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The "CASH-4-GOLD" Business

  • 31-03-2011 9:29am
    #1
    bigneacy
    Registered Users, Registered Users 2 Posts: 1,222 ✭✭✭


    I'm not planning on setting up one of these businesses, its more of a general pondering i've had.

    Are these businesses profitable? You see so many of them on the high street, advertising on TV etc.
    Is the market still competitive or is it completely saturated?
    How do these guys make their money? You always hear them harping on about how the price of gold "is at an all time high" and also how they only give "the best price for your gold". So where is the profit? They smelt it?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    1 troy ounce = 31.1034768 grams

    Gold is at about €1,000/ozt on the markets. Retail jewelery is perhaps 3-5 times that.

    These guys are offering about €1/g to €13/g = €31/ozt. to €403/ozt.


  • #3
    bigneacy
    Registered Users, Registered Users 2 Posts: 1,222 ✭✭✭bigneacy


    Victor wrote: »
    1 troy ounce = 31.1034768 grams

    Gold is at about €1,000/ozt on the markets. Retail jewelery is perhaps 3-5 times that.

    These guys are offering about €1/g to €13/g = €31/ozt. to €403/ozt.

    So they are potentially gaining up to €969 per troy ounce? How many rings would it take them to get to 31.1034768grams?


  • #4
    tombull82
    Registered Users, Registered Users 2 Posts: 910 ✭✭✭tombull82


    Also I do believe it is very saturated.

    A friend of mine decided to visit his family's home town (small town in Italy) to see if he could get in ahead of the rush and set up 1 over there as he believed there is no room for more over here.

    He said as he walked out of the airport the first thing he seen was a "Cash for Gold" stall setup outside.
    Even when he arrived in his planned town. (3000 people) he said there was 1 Cash for Gold dedicated shop and a stall in the local supermarket.

    but with them prices!! you'd never know it may still be worth a try..


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