Selling Gold Undercover - Who Gives The Best Price?
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- Опубликовано: 18 ноя 2017
- We went undercover gold selling to see who would really give us the best price for our gold. What you need to know before trying to make quick cash for your old stuff!
PS: Know what you have before you sell it. Check out this link for tips on how to value your gold first!.
sanfrancisco.cbslocal.com/2017...
Rule#1: Never let people walk off with your gold.
Like that scene in “there will be blood” when hes laying on the floor with injured leg, watching the guy weigh his gold
I know you 👃 don't trust them just look at the MSM and federal reserve lol 😂😢
@@alisonhilll4317 lol no 👃
He didn’t force so he didn’t lie. He just gave a grimey offer.
Why dont they do a silver cud like this too ...
To get specific information eg. Is this gold? He insisted on being paid.
Reporting on that key difference between that shop and everyone else was important snd valid reporting.
The others all gave that info freely after having already gleaned it. He wanted to be paid to tell them what he’d already determined.
Sell it to a refiner period, should get up to 97% of spot
Legit?
@@christianstadler6099 oh yeah, if you have an account with a refinery they are obligated by law to pay spot price for any specific karat minus give or take 3%
@@enricotrombini9952I walked into a refiner down town and got 90 percent of spot!
Yes, that is probably what some of these will do. They pay you 86% then take that to get a profit of 10% when they sell to a refiner or they may make 14% if they sell to another customer. Does that sound right?
Anytime you are selling something, you have to know what it's actually worth. Otherwise assume you're going to get ripped off.
Your best shot is a local coin dealer. When a dealer ships off all his unuseable "scrap" gold, they have to pay to ship it, and will not receive anything close to the gold content. The scrap has to be assayed and melted into bars that can be use to make new gold jewelry. So anything over 75-80% is fair. Weigh your scrap gold with a precise gram or dwt scale. Gold coins made by a government sell for close to bullion value, or more, unless damaged.
It's not difficult, most online bullion dealers have continuous updating prices, many price per gram on the regular gold alloys. All you need is some cheap digital scales and a magnifying loupe
Weigh each alloy category separately and bag it. When you visit your local or visiting gold 'merchant' you will know the weight and how much for each weight.
It's not too difficult to educate yourself. Gold has a fluctuating global spot price at any time. For instance, now it's about $1,960 per troy ounce. There are 31.1035 grams in a troy ounce, in case your gold is in the form of jewelry or grams (as opposed to bullion and coins in ounces). By doing some simple math, you get the spot value of gold in grams, which is about $63 now (bearing in mind that this number changes literally every minute of every day, though it rarely fluctuates more than $30-40 per day per ounce -- though sometimes it can). Then you weigh your gold. If it's 24K gold, then the calculation is simple. The weight of the gold (whether in grams or troy ounces) multiplied by the spot price. If your gold is lower than 24K, like 18K, that would mean that your gold is 18 parts out of 24 parts gold, and 6 parts other metals. Or if it's 14K, then it's 14 parts out of 24 parts gold, and 10 parts other metals. So, let's say you have an 18K piece of gold jewelry that weighs a total of 1 ounce. 18/24 = 0.75 = 75%. Since the whole piece (gold and alloy) is 1 ounce, the pure gold in it is 75% of that 1 ounce. If spot price is $1,960 per ounce, you multiple that by 75% and get $1,470, which is the actual gold value you have. Now, the kind of gold you have makes a difference as well. If you have it in the form of jewelry, you will never get paid full spot price for it. In the best case scenario, you might get paid 90% of it's market value, though less is common as well, like 70-80%. I think anyone who'd try to pay you less than 70% would be ripping you off. So, at 70-90% of $1,470 you can reasonably expect to get about $1,029-$1,323 for it. On the other hand, if you have gold bullion, you should usually be able to get full spot price for it, or at least almost full spot, and in some cases a bit over spot. If you have a 1oz gold bar, or 5oz, or 10oz, which is 24K pure gold, you should be able to get 99%-100% spot value for it if you go to sell. The smaller size you sell, the more likely you'll get that 100% rather than 99%. Putting aside collectibles (which are valued by their rarity as a collectible, more than just by their gold content), certain gold bullion has higher value. For instance, if you want to sell back a 1oz American Gold Eagle, which would have a spot value of $1,960 by the current price, you may get $25 or so over spot when selling it. Or if you have a 1/10th oz American Gold Eagle, you may be able to get 3-9% over spot when selling it. The 1/10th oz would have a spot value of $196 (1/10th of an ounce), plus 3-9% would bring it up to $201.88-$213.64. That is why these coins cost more to buy than other bullion. They are easier to sell and you get some of your premium back on top of getting 100% spot price for them. You also have to be mindful where you go to sell. Authorized bullion dealers will usually give you the most for them. If you walk into a jewelry shop, on the other hand, they might not be willing to pay you 100% spot even on an American Gold Eagle, since they deal in jewelry rather than in bullion.
