Apologies if this is posted in the wrong forum. I'm already talking to someone on this forum about some coin purchases, after my first thread from yesterday. However i would appreciate any recommendations of coin dealers in Sydney or online. Also i have some no longer wanted jewellery i'd like to cash in, any scrap metal dealers you can recommend? Thanks.
Byron, for scrap gold purchasers in Sydney, i would recommend Sydney Gold Traders on George St, Dymocks building. there is an article on daily telegraph comparing several gold buyers in sydney and they found out Sydney Gold Traders pay the highest among all. http://www.dailytelegraph.com.au/mo...rs-not-paying-up/story-fn300aev-1226237039779
Don't have any jewellry to sell, but this is very valuable information. Its an awful thing to see people being ripped off in any sphere of life. Mr Jerry Zheng is a good, smart guy. Some of those dealers are just rats. However the problem (imo) is that this information is not easily available, and people do not have time to travel all over Sydney, from one shop to another, to get quotes. Goldpelican, you must have heard this idea before from others, but I'll mention it anyway... I think a special sub-section devoted to jewellry might be very useful. People who browse this forum - infrequently - would instantly see it and look inside, and if we had a sticky as to who paid the most $$ on a certain date, this would be a real time saver for many people. It could just be this dailytelegraph link.
Whoever pays most changes all the time. Always have to do research as to who is the best paying, because it also has to cover their overheads. To be honest, I wouldn't be trusting sources by the daily telegraph or the ACA, both of which have featured this issue in the past. Their aim is to shock, get your attention.... and though I haven't checked up on daily telegraph, (sydney gold traders may be all that they say they are, but be careful, they may not stay that way as they are only new in the business and the proprietor is a telecommunications salesman.) the ACA shows were all downright falsified, with snippets taken from different times of the year, thus all having different prices. (just watch the show and check shows prices against the gold price for that week that the show was aired) If, you really want the best overall scrap trader, call choice magazine, they did their own research on this. Final note, everyone wants the best price, but if anyone offers you spot for your scrap gold, their lying......I have seen it times before, and the general seller is not experienced in calculating they just trust that they have spot. What each trader really does is just try to beat your last quote, therefore they always sound much better, hoping that you sell.
I was always dubious of dealers buying at spot, how can they make a profit after refining costs? Dodgy scales perhaps? Alfie
I know how they make $ from paying spot But because of your negative attitude towards dealers I ain't telling you
Seeing as you asked nicely They claim the GST component back of each purchase That simple BUT you can only claim it if you sell it to a refinery NO DODGEY SCALES
BUT BUT BUT They have to hold it for a week before they can sell it on And when you see certain dealers offering over spot But than charge you a admin fee of 5% One such lowlife sells on here & recently asked for bullion @ spot :lol:
Thanks Spanners Does that mean they buy stuff including GST on the purchase, then claim it back on the BASS statement? Thinking it's a bit close to the wind when Rolled gold jewellery is in the market. A correction on my previous comment, it appears the scales read well Cheers Alfie
What's rolled gold got to do with it They don't buy it I don't ask for anymore details re the GST ,Not my business
Yes this is true of a couple of jewellers, I know of 2 in auburn and 1 in Liverpool who do this. Good thing is, if you go prepared and know what you have beforehand, you can get spot from them. But you have to be prepared, to haggle. Sad bit is, they will screw the next person even more to cover their margin. To be honest though, a high turnover jeweller is going to give the best price, as they can value add to the cost of what their paying you. For them to buy prefabricated 9k gold from a smelter for manufacture, it would cost them around $26 a gram with fabrication costs and gst , whereas spot is around $19/gram. Therefore the jeweller is saving money so long as its not just sitting in his safe doing nothing. However, when it comes to a dealer, offering close to spot, some do go quite close, however its all mostly marketing bullshit. As said in my above post, most sellers aren't quite sure what they are supposed to get, and anyone who thinks their too smart become arrogant and no one wants to deal with them. I work in a location not far from city centre, about 20 mins out. I get a lot of smartasses that tell me they will go to city and get double, good one them, I get the customers who get disillusioned by the misleading advertising of the dealers in the city. They have the reputation in the city, but I will say that they usually know what they are doing, paying one price to one person, then screwing the next to make it up. One reason why you wont get a definite price over the phone until they see you. Unless they have a value added service, you have to be a complete idiot to think that they will be paying rent, wages, gst on smelt, advertising, insurance, all on a 5 to 10% margin. Very few of them actually smelt themselves. As this is contracted out, their wholesale rate is 98% of spot, minus smelting and assaying fees as well as gst. Add to this, (and this is where the jeweller will lose out as well) you don't actually get 18kt worth of gold out of 18kt gold ( the same for all cts, just using as an example). Your lovely 18kt chain was created with 18kt gold from beginning, however, after the jeweller has done his thing, there is other bits of scrap and solder mixed in. Officially all last years smelting of 22k in Sydney smelted at an averedge of19.5kt. That is an example of loss in smelt for you, so if that isn't calculated into the price, then the dealers will obviously go out of business, or be screwing the ppl he on sells it to if they aren't a smelter. If anyone is bothered to do a search, a member on this forum made a thread 2 years ago describing what a good price was and the costs associated, and I must say, he was quite close. Otherwise, I do know that there are other members on here who can back up my statements, if they were so inclined. @ spannermonkey, that is utter and complete bullshit, as the only GST component that can claim is the margin, therefore, paying spot there is no margin. Also when they send it to a smelter, then end up paying gst on the smelt, I cant think of anyone who would want to run their business on a loss. Anyhow, aren't you the guy that told me you could get spot for sterling scrap at dealers in Melbourn, then sell for well below on ebay? You look at retail in Australia, running on a minimum of a 35% margin, but when it comes to the dealers, apparently they are thieves when they try to run a business.
Also, its a 2 week hold, not 1 week, and in addition, anything found to be stolen gold is taken away and the dealer gets no recompense. There is plenty of that going around, and that loss also needs calculating into the price
Also I remember a statement in another thread about places such as shopping centre kiosks taking advantage of uneducated moms in shopping centres. First up, the author of that statement needs to get an education, and maybe learn how to run a business. A lot of those kiosks are running at a loss. If you do the calculations, those kiosks cost minimum of $250,000 a year just to operate. In fact, quite a few of them are running at a loss. That means, at 50% margin they need to buy at least $685 of gold a day, or around $4800 a week in scrap from their local clientle just to stay open.( this is not taking into account after kiosk costs) They have also taken quite a big risk by opening in such a fast way that they did, and good for them. Though they don't have the best prices, at least they give a uniform price to everyone. Regarding uneducated moms..........You also need to go and do a bit of market research. The number of people who still don't realise that they can sell their scrap is unbelievable. In fact, I have come across moms who have thrown a couple of ounces 22k in the bin, and I have a couple of regulars who get silver and to a small degree gold from tip. Also, its not an easy job, you try and stand in the shopping centre and tell someone that their 100 year old sov is not a rare coin worth thousands of dollars, or that their 1966 fifty cent coin isn't worth $200.
Camylopez Man that was an awesome post, it sounds like you're pissed off too! Sounds like you have experience behind you're comment I mentioned rolled gold to Spanner Monkey as it's bloody hard to test for, dealers have to get a percentage of bad deals (rolled gold), paying spot would put them out of business IMO Cheers Alfie
