I was working in a lower socio economic area today where I normally do not travel for work but long story short, I had to go there. Anyway I took some time off to eat my lunch and thought it would be a good idea to go and check out cash converters. I walk in to the store and ask if they had any silver bars/rounds. The man directs me to the jewellery counter where they have a one oz scottsdale round for $95! I was a bit surprised to say the least but decided on having a bit of a joke. I asked the guy if they would take $50 and told him the current spot price. I had no intention of paying this. The bloke turns around and says, "I couldn't possibly accept such a low offer." I nearly burst out laughing. Either it is going to sit there until silver goes up to $100 an ounce, at which point they will price it at over $350 or someone who has no idea will buy it. Stay tuned as on my next day off I am going to call up and ask them if they will buy 100 oz of my silver at $50 an oz, if they argue with me I will "budge" down to $40 but no lower. I realize I probably have no chance but it will amuse me and annoy them so it will be worth it. I will use the $95 1 oz as a precedent.
Normal markup for a shop that wants to stay in business is 100% of cost, so to sell at $95 they should be hesitant at $50. Small markups = bankruptcy sooner or later. Only on higher volume trading do you go below 100% markup - that's why so many people get bitterly disappointed when they try to sell to shop-based retailers.
They're pawn brokers not bullion dealers. They couldn't care less out about spot price or market price for bullion. Outrage and laughter about Cash Converters has been done before.
i hope they accept your generous offer to sell at $40/oz. This would allow both parties to double their money. Lol!
It's just my sense of humor mate, last week I had a couple hundred dollars left over on my phone cap so I rang some bar in inner mongolia and a really good conversation with someone in broken English. Took me a few numbers to do that as well.
They buy silver at 50cent or something per gram. Maybe even less than that but sometime they do sell cheap gold or silve bullion depending on location. One time a 10oz perth mint bar was on sale for $700 at fairfield cash converter they can't lower I assume they paid a lot for that bar. The person who sold it to them are cheering.
I bought a double sovereign from a cashies once that they were selling as a normal sov. it was over priced for a normal but under melt for a double. plus I offered 10% less than they were asking which they jumped at
I would have said ok you wont sell at 50 so I will be right back with 20 that I will let go for cheap 35-40 $ LOL !