Great investigation
Words, however kind, can’t mend your heartache, but those who care for you share your grief and wish you comfort and peace of mind. My condolences.
Great advice!
I love how they cleverly add "This is worth"... Places like that always say that. It makes me so mad!
Hahaha, the pos two-step. "I swear on my mother's soul, we would never do such a thing. Oh, you have video of us doing that exact thing? Get out!"
Gold jewelry is usually overpriced as soon as you buy it, especially when bought new. Gold bullion is usually traded at current spot price because of its purity. Jewelry is usually made at 10k to 18k although there is jewelry made with up to 24k it’s not common for everyday use. This report left out what purity the jewelry was made of and not every gold buyer will offer you a fair price. The content of the gold in jewelry is key when selling jewelry, I would not take anything less than 90% of its weight in gold at spot price. Like with any purchase you intend to resale at a later date consider the resale value before buying. Definitely some shady dealers here but it’s up to you to shop around for a fair deal.
Kenneth goodson más much
Thank you for the informative comment friend
That is the major most problem here with the sell of gold! I have pure100% gold bars and I am personally afraid to go and try and sell it here! Mainly because the shops won’t give me nowhere near what the actual price that it is worth!
I have 600 grams of 10K gold I wanna sell and it isn't easy because it is jewelry and not many people have that kinda money and I refuse to accept low ball offers
Pown stars 250,000 gold coin from 1617 the best I can do is 1500
Then pown stars cell for 300,000
Pown...
"I'm taking all the risk and it takes up space in the store "
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Very sneaky greedy people
It's a good idea to research for yourself what you have otherwise some shyster may low ball you.
Imagine how much that one store over charges.
Wow thank you so much. Too sad that there are people out there that Rent nice
Melt it down and you'll get 95-98% spot price at most refineries.
If you melt, you lose more.
refiners do not buy from the public.THEY BUY ONY FROM DEALERS
@@KingsWorld2015 Well.. you wouldn't just melt 14K down; I'd melt 14K down with silver and attempt at to sell it back to the market at 24K @ .999
@@miketyson8807not true! I sell to a downtown refiner downtown L.A. just don't look like a investigator!
Caveat emptor - Buyer beware. Before selling gold know how to value the different grades, 10k, 14k, 18k, 22k, etc. There are plenty of places on-line where you can get information. Personally, I only deal with a local god/silver/numismatic coin dealer who offers a reasonabLe price.
good report the rip off artist needs negative comments on their site.
As a gold&silver junkie I can say that I’ll pay you 90% for your scrap gold 😊
I want to buy and sell gold jewelry locally and give people 100% gold value and resell a couple hundred bucks above gold value, because well its a jewelry piece, what do you think?
I think you will go bankrupt fast! You need 200 to 300 percent to cover overhead!
Travelling gold buyers most are scammers ( ( we have them in the U.K. ) don't use them
I have sold m Jewelry on 47th St in New York. I know I totally got scammed. I needed the money. Once you hit the street they all call one another and let them know what you have for sale. They all agree to low ball you. I went to some places and they already knew I was coming. Still looking for a place to sell my gold. i don't want to give it away.
