Gold buyers are they a rip off test

C

Chillidog

New Member
Silver Stacker
Sitting out the front about to go in, 14ct stuff in pocket.
Roughly $1000 worth.
Lets see what it's worth to them.
Have no intention of selling to them. Want free XRF confirmation.
I'll get back in about an hour with the info I hope.
 
Mmm $540
No XRF testing just looked at the hallmarks and ran magnet over it.
Would not give price per gram. Just the total
Rough working gives me
$15 per gram for the 14 ct
$9 for the 9 ct
So all in all $1 per gram per ct
 
I'll give you 560 for it :P

Not surprised to see it about 50% of actual value .. I was expecting to see 30% - 50%.
 
Chillidog said:
Mmm $540
No XRF testing just looked at the hallmarks and ran magnet over it.
Would not give price per gram. Just the total
Rough working gives me
$15 per gram for the 14 ct
$9 for the 9 ct
So all in all $1 per gram per ct
Click to expand...

6 months ago I asked for a price on a 1.9 gram nugget. Said it was over 23 ct purity.

Quote was for $39, based on their 24 ct prices. He did not use a sarcasm smiley whilst informing me.
 
Ahah it's brilliant!
Something I have been willing to do myself each time
I walk past the local gold buyers!
I feel sorry for the people who get caught this way. No wonder it's profitable with margins like that!
 
90% of the people working in the industry wouldn't have a clue - they're just retail employees working to prices they're told.

Kiosks will never be a 90%+ of spot proposition. Overheads are too high.
 
Just got home and did the maths.
20.6g AGW @ 52.31(W Davis and sons buy price for 24 ct.)
Total $1077.59
So John rose jewelers southport Qld price of $540 is 50.1% of gold value.
She must have seen something she wanted as she said if I get a better price come back.
She should have given her best price the first time. Hate dealing with people that try a lower price than what they can really offer.
 
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