Gold Selling guide discussion

edited 10 August 2010 at 1:14PM in Boost Your Income
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edited 10 August 2010 at 1:14PM in Boost Your Income
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the Gold Selling guide


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  • I called on Lois Jewellery in Birmingham yesterday, August 10th, with gold coins after driving 250 miles and being concerned at the safety of the post. They were highly professional, courteous and friendly, paid just what they had promised when I had telephoned and dealt with me immediately. The service could not have been better and I will certainly be using them again if and when I have anything similar or any diamonds to offer. Highly recommended.
  • davidsuffolkdavidsuffolk Forumite
    154 Posts
    Part of the Furniture Combo Breaker
    Again not trusting postal companies I went to Falkos in Grays Essex (online as falkosgold.co.uk ) as they have a shop as well as using the internet. I weighed it on cheap digital scales I bought off Ebay and went there. The amount given was exactly as shown on their website per gramme and I walked out with cash. All in all excellent service. the price per gramme was slightly less than some of the postal ones but I far preferred to go in person.

    Having said this, afterwards I found a single old watch. I didn't want to go all the way just for one item so I used their postal service. I weighed the strap and worked out the value as £109. I was both pleased and surprised to get a call saying my weight was wrong and that they were sending me a cheque for £137 which came the following day.

    Highly recommended both by visit and by post.

    Recently a flyer came through my door for a person buying who would be at the local library the next day. Their price was quoted as up to £XX per troy ounce which when worked out came in at under 50% of the true value (at no guarantee they would evn pay that as they said "up to")

    All the internet companies offer a calculator for value on the current days fix so it is easy if you have scales to work out the actual value.
  • Most of the article is about 'junk' gold jewellery. I only have coins.
    I also live outside UK. Coins should be easy to value as they are a fixed weight. Can those who sold coins successfully give an idea of the kind of prices received?
    Many thanks.
    Bill
  • sorry forgot to say, coins are sovereigns of course
    Bill
  • I work for a small independent family jeweller – we buy all kinds of old gold, silver, platinum and sell it directly to a smelter who only deals wholesale – this is why we and many other qualified and experienced jewellers like us are likely to be able to pay the best prices. There’s not a massive margin on scrap metal – jewellers rely on buying a lot and selling a lot as quickly as possible. Any postal gold company that reckons it can pay substantially more for scrap than the high street is talking nonsense – no free lunches I’m afraid! I'd also like to point out that we are based in Salisbury and not in the London or Birmingham jewellery quarters which the article states are locations that may result in better prices. I would take issue that this – there may have been some truth in it when we started in 1905 but this is 2010 and we see dealers from all over the country every day.
    There may be some postal gold companies out there who will pay a fair price for scrap but then so will your local high street jeweller. Why go to the risk and bother of trying to find a good postal company? It’s madness! Just find a jeweller who knows what they are talking about – The National Association of Goldsmiths website is the first place to look.

    Postal gold companies simply work by offering a reasonable headline price for scrap, which may or may not turn out to be a reasonable deal. They then make far more money, not selling on to a smelter but, by extracting repairable and resalable items. Before selling what you think is scrap, consider if it could have a higher value than scrap – you can only find this out from a jeweller.... We often pay more than the scrap prices which people are expecting for their goods. Customers are often pleasantly surprised to find a much better offer as their goods have a higher intrinsic value than they thought - maybe because items can be repaired or restored for instance.

    We often hear of people who are trying to sell what they think is scrap because they want to spend the money on new jewellery - good for the retailer I suppose – but why not consider other options? A pair of earrings with one broken or missing – that’s not scrap – one may be remodelled and worn as a pendant. An old engagement ring with a worn out shank – that’s not scrap – the shank can be replaced. This list is endless – please consider repairing and remodelling jewellery often at a fraction the price of buying it new. Save money: “Make do and mend”.

    Before you post you gold – go to a jeweller and ask for an offer to purchase. There should be no charge for this and no obligation for you to sell either, so what have you got to lose? While you’re there, why don’t you ask for some advice on getting things repaired as well? Why not convert scrap to new again, at a fraction the cost of buying new?
  • Again not trusting postal companies I went to Falkos in Grays Essex (online as falkosgold.co.uk ) as they have a shop as well as using the internet. I weighed it on cheap digital scales I bought off Ebay and went there. The amount given was exactly as shown on their website per gramme and I walked out with cash. All in all excellent service. the price per gramme was slightly less than some of the postal ones but I far preferred to go in person.

    Having said this, afterwards I found a single old watch. I didn't want to go all the way just for one item so I used their postal service. I weighed the strap and worked out the value as £109. I was both pleased and surprised to get a call saying my weight was wrong and that they were sending me a cheque for £137 which came the following day.

    Highly recommended both by visit and by post.

    Recently a flyer came through my door for a person buying who would be at the local library the next day. Their price was quoted as up to £XX per troy ounce which when worked out came in at under 50% of the true value (at no guarantee they would evn pay that as they said "up to")

    All the internet companies offer a calculator for value on the current days fix so it is easy if you have scales to work out the actual value.
    Please take note that if you're being quoting a price in troy ounces... There are approx 31g in a troy ounce and 28g in normal ounces (aka avoirdupois ounce).. So you may be quoted in troy ounces but find that you are paid by the gramme - if you were expecting a normal 28g ounce as most people probably would, you will get less that you thought!
  • edited 11 August 2010 at 11:43AM
    davidsuffolkdavidsuffolk Forumite
    154 Posts
    Part of the Furniture Combo Breaker
    edited 11 August 2010 at 11:43AM
    unclejonny wrote: »
    I work for a small independent family jeweller – we buy all kinds of old gold, silver, platinum and sell it directly to a smelter who only deals wholesale – this is why we and many other qualified and experienced jewellers like us are likely to be able to pay the best prices. There’s not a massive margin on scrap metal – jewellers rely on buying a lot and selling a lot as quickly as possible. Any postal gold company that reckons it can pay substantially more for scrap than the high street is talking nonsense – no free lunches I’m afraid!

    I really have to disagree here as I telephoned about 6 local jewellers asking what they would pay per gramme. All were in the £5-6.50 per gramme range (9ct) (except one who wanted to offer £4.50) when at the time postal offers were around £9 and I actually got £8.70 from the company I mentioned above. This was about £1000 more on the amount I had to sell.

    What would you pay today for 9ct? (Falkos are paying £7.82 and Hatton Garden £8.74 by way of comparison)
  • edited 11 August 2010 at 11:49AM
    DustangleDustangle Forumite
    844 Posts
    edited 11 August 2010 at 11:49AM
    The thing that worries me about these TV gold sellers is that they just appeal to criminals.

    I always see them and think they're being marketed towards home helps and the like, and their !!!!less* relatives, saying "do you know some old biddy? Does she have any gold? Cash in on your low paid job and send it in. Then you can afford a foreign holiday, or some drugs, or a nice big telly, and nobody will know!"

    Please tell me I'm wrong about this and that there's some safeguards to stop crooks getting able to unload stolen gold.
  • Recently a flyer came through my door for a person buying who would be at the local library the next day.

    What are councils doing, letting these kinds of people trade from local libraries? :eek:
  • Thanks David, as you've rather proved my point! The company you sold to is a bone fide business with a shop and you got the best price by shopping around. Maybe you did it over the phone of the web but the important thing is you went to a company with a shop and therefore a reputation to uphold. Naturally you got some lower quotes as well - I can't really comment on them, but I'm glad you shopped around and got the best price on the day. I'd like to think that if you lived in Salisbury you may have also visited our shop and found that we equalled or exceeded the price that you were eventually offered.
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