Piri Gonzalez you’d get a better deal on eBay. I’ve sold lots there.
omgg i was about to sell there
HMU … I guarantee 85 percent or better
Coin shows! Dealers have low overhead and pay top for gold!
Where can sell my gold??@@rodneytrawick2202
There is no such a thing as " old gold " you never sell to a pawn shop always to a smelter.
because the jewelry is not 100% gold, they mixed with some types of metal to make it stronger, maybe 18k gold, 14k gold, 10k.....24k gold is softer and easy to bend.
lower price for reasons
except that the jeweler they got the jewelry from gave them an appraisal for exactly what it was worth. So they had a baseline figure for the items, from an expert(while it's possible that initial jeweler... maaaaybe fudged the valuation a tiny bit, it's highly unlikely it was off significantly). Obviously jewelers know that gold jewelry is alloy gold. All the testing methods show this, and the calculations on gold content per alloy are like...day one type skills. Some stores were fair and offered competitive prices. The traveling jewelers, gave shittier rates, hoping to separate idiots from their valuables. and one store... was a bit sketchy. simple as that
They should be giving customers the exact spot price. They make money through a bid offer spread
U wanna try selling gold in England it's a lot worse ,never sell to here today gone tomorrow types,in the old days they be known as claim jumper's 🤔
We got gyoed each time n Chicago coin places we live here Horrid.
Sometimes it's just a buyer's market.
Mirrabella is the best honest guy around
I looked it up and it says temporarily closed. The website is down too
I once took gold nugget weighting 9 ounces to a pawn they offered me $9,000 cash😂
Good journalism
Actually, it is shitty journalism; missing way too much information for it to be a good story/documentary! This story came out because some did not do their homework and got ripped off!
Alot simply take advantage of ignorance and or desperation levels
Jewelry, they are Crocs.
Uk old money Bound and pannyes. I London money shops
When you value someone's gold it is costing the store time & money if u don't go ahead with the offer. So you can understand why a more independent stores don't have the time to write down the price of every piece of item.. but I do think he should of said what's real and fake but they never forced the journalists to do anything so they are putting a bad reputation on a poor store
Yet every other store took the time to value the gold pieces for free. Why? Because reputation, that’s why. If you have a good reputation in that business you gain more business. It’s very simple, I’m surprised you didn’t understand that.
Nonsense. So I suppose a realtor should charge you whenever they show you a hose. It's part of the job if you advertise buying gold
Local news talking about selling gold.
How log before they start talking about BUYING gold? Probably be soon.
If they charge to test, it helps keep them in business and tests the seller for fraud.
As the news keep putting this info out there , expose these bad biz liars tell the people so they do not shop with these people . Put them out of biz
I’m a jeweler and we pay 70 percent on jewelry, if it can be resold, 100 percent. It is tiresome when u have repeat people who never sell, just act like they do as they want a free evaluation and your expertise to run a side hustle of their own. After 3 visits, we start charging them to test.
I'd be extremely interested in where all that gold will end up.
where do you think?
Most of it gets sent to a refinery that pays them 90%-95% of spot price and then gets turned into bullion for resale to mints, gold dealers or jewelers. Higher value items from recognized gold smiths (with makers marks) are usually cleaned up polished and re-sold.
Overseas in the middle east
in strong hands
@@millerforester6237
Evil hands
In 2021 these dealers are gonna go broke if they keep trying to rip customers off
I wouldn’t want to deal with those people and they could rip you off so easy.
A jewelry store up in Alaska tried to sell me a fake Rolex.
Di d you offer fake money?
shit happens
today 14 March 2019 , our company is willing to sell a 1kg for $30,000 high quality
For what 14k? lol
Wow 😮 🤔
Selling gold...you are in the hands of the Philistines.
