Jewellery Store in Melbourne CBD - "Offered to buy" $9/ Round 50c

Discussion in 'Silver' started by Htu08, Jul 9, 2014.

  1. Htu08

    Htu08 Member

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    Today I was walking around the CBD jewellery stores whilst waiting for my girlfriend to finish from work and saw a store with tons of coins. Any ways, I came in asked them how much they are selling the round 50cents for.
    The man told me he sold them for $10 and bought them for $9.
    I was thinking $9 is quite steep and I have coins squirrelled away I'd sell for $9 each. (And rebuy back for a lesser amount at other stores/online) - It's about a 6.66% Spread for about 20 mins work (Working on the basis of moving 100 coins at a time, thats about 60$ or a gain of 6.66 coins).
    Do you think he was trying convince me to buy some or convince me to bring some in and then offer to buy them at a lower price upon inspection of quality etc?

    I was thinking about perhaps coming back on Friday with a few coins to see if he would honour his offer.
    I'm just posting this asking if anyone has experience with these kinda stores and if they can be shifty in their dealings.

    Cheers

    (If anyone wants the directions/name to the place, just throw me a PM)

    (Sorry if this post sounds quite stupid, I will edit out any details found tedious and not necessary)
     
  2. Eureka Moments

    Eureka Moments Well-Known Member Silver Stacker

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    GST by the sounds of it.

    Paying 106% of spot and claiming the extra when selling.
     
  3. Htu08

    Htu08 Member

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    The coin is worth 7.66$ on ASW value.

    That's 117% of spot

    (sorry, I was referring to $8.40 as a good buy price)

    I thought you could only claim GST when the item had clearly incurred GST when sold?
    This is just a round 50c, which gst was never paid on and is never paid on.
    Wouldn't it be classified as the non gst incurring bullion? (Unless he pulling a dodgy)
     
  4. Eureka Moments

    Eureka Moments Well-Known Member Silver Stacker

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    Dunno the workings of it, Im assuming it works the same as scrap jewellery.
     
  5. bloomst

    bloomst Well-Known Member Silver Stacker

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    Are you talking about gold diggers? Move on...nothing to see.
     

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