Dodgey gold buyer techtics

Discussion in 'General Precious Metals Discussion' started by spannermonkey, Jul 26, 2012.

  1. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Ive been looking at the different gold buyers are paying in Melbourne
    This guy puts up prices at over 100% ,but when somebody walks in the door ,the other guy running the business drops the price on the web site to 98% :mad:

    And he sells here as well :mad:

    http://www.goldbuyersmelbourne.com.au/
     
    spannermonkey, Jul 26, 2012
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  2. Black_Sun

    Black_Sun New Member

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    So... at the moment it says $53.96 per gram of 24K. This is the 100% amount? And if you walk in, they reduce $53.96 by 2%? How do you know this happens repeatedly? Could have been a one off? Is the website repeatedly updated each time a customer walks in? Not 100% sure what you're saying about how this works.
     
    Black_Sun, Jul 26, 2012
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  3. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    I've & a few others have been watching his prices ,his buy price drops for 10-15 minutes
    Assuming thats when a customer walks in .
    He manually changes his price if you call him up & tell him your coming in .
     
    spannermonkey, Jul 26, 2012
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  4. THUCYDIDES79

    THUCYDIDES79 New Member Silver Stacker

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    he has rent to pay...
     
    THUCYDIDES79, Jul 26, 2012
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  5. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    And so does everybody else :/
     
    spannermonkey, Jul 26, 2012
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  6. Ilovesilver

    Ilovesilver Member

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    on the website it says he buys 1 ounce gold bar at 1634. spot is 1550, whats that mean? surely he cant be legit
     
    Ilovesilver, Jul 26, 2012
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  7. Ilovesilver

    Ilovesilver Member

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    they should update their prices!!! false advertising
     
    Ilovesilver, Jul 26, 2012
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  8. ToDaMoon

    ToDaMoon Active Member Silver Stacker

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    Take off the 5% admin fee and you are close to spot. I am not too sure about the rest of the comments, but if he/she is paying close to spot he is doing people more of a favour than mall based gold buyers.
     
    ToDaMoon, Jul 26, 2012
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  9. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    He does ,when it suits him
    Prices go up when they are closed
    And drop when they are open or you call & tell him your coming in . :rolleyes:
     
    spannermonkey, Jul 26, 2012
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  10. Ilovesilver

    Ilovesilver Member

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    I think the real issue is that he is advertising last months prices which are almost 10% higher then this months, I would question wether he would honour them. Cause if he wants to buy my gold. Im happy to go in and trade all my gold to him right now if he is prepared to buy it of me at 1634 an ounce.
     
    Ilovesilver, Jul 26, 2012
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  11. Ilovesilver

    Ilovesilver Member

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    9K $20.23

    14K $31.47

    18K $40.46

    22K $49.45

    24K $53.95

    1oz Bars $1634

    *5% administration fee applies
    Prices Updated: Thursday, 26 July 2012
     
    Ilovesilver, Jul 26, 2012
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  12. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Never going to happen at his advertised price .
    Call him up tomorrow & see what the price is after you call him up & tell him your 10-15 min away ;)
     
    spannermonkey, Jul 26, 2012
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  13. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    You will never get that price of him ;)
     
    spannermonkey, Jul 26, 2012
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  14. Loxmyf

    Loxmyf Member

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    Just below the "Price paid" he mentions a 5% admin fee. That brings it back to spot.
     
    Loxmyf, Jul 26, 2012
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  15. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    And he BS further that he has been in the trade since 1948
    His under 30 years old & no family history of being in the jewellery trade .
    Have a look at how many gold buyers there are in Melbourne , and how many have a admin fee.
    One dealer has 3 shops ,1 in Melbourne ,Sydney & Brisbane
    He pays more in Melbourne than the other 2 shops :rolleyes:
    Go figure .
     
    spannermonkey, Jul 26, 2012
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  16. camylopez

    camylopez Member Silver Stacker

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    Quite common in sydney. Not that they advertise on their websites, but if you call up for a quote, its a lot of times different to what you get when you walk in.
     
    camylopez, Jul 26, 2012
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