I'm selling gold with 22k at 35,000$
I have a standing order to all my employees to purchase 14k and above at 90%
Under 14k, varies from 75-80% of pure-weight-value
To all who are in the selling market, feel free to dm me for availability and appraisals.
where are you located?
I have 1 ounce BU AGEs, what's your offer per piece? Gold shops/coin shops are a joke.
i have 75 grams of 22 k It's a bracelet fully gold.. It's a pretty small diameter bracelet so she'd have to be pretty petite to actually wear it.. But it's a nice bracelet ..old to 45 years or older
I actually dont agree with this news video at all. First of all, if you go into a dealer uneducated and without knowing what you have. If you do, you deserve to be ripped off. We live in a time where you can learn just about anything you want by typing it into a search engine. You can find so many sources of information about how to sell jewelry. And when you walk into a place that gives you a lowball, you can negotiate with them.
The fact that you are bad mouthing these businesses is a disgrace on its own. Someone should do an investigation on this news station and find out how much of their news is junk.
Scammers everywhere 👺
I seen one that was close to a scam haha
just sell it to Rick
what about selling gold coins do these shilocks rip you off again too?
Do not go to any traveling buyers. Stay local and do your research. Look what they bring on ebay. You will not get those prices, and even if you sell on ebay, ebay and paypal get a cut. Around 12 to 15 percent when all said and done. Take your stuff to several shops and DO NOT LET THE COINS OUT OF YOUR SIGHT. You don't want to have anything switched on you. It may take a little time but worth it not to get taken advantage of.
Do your homework rule #1
I CAN BEAT ALL THESE OFFERS
@Brandon C call me at 4084017779
I need to get customer for gold I have 91 kg
are you a Nigerian prince by any chance ?
@@shayson1357 I'm from Kenya
@ kindly can we connect to one another,can drop you my contact for more information
@ that is if you are serious we can do business
@ that is if you are serious we can do business
Melt it down and refine it you will get 100 percent of its value
elaborate?
@@backendbabybankrol2481 if you sell pure gold you can get spot price.
yolo dolo what about bullion coins / bars ?
Coin shops and the like you'd be lucky to get a spot offer for 1 ounce BU AGEs
yolo dolo , when you say “pure gold” do you mean 24k gold?
If I melt a bunch of 18k gold pieces would the refinery/buyer pay me under the price of the market.
Do I need a certificate to prove the quality of the gold?
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你和◡ *十𝟣𝟤𝟧𝟣𝟤𝟩𝟦𝟢𝟩𝟢𝟧*꧁꧁.
I know dealers that will pay 96% for gold that they will have to MELT.
Shoot me the Addy lol
@@whatdaheo same lmao
SILVER AND GOLD AN INSURANCE POLICY?
Since gold and silver is just an insurance policy, and meant to be kept for when things get better…I think there will be a lot of people who will starve to death with a safe full of gold and silver. For those people who want to invest in gold or silver, I would wait until the famine gets so bad (and it will) that you will be selling your gold for a can of beans. I will be able to sell my beans (which cost me $1.00) for an ounce of gold costing you over $2000 today.
A woman in Argentina (which has high inflation), was only able to buy 2 tomatoes which cost her $33.00. Another woman had to sell her gold and jewelry and was only able to buy 2 eggs, 2lbs of flour and a small bag of corn meal. In Lebanon the average salary was $1000, now that amount is only worth $50.00. This is where we are headed folks.
A can of beans for an ounce of gold? Sounds like a horrible deal since I paid close to $2500 an ounce for that gold coin. I'm more likely to exchange your can of beans for silver coins instead. Not gold coins. Unless you offer something that is much higher in value than just a can of beans. Just saying.
All scammers fly by night
Always crooks, so I always shop around.
nice 😂❤
They just buying from drugies
Don't sell your gold people.
Best advice
Way too many shysters!☹️☹️☹️
I can't. Wait to go dare dare for my. Birthday bit I am going to adventuredom with Mommy and dad and I'm going to that place to spend all my money 🤑☃️😍🤗🤗😋🥰🥰🥰🥳💯💯😂☺️☺️❤️🤣🎤🤑
Get all the rip off shops
Crooks!
