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Joined: 9/4/2009
Msg: 6
Selling Gold jewerly.etc.Page 2 of 2    (1, 2)

What would be a fair profit

No such beast. Gold merchants are not in business to be fair. They are in business to put as much money in their pocket at the end of the day as possible. As a consumer, you want to put as much money in your pocket for the goods that you are reselling. When you both arrive on a price you can agree with, that's business. If you don't like his price, haggle or walk.

Seriously, where do you get off asking him about his profit margins? How would you feel if somebody came into your office, asked about your salary, and then judged you on your contribution to your company? Slightly rude there.
Joined: 8/1/2006
Msg: 8
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Selling Gold jewerly.etc.
Posted: 1/1/2011 7:49:24 AM

I do like what you said at 90% would be a very fair selling price.

Sorry for the rant yesterday. This subject strikes a nerve with me.

90% is about the MOST you can realise. 80% or so is more of a generally accepted realistic margin. Remember, you MAY get 90+% on EBAY, but after paying EBAY fees, etc, you end up with 80%. This margin is for most general jewelry items....NOT rare coins or other desirable items.

A big factor is what type of gold you are selling. Some pawn shops will say they will pay you UP TO SPOT PRICE for "certain" gold in order for you to walk thru their door first. What a crock of sh!t. LOL Their definition of "certain" is highly desirable or rare value-added items such as gold coins or certain rare antique gold jewelry, or something that has added collector value over & above the value of the metal. These scumbags know the market & can spot these a mile away, They can easily make 3-4-5 times, or more than what they pay YOU for it.

Spot price is not even worthy of this type of gold. Chances are any gold coins or jewelry you own, other than broken jewelry or just a raw chunk of metal, are worth FAR MORE than its gold content to a collector. The gold buyers know this, but will not tell you this. The whole industry is fueled by deception.
Joined: 3/13/2008
Msg: 10
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Selling Gold jewerly.etc.
Posted: 1/1/2011 10:40:18 AM

The guys who buy old jewelry cant conveniently determine the percentage of pure gold in the particular alloy your old jewelry is made of.

I worked in an antique dealer's shop 35 years ago and they had some acids they'd use to test gold.

Don't expect to get much. Try different places but you'll probably find they are willing to give you a lot less than you expect.
Joined: 12/7/2006
Msg: 11
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Selling Gold jewerly.etc.
Posted: 1/2/2011 9:33:27 AM

I also understand with these gold buyer's cropping up all over the place like the plague, are really sticking it to the sellers cuz the sellers are clueless in the true value!
Giving a buyer a 60% profit or more, is ridiculous!

This is going to be slightly off-topic...

These cash-for-gold ads pop up when the price of gold is on the rise. They will go away and be replaced by ads that sell jewelries and commemorative coins (i.e., finished products) when the price of gold stalls. And if you really think about it, it's just business and who can blame them? Take a look at a 1 oz Maple Leaf gold coin by the Royal Canadian Mint for example. It will cost you upward of C$1400 to buy one these days and the face value of that same coin (what the government would guarantee) is only $50!
Joined: 12/7/2006
Msg: 15
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Selling Gold jewerly.etc.
Posted: 1/4/2011 7:53:13 PM
This is getting off-topic.

Not as pretty to look at but as soon as manufacturing is no longer using Gold in it then that is what you are going to be left with for a value. whatever it is worth to look at it.

To say that gold is going to be left with little value when it is no longer needed by manufacturing is simply not understanding the value of the metal. Gold is a precious metal, it is and has been for centuries as a store of (monetary) value. People buy gold jewelries to wear, investors buy gold to hedge against inflation and central banks around the world own gold as a reserve. That's the value of gold and industrial use has very little if any real effect on how gold is priced. Silver, sometimes a precious metal but mostly a base metal because of its various industrial applications, is a bit more dependent on manufacturing and economic activities. But even then, technological advances don't necessarily lead to a drastic drop in its value. One of the biggest usage for silver was in photographic films. When digital media came to be, people predicted that silver would lose its importance and its value quickly. That of course never happened and today, it is hovering around its highest since the 1980s.

$5000 and OZ? who the hell are you listening to?

I try not to laugh too loud every time I hear this sort of things. I've been following the price of gold and silver daily for the past 15+ years and heard all the cries of the "gold bugs" many times over. And while I understand their logic and am even somewhat sympathetic to their concerns, I am not going to take these extrapolations seriously. Saying gold will be $5K an ounce without giving a timetable is useless predictions at best. It's like saying you will eventually win the lottery if you live long enough.

And if it ever reaches $5000 a troy ounce, the drinks are on me!

By then, I doubt anyone will have the appetite to take up on your offer. For gold to go parabolic to that level, something fundamental to our way of life would have to change...and it's almost certain that it's change for the worse. Much worse.

But this is really getting off topic now and I hope the mod doesn't get too upset with it.
Joined: 12/7/2006
Msg: 16
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Selling Gold jewerly.etc.
Posted: 1/5/2011 1:15:51 AM

Well not to seem conceited at all but my abilities to assign value onto things has usually been pretty accurate. I don't listen to the market manipulators which became clear that you do with this one statement right here "investors buy gold to hedge against inflation " That one statement right there tells me so much. It tells me that YOU listened to someone that is in the business of pairing up gold sellers with gold buyers because that was the marketing tacktic used.

Don't know about your abilities to accurately assign value onto things, but your ability to make extensive assumptions about me from one line on an internet chat forum is definitely remarkable.

The fact is that a lot of investors do own gold as a hedge against inflation. They may be right or they may be wrong, but that's not for me to judge. I am neither for nor against owning gold as an investment. I do know that over the millennia, gold has always carried a monetary value in every corner of the world and will continue to be so in the foreseeable future. It was universally treasured well before it found industrial applications and this proves to me that gold's value is not in how useful the metal is, but in the psychological value that we human attribute to it. Gold is priced almost solely on human emotions.

So we actually agree that gold has very little everyday use. Where we differ is that you dismiss the intrinsic emotional value that most people give it, and I don't.

But then it really doesn't matter what I or any one person think what gold is worth. At the end of the day, it is the market - which is the sum total of all the wisdom (and the stupidity) of everyone who trades in it - that will ultimately determine the value of an asset or commodity. As I said before, I am neither for nor against owning gold. I do think that $5k an ounce is more than a bit far fetch. But if that day should come, I will humbly admit my shortsightedness and concede the fact that I've badly miscalculated. At the moment though, I am quite happy to bet against that.
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