Gold and Silver Fun today

Had an intresting experience today. I Stoped in two pawn shops to inquire as to what they were paying for silver bullion and gold coins. You would think these people would know what they are doing. Seems like they don't much at all when it comes to PM. I asked the person how much they are paying for kruggerrands, the person asked me how many karets they are, WTF ok i explain to them that the coins i have contain 1oz of gold each. The person then asks again how many karets ? so i say 24. Person then asks how many gramms i have, i say each coin has 1 troy ounce. Person then tells me thats

32 grams. Ok so how much ? person says $900.00 i chuckle and ask how about silver bullion. Person says they only pay $2.00 a gram because they have to send it in to be refined. Now i ask myself were they trying to play me or are they really that dumb. Second place asks me what bullion is, calls over the head honcho and asks him. Boss man says they don't buy silver but was intrested in they coins at the gold content value. Well next week i am gonna stop in at the pawn stars place and see what rick will offer. Found a place called midstates refining and seem they work on a 5% commision, anyone here ever do bussines with them ? Can anyone recomend a honest PM dealer?

Best Regards Tom.

Reply to
azotic
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My Mom once found a silver picture frame (600 grams) in garbage. I suggested to her that she should visit at least 5 places. The first were as you described, but then she found someone decent.

I recently won 2 lbs of 56% silver brazing rods on ebay for $113, and no pawn shop would take them. I sold them on ebay again for $450.

I would think that most pawn shops are both stupid and dishonest, or "crafty".

i
Reply to
Ignoramus11951

Yeah from what i seen today i think they are just stupid. Will see next week if pawn stars lives up to the hype and if rick knows his shit.

When i was in chicago i dealt with some realy good people. I sold a bunch of silver back in the late seventies to place that payed me spot for that day i delivered the silver it shure was sweet at $48.00 an ounce. Another guy bought all the gold i could deliver, he paid me spot less 10% in cash money.

Best Regards Tom.

Reply to
Howard Beal

A lot of them started buying precious metals only recently. Perhaps, before this they were picking up metal scrap from people's garbage or were real estate agents. Now they are in precious metals.

i

Reply to
Ignoramus11951

Normal pawn and coil shops won't pay much for precious bullion, since nobody comes in to their business to buy it, and so they must re-sell it to another dealer to get rid of it. The honest shops will basically advise you to do that--they probably know where the nearest place is--but if you /insist/ on selling it right then and there at a considerable loss, they're not going to argue too much.

You need to find a shop that deals in bullion--that is, common-grade (junk) non-numismatic gold and silver coins. And even so, they do take a cut going both ways.

Reply to
DougC

Not only pawn shops, but around me are at least four stand alone stores that buy nothing /but/ precious metals. Three of them even have folks standing at the street holding up "We Buy Gold!" signs. Obviously have to be ripping people off big time to afford rent and all the other overhead.

Reply to
William Bagwell

Exactly.

Reply to
Ignoramus5931

I really wonder about the theft factor. Don't these places just scream "fence" ? Very little jewelry is ever recovered, but this just about cuts it to zero.

Reply to
DanGLT

Trading those in now would make about as much sense as flipping a house in 2006.

Wait until after either the system gets fixed or Our Glorious Beloved Infallible Leader introduces the second Weimar Republic; Imagine holding on to them until gold hits 1,000,000.00/ounce!

Good Luck! Rich

Reply to
Rich Grise

Yep, in gold we trust. Looks like my PM IRA's beat the stock market.

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Best Regards Tom.

Reply to
azotic

You can do better selling PM on ebay, people are buying at near spot and sometimes over. Of course you run the risk of being scamed.

Best Regards Tom.

Reply to
azotic

They melt everything down and cast ingots. Then they send the ingots to a refiner to recoup thier cash. No way the metal can be traced.

Best Regards Tom.

Reply to
azotic

This dealer will also fingerprint you.

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Best Regards Tom.

Reply to
azotic

I sold a 100 oz silver bar on ebay once, it worked out OK, but was scary.

i
Reply to
Ignoramus5931

I bet it was, it's even worse now with ebay buyer protection that sides with the buyer no matter what. Then there is paypal that will suck money out of your account faster than an industrial vacume.

Best Regards Tom.

Reply to
Howard Beal

Yep. I am operating in a great world of industrial surplus, where virtually everyone is honest. Not so with "precious metals".

i
Reply to
Ignoramus5931

The way gold has been hyped on a world wide basis - the market might crash when profit taking starts.

Remember the silver and other trends that came to no good end.

Be careful. If you have physical - at least you have something.

Mart> azotic wrote:

Reply to
Martin Eastburn

It's a gamble, could be a bubble or the markets are adjusting for inflation. No way to know for shure. In my opinion it's a inflation adjustment. Food and fuel prices are up and will continue to rise.

Best Regards Tom.

Reply to
azotic

Thats the way it works with pawn shops here in vegas. I was in a pawn shop when a LEO came in and did an inspection, seen it first hand.

It's the guys that buy jewery for cash no questions asked that handle stolen stuff. Back in chicago there were some scrap yards that were doing exactley that. They did eventually get caught buy the fbi when a perp made a deal with the fbi and rated them out. The owner of the scrap yard did time. I new the owner. He made a lot of money for a number of years but the feds took everything in the end.

Best Regards Tom.

Reply to
azotic

Probably shopping for something cool to steal like my wedding ring they stole.

I'm a bit lost, why would you sell coins for weight? I once had a

1563 piece of eight and would have never sold it for weight, stolen also.

SW

Reply to
Sunworshipper

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