Ask what their payout % is up front. This clues them onto you as more informed than average Joe. You will always find a better price if you take the time to seek out a refiner and not sell to these middle men.
I pay according to how much weight the piece has. The more weight, as shown here, the higher percentage. If the customer has only one ring I offer less because I have to to be fair to myself as well and make something. Also, many customers are time wasters. They're shopping around, which is fine, but they tell the next place what I offered in order to get more money. Extremely mean and deceitful.
@@s1234proWell, that's how it is. Sellers want to get the most out of their sale while minimizing their loss. You the buyer are the opposite and wish to buy at a lower price so you can cover any costs including overhead, shipping, testing, etc. The best you can do is strike a good balance that makes you and the seller both agree on a price so that you and the seller both walk away happy from the sale.
The problem when buying gold in the US is that organized gangs are mysteriously informed and pay a visit to your home (home invasion). Every 15 seconds a home burglary occurs in the United States. This means that approximately 4,800 burglaries happen every day.
Another problem that many gold owners report is that if you want to sell your gold as a private person, you are currently being scammed everywhere. Often you only get half the price of what you paid for the gold.
Better to let the spot price of gold surpass the price you paid for the gold. And then you won't be having the issue of being paid less than spot
@@BrilloHead Gold buyers, jewelers and pawn shops use the trick that your gold is not as pure as the hallmark says - you are a victim of unscrupulous fraudsters. They keep your gold for testing and after a few days they say your gold has been tested using the latest technology and your gold is contaminated. You were cheated when you bought the gold. There are videos of this. If you don't accept this, they will give you your gold back. Their main business is selling gold - not buying it.
Wow 86% is what dealers usually gets! So he gave you dealers prices. Between 60 and 70% for the general public is the price you usually get.
never sell for less then 85% ever
@@Pinkielover never sell under spot price.
@@shilver101Or just wait for spot price of gold to surpass the price you paid for that gold and then sell. You'll make a profit then.
Jewlers need to make money too
Even with 85% they would still make a ton
DON'T GO to Millbrae
The sellers won’t buy their own shit.
Old gold 🤣🤣🤣
Let’s be honest, you’re going to a quick cash buy out, they’re always gunna low ball
Did you even watch the video? lol they named 3 shops that offered fair value 70-86%
The sellers are the bigger crooks
The interviewer stated a falsehood...the man was correct ...he DID NOT FORCE anything, they asked.
msjoanofthearc still shouldn't have to pay for an appraisal
@Full Natty Vegan IF you pay to have your gold appraised your an idiot and thats the bottom line. I have personally been to this shop in Milbrea. They sell their gold for waaaaaaayyy over spot. went one time would never ever go back.
@Full Natty Vegan Because it is the industry standard. They are giving all goldsmiths and gold traders a bad name.
Sigh… such idiots on RUclips. That was one line she side orally, the point was that unlike all the other places who freely gave the information they’d already gleaned, that one shop insisted they be paid for that information.
This isn’t rocket science.
I would predict that Asian shops always offer the best prices for your gold.
You are joking.... aren't you?
They are the largest scammers.
@@johnmonrow9981I bet, especially gold that's sold from China.
It seems that the Caucasians was the only one trying to get over on them
He didn’t “force” you to do anything. He simply didn’t offer his professional services for free. To get an accurate value of an item takes knowledge of the item and market, his time and knowledge aren’t free. Such a sense of entitlement to others labor.
It takes two seconds to know how much gold is in each piece and how much it’s worth
…and everyone else they went to offered that knowledge - which they’d already cleaned - freely. Reporting that difference is not “a sense of entitlement”. What a terrible take lol. Ben Shapiro follower without any of Ben’s rationality.
Last one was a shite hawk
Deal with Asians not Jews got it
Imagine spending money on something as useless ass dirt
these guys are all crooks