal to the uninformed:

    "We'll pay full face value for your gold"
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    coindeucecoindeuce Posts: 13,528 ✭✭✭✭✭
    If these merchants were actually paying the rate calculated in the CNN video on a consistent basis, what is your gripe? They were paying about 90% of melt in the cited video. That is a damn strong buy price. Do you actually understand the math here? If I sold scrap gold in to the market at 90% of melt, I'd jump for joy.

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.american-legacy-coins.com

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    keyman64keyman64 Posts: 15,650 ✭✭✭✭✭
    I thought this was going to be an undercover rip-off video but it isn't...
    "If it's not fun, it's not worth it." - KeyMan64
    Not really looking for much these days but if I were, it might be a toner. :smile:
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    TexasNationalsTexasNationals Posts: 3,837 ✭
    She said just over an ounce so I assume it was 1.9 ounces, times .58 for 14k, so 1 ounce and got 1k.
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    coindeucecoindeuce Posts: 13,528 ✭✭✭✭✭


    << <i>She said just over an ounce so I assume it was 1.9 ounces, times .58 for 14k, so 1 ounce and got 1k. >>



    Why would you assume 1.9 ounces? Do you think that the TV journalist didn't have an opportunity to witness the scale measurement, or are you just trying to stir the pot? At a spot price of $1760, one ounce of 14K would melt at around $1,029.

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.american-legacy-coins.com

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    SnakeDoctorSnakeDoctor Posts: 21


    << <i>I can't belive that anyone sells to these fools.

    I found an old gold chain. For kicks I took it to a place in the mall who advertised that they buy gold. They totally tried to baffle me with BS. They offered me just under half of melt. When I confronted them on this and did the calculations (weight x percentage gold x spot) they asked me to leave. >>



    If they did that to me I would self picket. Did you self picket to let others know?

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