Offered 18k chain at below spot

B

backsideroyale

Member
It's got a $5100 melt value
The guy wants $4700
He's a work colleague of mine I've known for years so I'm confident it's not stolen or fake.
This seemed like a great deal but I've just AI'd the resale on jewellery and it's terrible. I assumed it would trade for at least spot but I'm way off.

I like the idea of having some gold in a wearable object that can go over borders etc unnoticed so I'm tempted to get it, but realistically... What's it really worth as an investment?

What's the best rate he could get in Australia (Perth) ? Trying to work out what I should offer him
 
Don’t “AI” resale. Look up local gold dealers, they will have buy back rates dependent on carat ie 9ct vs 18ct etc. Generally it’s below spot to some degree but not overly below.

They will test a piece, weigh it and pay you on the spot.

Example right now a random search shows one dealer paying $151.34/gram for 18ct, spot is $159.

Different dealers pay better than others.

The fact he’s selling to you rather than a dealer he is probably making the same or less as he’s your colleague. Realistically he will make more from a gold dealer than selling to you.

Quick calculation it’s worth $4854 at a dealer if melt is $5100.
 
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