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anonguest

Gold Parties!

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A sad and powerful illustration of how the middle classes are financially struggling.

http://news.bbc.co.uk/1/hi/uk/8104479.stm

BUT, also illustrates, again, how they now go and make a whole new bad decision - namely selling the family 'silver' (or in this case gold).

Never mind the issue of them not even having the brains to do some homework first, learn a bit about how the gold market works, how to get the best deal, take the stuff directly to a bullion dealer (to get a better deal) - they display the same poor financial judgement of value that resulted in them likely overpaying for loads of their consumer junk in the first place.

They would rather sell their gold instead of the tat they wasted their money on in the first place and which got them into their trouble (e.g second car, plasma TV, etc) - they sell that which, once upon a time, would have been regarded as the last thing to sell.

They obviously live such sad empty lives they cannot be parted with their 21st century consumer baubles and trinkets.

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70% of the spot price for jewelry doesn't seem too bad to me, kuggerands or something might be 3% commision/margin

to sell to Chards.

10% goes to the hostess as well although before or after I don't know so could be 80% of spot they are paying out.

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70% of the spot price for jewelry doesn't seem too bad to me, kuggerands or something might be 3% commision/margin

to sell to Chards.

10% goes to the hostess as well although before or after I don't know so could be 80% of spot they are paying out.

Kruggerands sell for 15% premium on Ebay and scrap gold sells for spot (more or less) on ebay and at Hatton Gardens metals. but 70% spot is better than a pawnbroker

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70% of the spot price for jewellery doesn't seem too bad to me

According to today's prices on Baird's, a gold refiner, http://www.goldline.co.uk/scrapPage.page we see 22 ct at £16.47g.

So 16.47 * (24/22) * 31.1 = £558.78 oz.

Spot at http://www.goldline.co.uk/metalPricesPage.page £576.391

558.78 / 576.391 = 96.94%

This is where these people make the money, they buy from the ignorant at low prices, then sell to the refiner, keeping the profit. The ignorant sellers would do far better going directly to the refiner, and yes, they do deal with the public.

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The parties make the gold market more accessible. They have a bit of fun, drinking and getting together, and the husband/partner maybe non the wiser when she sells a awkward looking birthday present that has never been worn!

Edited by Lord Sandwich

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They have a bit of fun, drinking and getting together

Is this how sound investment decisions should be made?

If pensions or mortgages were sold like this it would be considered miss-selling.

I'm not too bothered about someone selling an Elizabeth Dukes bit of tat worth a £10 but organising these parties would only be worthwhile if some serious money changes hands.

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I saw a woman in a certain bullion dealer in the North-West selling a fistful of jewellery second-hand for about a thousand pounds. It was apparently a person at a factory who had sold all her unwanted necklaces and rings a week before that, then had told all her mates how much she had got, cash, for the jewellery.

The fistful was from all her mates who wanted to do the same. I would not dare criticise her or her friends, as I don't know her circumstances. However, there was clearly a profit in the transaction for both parties. I think we will see these "jewellery parties" or the walk-in equivalent much more in the future as the price of gold climbs to it's historic level from the current somewhat suppressed price.

Those of us who are fortunate enough to sit on our little stashes and watch the climbing price will make far, far more in the future. It will be utterly fascinating to see if silver or gold proves to be the best investment. Silver due to the industrial uses and scarcity of the metal, or gold due to it's traditional haven status.

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The feckless getting ripped off is not something I will be losing any sleep over.

I've tried getting out of them how much they pay per gramme.

If you think politicians can obfuscate, you ain't heard nothing until you try getting an answer off these sharks.

Don't believe me, get in touch with them. I'm dying to find out what they will pay.

The feckless, as I said, don't concern me.

But how would you react if an elderly relative sold to them.

http://ounces2pounds.com/contact-us

Edited by DiggerUK

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