Gold Adverts

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Where have all this gold adverts suddenly arrived from? If I had any spare gold around the house I would not send it through the post and risk a dishonest postie pocketing the envelope, also there is no guarantee that you will receive a fair price from the buyer.

The_Fat_el_Hombre

I'm pretty sure that the tacky adverts offering people money for gold do NOT give a fair price to the seller. Read somewhere the other day that one of them is offering a fraction of what the gold is actually worth (can't remember the specific amount), but that's no real surprise is it?

ruthha_2

Its about £ 700 per oz for scrap gold

Masomnia

ruthha wrote: »

Its about £ 700 per oz for scrap gold

Seriously? That sounds a lot to me.

I'm sure there are at least 5 different companies doing it at the moment! All seem to have appeared out of nowhere.

Paul_Herring

http://news.bbc.co.uk/1/hi/programmes/moneybox/8250580.stm

http://www.guardian.co.uk/money/2009/sep/12/gold-selling

ruthha wrote: »

Its about £ 700 per oz for scrap gold

Change that to a $ sign, and you'd be a bit closer to the mark.

withnell

And remember that the jewellery sent might be worth more not melted down - and I'm sure the company will sell it on as such!

agsnu

Paul_Herring wrote: »

Change that to a $ sign, and you'd be a bit closer to the mark.

It's currently trading at around $1000/oz, which is currently about £600.

Paul_Herring

agsnu wrote: »

It's currently trading at around $1000/oz, which is currently about £600.

Right. That's the trading price.

Now factor in handling costs, melting costs, profit margin, and other deductions and tell me how much you think you'll get for 'scrap gold,' that you'll post off in those envelopes. (Which is what was being quoted at £700 in the OP. You'll get nowhere near £600.)

DiggerUK

There has always been a market for scrap gold, most of it came via pawn shops and jewelers.
For a long time the cash shops have been purchasing as well, have a look at the window display when you next pass one. There are now many more small shops doing nothing but dealing in scrap precious metals (pm's)

Are they a rip off, yes, most of the newbies are, the traditional buyers are straight and publish their prices.
I think most of the newbies are EA's down on their luck.
If you look through this thread from the Silver Savers forum you can find out more on were to sell your old gold.
http://forums.moneysavingexpert.com/showthread.html?t=1604755

Personally I would recommend you hang on to it, it's safe as houses, safer than NSI products.

This link gives real time price of gold (pog).
http://www.invest.gold.org/sites/en/where_to_invest/directory/?country=UNITED+KINGDOM&cb%5B%5D=coins&submit=Search&agree=1&task=search

StevieJ

Pop it in the post and we will send you a cheque :rotfl:

sabretoothtigger

The spread on the price will be quite massive I expect, not exactly a rip off just thats how it works. If you traded in a offically labelled kilo bar of gold then its a bit manageable for them to give a price close to the spot price of 600 per ounce or whatever it is now, sending in some 18 carat stuff probably will get a few hundred per ounce I guess.

I agree with digger that keeping it is best unless the money is desperately needed right now


What about a pawn broker. You can get the cash now, if gold price drops dont worry about buying it back and if it rises alot for some reason you get a free option of having it back at what might be a cheaper price.
Cant remember the interest they charge, Im not suggesting its cheap or sensible exactly but better then tv adverts most likely