selling gold jewellery

nesbitt

I was recommended by a friend last week to think about selling some gold jewellery.

I had broken chains, bracelet, unwanted rings (years old) inherited stuff that was not my style etc.

I tried to sell some items recently (pawn) and the guy was not interested. Not the crap stuff but good gold items and no bite at all...

So I sent it off to be recycled (Galway Co.) on Thursday, got call on Friday with valuation and got a cheque in this mornings post.

I know I got wholesale gold value but it is several hundred euro that I could not realise anywhere else, so quickly and hassle free. Very happy customer.:)

PS. and to all the cynics I really need the dosh just now.

dudara

This isn't a Consumer Issue - but I don't know where to put it. Anyone got any ideas?

EKRIUQ

dudara wrote: »

This isn't a Consumer Issue - but I don't know where to put it. Anyone got any ideas?

If I was a gold dealer, probably put it into bargain alerts

dudara

Agreed - it seems the best bet right now.

dudara

dh0661

nesbitt wrote: »

So I sent it off to be recycled (Galway Co.) on Thursday, got call on Friday with valuation and got a cheque in this mornings post.

I know I got wholesale gold value but it is several hundred euro that I could not realise anywhere else, so quickly and hassle free. Very happy customer.:)

PS. and to all the cynics I really need the dosh just now.

And by all accounts, all the advertising to sell your old gold has caused an upsurge in robberies to the homes of lone O.A.P.'s.

mcaul

These cash for gold types of places don't offer a good deal.

Their biggest selling point is the instant value they give you for the gold, but it very very poor value.

There's nothing wrong or underhand, its just they simply give 25% of the value of the raw gold contained in the jewellery and no value for any creation or styling.

You may find some jewellers will be able to point you the way of someone who will offer better prices, but then again some old jewellry sits in a box for years unused by the owner - better a few bob cash than gathering dust.

Effluo

mcaul wrote: »

These cash for gold types of places don't offer a good deal.

Their biggest selling point is the instant value they give you for the gold, but it very very poor value.

There's nothing wrong or underhand, its just they simply give 25% of the value of the raw gold contained in the jewellery and no value for any creation or styling.

You may find some jewellers will be able to point you the way of someone who will offer better prices, but then again some old jewellry sits in a box for years unused by the owner - better a few bob cash than gathering dust.

Yeah and the reason why these have suddenly become better known is due to two factors both coming from the recession!

1; People have less money now and are more likely to part with their old jewelry than they were pre-recession

2; Price of gold has gone up big time(recession), but what consumers would expect to get for it has not. Thus leading to bigger profits for the people running these organisations

Capt'n Midnight

try adverts.ie too - lots of people must be finding gold to be quite espensive

one other advantage of the postal gold buyers is you don't have to meet anyone face to face
but is it worth giving up half the value for ?
TV ads aren't cheep so they must be making quite a bit


yes it's best to sell when the price is high, but only if you sell at a high price

Tabnabs

How to sell your gold without being ripped off

the groutch

if the OP is genuine, I feel sorry for him, he's been done out of a fair bit of money
and I'd never just send them the gold like that, they could in theory give you a fiver for it, or claim you never sent it

if he's trying to promote this company, and waiting for someone to ask who the company is, nobody's gonna bite

crackity_jones

Go the opposite way. Buy gold.

It's currently appreciating in value and many people who know a lot about these things see it going waaaaayyy up in price.

One sign of this is the sudden increase in these 'Cash for Gold' stands.

Just sharing a little thought.

CJ

Effluo

crackity_jones wrote: »

It's currently appreciating in value and many people who know a lot about these things see it going waaaaayyy up in price.

Nah the worst of this current recession is over IMO, worldwide at least.
The reason why the value of Gold goes up is due to the increased demand. It's in more demand due during recessions as it's seen as being a very safe place to put money(right?).

wackjob

watched a piece on CNN where they were investigating the surge in pawn brokers and pop up shop looking to buy gold.

They did a mystery shop in New York and largely a complete rip off re the prices they were offered. Once they declared who they were, they looked again at the gold and offered a much higher price.

Message was shop around and bargain. Also see Wiki have a page on how to make a rough valuation.

http://www.wikihow.com/Calculate-the-Value-of-Scrap-Gold

wackjob

Downside of gold is it has no income (dividend, interest etc), and it can depending on the quantities cost you money, to store insure etc.
Over the last 20 years its purchasing power has depreciated. It doesn’t do well versus interest bearing treasuries etc at all.
of course it is the perfect apocalypse store of value, and a theoretical hedge against high inflation. However with high inflation usually come high interest rates to preserve the value of paper currency. Over time currency/$ has out preformed it.
The past doesn’t predict the future. Buffett is getting out of cash but not getting into gold, he is investing in companies with pricing power. Those that can increase prices as inflation increases.

johnp

mcaul wrote: »

These cash for gold types of places don't offer a good deal.

Their biggest selling point is the instant value they give you for the gold, but it very very poor value.

There's nothing wrong or underhand, its just they simply give 25% of the value of the raw gold contained in the jewellery and no value for any creation or styling.

You may find some jewellers will be able to point you the way of someone who will offer better prices, but then again some old jewellry sits in a box for years unused by the owner - better a few bob cash than gathering dust.

There was a piece on the BBC this morning about these "Cash for Gold" companies.
They collected 3 bundles of rings, earing etc all exactly the same. They brought them to a jewellers and he valued them at £299.
They then sent them off to 3 seperate companies, one offered £150, the other two offered £60.
When they declined the 2 @ £60 they upped the offer to over £100.

There's nothing wrong with what they do, they can offer whatever they want and you can always decline, but they're a ripoff and I'd stay well clear.

stackerman

If your interested and have the time check this out

http://www.radio.goldseek.com/players/fittsplayernov11.php

The dollar drives gold prices and right now the dollar is in serious trouble. Gold has come back down a bit due to a stronger dollar. If you ask me this is a temp dip, China more or less owns the US economy, and the confidence has gone away from the dollar. Some think it could reach $2000 :eek: