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Posted: 5/10/2013 8:02:11 PM EDT
[#1]
Simple. People need cash, most dont know anything about spot price, where to find it, how it fluctuates, etc. Same people will sell their gold for a fraction of it's worth, thinking they are making out like gangbusters.
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Posted: 5/10/2013 8:02:55 PM EDT
[#2]
There are people selling gold for cash.
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Posted: 5/10/2013 8:03:49 PM EDT
[#3]
i would share my opinion, but it's racist, sorry.
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Posted: 5/10/2013 8:04:12 PM EDT
[#4]
Because the price of gold is still relatively high and most people don't know how to sell gold.
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Posted: 5/10/2013 8:04:25 PM EDT
[#5]
Because a fool and his gold are soon parted.
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Posted: 5/10/2013 8:04:31 PM EDT
[#6]
buy low, sell high?
What exactly are you getting at? |
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Posted: 5/10/2013 8:05:50 PM EDT
[#7]
Profit...the American Way!
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Posted: 5/10/2013 8:06:00 PM EDT
[#8]
Gold is at $1500/oz. You have a little 14k ring. You know nothing about karats, gold price or the weight of the ring, you just need cash and it's a ring you don't need. The store knows that it's 5 grams and is worth $140. They offer $75. You say "Oh, wow, this little thing is worth $75! Woohoo!" They make a 43% profit, and you're happy.
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Posted: 5/10/2013 8:07:46 PM EDT
[#9]
There's a good buck to be made in fencing.
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Posted: 5/10/2013 8:07:50 PM EDT
[#10]
Quoted: Simple. People need cash, most dont know anything about spot price, where to find it, how it fluctuates, etc. Same people will sell their gold for a fraction of it's worth, thinking they are making out like gangbusters. Exactly. The more honest shops will pay 45 to 50% of actual spot value. There is some great money to be made in gold and silver buying. |
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Posted: 5/10/2013 8:09:59 PM EDT
[#11]
Quoted:
There's a good buck to be made in fencing. Will they take a lump of slag gold? Not many ghetto goblins are adept at smelting, but I've always wondered. |
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Posted: 5/10/2013 8:11:35 PM EDT
[#12]
$50 for $1000 worth of gold, no questions asked.
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Posted: 5/10/2013 8:11:36 PM EDT
[#13]
Because pawn shops are too hot to move stolen jewels these days. Not even kidding. You know exactly what the target market is for shit like this.
A friend of mine, that in all fairness, could be defined as ghetto (Uneducated, unemployed, actually was in a gang for a while) went to one of these places with a $500 necklace he bought for his mom a while back that she never wore. He walked out of the shop with $13. 
Granted it was a khols necklace and objectively wasn't worth much in metal content, but he could have pawned it for more than $13 bucks. hell he could have sold it on craigslist for more than that. these places thrive on stupid people desperate for money, and criminals that need to dump hot stuff as fast as possible. |
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Posted: 5/10/2013 8:11:45 PM EDT
[#14]
Locally some lady decided to sell 10 gold 1oz coins on Craigslist. This was when it was around $1600 an ounce I think. Well anyways the first guy she tried to sell it to promptly robbed her.
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Posted: 5/10/2013 8:13:13 PM EDT
[#15]
Quoted: Quoted: There's a good buck to be made in fencing. Will they take a lump of slag gold? Not many ghetto goblins are adept at smelting, but I've always wondered. The only gold that legally can't be bought is melted gold that has ash in it. That is an indicator that the gold was recovered from a crematorium. |
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Posted: 5/10/2013 8:13:30 PM EDT
[#16]
i like the tv ads where you mail them your stuff and then they mail you a check.
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Posted: 5/10/2013 8:13:32 PM EDT
[#17]
Years ago I read a story that said the Fed Res was the ultimate buyer. I also read that the Red Chinese were. Dunno. Exporting gold runs into Customs issues.
BTW, saw the We Buy Gold stores in South & Central America, Europe too. They only close when the public has no more gold to sell (think Spain). |
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Posted: 5/10/2013 8:14:41 PM EDT
[#18]
Quoted:
Years ago I read a story that said the Fed Res was the ultimate buyer. I also read that the Red Chinese were. Dunno. Exporting gold runs into Customs issues. BTW, saw the We Buy Gold stores in South & Central America, Europe too. They only close when the public has no more gold to sell (think Spain). China's importing gold by the fuck ton right now because they know our economy's about to shit bricks, but I don't think they're the ones running cash for gold. |
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Posted: 5/10/2013 8:18:12 PM EDT
[#19]
Fronts for human trafficking. Every one of them.
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Posted: 5/10/2013 8:19:45 PM EDT
[#20]
Seriously?
Is there really any question at all
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Posted: 5/10/2013 8:21:38 PM EDT
[#21]
Quoted: Gold is at $1500/oz. You have a little 14k ring. You know nothing about karats, gold price or the weight of the ring, you just need cash and it's a ring you don't need. The store knows that it's 5 grams and is worth $140. They offer $75. You say "Oh, wow, this little thing is worth $75! Woohoo!" They make a 43% profit, and you're happy. Around here they'd offer 25 |
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Posted: 5/10/2013 8:22:20 PM EDT
[#22]
Quoted:
i like the tv ads where you mail them your stuff and then they mail you a check. Actually most are no different than anyone else offering a service and give a better return than going to a jewelry store or "cash for gold" rip off shop. Due diligence pays off and like anything else inquire with their local BBB and look for references. |
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Posted: 5/10/2013 8:25:08 PM EDT
[#23]
Quoted:
Quoted:
Years ago I read a story that said the Fed Res was the ultimate buyer. I also read that the Red Chinese were. Dunno. Exporting gold runs into Customs issues. BTW, saw the We Buy Gold stores in South & Central America, Europe too. They only close when the public has no more gold to sell (think Spain). China's importing gold by the fuck ton right now because they know our economy's about to shit bricks, but I don't think they're the ones running cash for gold. Or maybe because there's the new middle class in China that can afford it. Asians, especially Indians and Chinese have a gold fetish. |
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Posted: 5/10/2013 8:26:10 PM EDT
[#24]
One of them just opened up near me, even has a van to make mobile purchases.
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Posted: 5/10/2013 8:26:12 PM EDT
[#25]
Gold is high, people are broke and need cash.
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Posted: 5/10/2013 8:26:24 PM EDT
[#26]
Like the Levi's jeans buying stores about 5-10 years back?
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Posted: 5/10/2013 8:27:57 PM EDT
[#27]
Quoted: Quoted: i like the tv ads where you mail them your stuff and then they mail you a check. Actually most are no different than anyone else offering a service and give a better return than going to a jewelry store or "cash for gold" rip off shop. Due diligence pays off and like anything else inquire with their local BBB and look for references. I would tell anyone that wanted to sell gold to check the value at home, then shop around. The gold will usually have a karat mark on it (10k 14k etc). Weigh the jewelry on a reloading scale, convert to grams. Then use one of the many online gold value calculators to find the value at that day's spot price. |
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Posted: 5/10/2013 8:29:27 PM EDT
[#28]
Elite want all the gold. Best way to get all of the gold is to inflate the paper money price through the roof until everyone who'd ever consider selling their gold does. They are trading you paper for gold, so they don't mind since they do all the printing they want anyway. Bombard with ads until they believe they've gotten all the gold their fiat currency will buy.
Crash the dollar, then they have all the wealth!
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Posted: 5/10/2013 8:30:56 PM EDT
[#29]
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Posted: 5/10/2013 8:31:14 PM EDT
[#30]
Because 5% of $1400 to $1800 is a lot more money than 5% of $400.
That is basically what it boils down to. |
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Posted: 5/10/2013 8:33:46 PM EDT
[#31]
Quoted:
Quoted:
Quoted:
Years ago I read a story that said the Fed Res was the ultimate buyer. I also read that the Red Chinese were. Dunno. Exporting gold runs into Customs issues. BTW, saw the We Buy Gold stores in South & Central America, Europe too. They only close when the public has no more gold to sell (think Spain). China's importing gold by the fuck ton right now because they know our economy's about to shit bricks, but I don't think they're the ones running cash for gold. Or maybe because there's the new middle class in China that can afford it. Asians, especially Indians and Chinese have a gold fetish. If you think the economy is fixed, you're going to have 99 problems soon, and a bitch by the name of Ben Bernanke will be one. 
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Posted: 5/10/2013 8:35:01 PM EDT
[#32]
I bet these place buy junk or scrap gold (jewelry, etc) at lowball prices to sell to refiners. They help feed the demand for investment grade gold by acquiring gold of lower or questionable purity from the general public and supplying it to refiners. Most likely the refiners supply pure gold bullion to investors or to meet demand for jewelry making.
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Posted: 5/10/2013 10:15:34 PM EDT
[#33]
How would a business go beyond supply and demand?
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Posted: 5/10/2013 10:33:07 PM EDT
[#34]
As a local pawn shop owner told me last week "It is an ill wind that blows no profit" He is located in South Houston and does a large business in reclaimed gold, takes it to a local that he says can tell you to the atom what the contents of the gold he brought in for smelting is alloyed.
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Posted: 5/10/2013 10:35:59 PM EDT
[#35]
The thing that gets me are those stores are worldwide.
ETA: Think of it as a Roosevelt Bankers' Dream. Confiscation of gold with the consent of the people. Instead of burying the yellow stuff, they willingly turn it in.
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Posted: 5/10/2013 10:38:27 PM EDT
[#36]
notice a lot of cash businesses like barber shops buy gold
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Posted: 5/10/2013 10:42:35 PM EDT
[#37]
This link will explain everything. http://www.southparkstudios.com/full-episodes/s16e02-cash-for-gold |
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Posted: 5/10/2013 10:55:17 PM EDT
[#38]
Quoted:
Quoted:
There's a good buck to be made in fencing. Will they take a lump of slag gold? Not many ghetto goblins are adept at smelting, but I've always wondered. There was a pawn shop here that took over a ton of lumps of silver. It turned out it came from a few guys walking out of Kodak carrying 5 gallon buckets and pushing carts of it right out the door on their lunch hour. |
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Posted: 5/11/2013 5:56:49 AM EDT
[#39]
Quoted:
There's a good buck to be made in fencing. We had a state law proposed here last year to regulate such businesses in a manner similar to how pawn shops are regulated, after complaints from law enforcement about the businesses serving as fencers for stolen gold. I never followed up on it to see if it passed. In the small town of 25K where I live there are probably a half of a dozen such places, and several of them have people standing on the streets everyday flashing big "we buy gold" signs. |
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Posted: 5/11/2013 6:13:44 AM EDT
[#40]
they are around for the same reason "Title Loan" stores and "Check Cashing" stores are...people have different priorities, whether they can pay for them or not.
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Posted: 5/11/2013 6:22:51 AM EDT
[#41]
The reason is simple: Someone with FRNs thinks that gold is a better investment than FRNs, especially when they can buy the gold at less than full price.
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Posted: 5/11/2013 6:27:01 AM EDT
[#42]
Buy low and sell high, it's a proven method.
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Posted: 5/11/2013 7:34:37 AM EDT
[#43]
Quoted:
There's a good buck to be made in fencing. really I did it for a while and ended up bruised, with sore legs and a lighter wallet.. |
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Posted: 5/11/2013 7:58:54 AM EDT
[#44]
I used to manage a gold store. It's really no different than running a gun store taking in trades. They have rent, ins, payroll, taxes and other expenses to run a business. Plus ya have to hold the jewelry for anywhere from 7-10 days. Depending on what ya paid for it then and spot price now can determine how much ya really make. Plus if ya have ever been in the business, stones ( diamonds) really aren't worth shit. We would give them back to the customers. And what most people don't understand is 14k gold isn't pure gold. They see $1500 spot and think that's what it's worth. 14k gold is only 58.5% gold and 10k is only 41.7%. So right there makes 1oz of 14k only worth $875. Then ya gotta subtract the fees ya get charged to send to the refiner to have it melted (usually 10%) plus shipping and insurance. Now it's down to $750 per ounce. Then ya gotta pay rent and all those other things. The problem is the over-priced 600% markup jewelry stores do. If you weighed the same 14k ring with 1kt solitare it's only worth $500 tops. But jewelry stores sell it for $5000. That's why people get so pissed when ya tell them ya can only give them $300 for their $5000 ring
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Posted: 5/11/2013 8:02:12 AM EDT
[#45]
so many exist because it was profitable to be in the business.
If it isn't, they'll go out of business Economics 101 |
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Posted: 5/11/2013 8:06:01 AM EDT
[#46]
They rip you off by not paying anywhere near what they will in turn sell it for. Sort of like being on the other end of the "gouge".
Of course it's quick and easy way to get a few bucks for old broken jewelry, wedding bands and engagement rings from long ago fallen apart marriages, etc. |
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Posted: 5/11/2013 8:06:35 AM EDT
[#47]
Quoted:
Quoted:
Quoted:
Years ago I read a story that said the Fed Res was the ultimate buyer. I also read that the Red Chinese were. Dunno. Exporting gold runs into Customs issues. BTW, saw the We Buy Gold stores in South & Central America, Europe too. They only close when the public has no more gold to sell (think Spain). China's importing gold by the fuck ton right now because they know our economy's about to shit bricks, but I don't think they're the ones running cash for gold. Or maybe because there's the new middle class in China that can afford it. Asians, especially Indians and Chinese have a gold fetish. And what good is gold? It's useful in some electronics as a conductor, that's it. It's not the 14th century. |
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Posted: 5/11/2013 8:06:38 AM EDT
[#48]
Quoted: Quoted: There's a good buck to be made in fencing. really I did it for a while and ended up bruised, with sore legs and a lighter wallet.. Were you using Bonetti’s Defense against your opponent? |
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Posted: 5/11/2013 8:09:28 AM EDT
[#49]
Quoted: Fronts for human trafficking. Every one of them. Good one, 13er.  |
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Posted: 5/11/2013 10:25:49 AM EDT
[#50]
Quoted:
Quoted:
Quoted:
Quoted:
Years ago I read a story that said the Fed Res was the ultimate buyer. I also read that the Red Chinese were. Dunno. Exporting gold runs into Customs issues. BTW, saw the We Buy Gold stores in South & Central America, Europe too. They only close when the public has no more gold to sell (think Spain). China's importing gold by the fuck ton right now because they know our economy's about to shit bricks, but I don't think they're the ones running cash for gold. Or maybe because there's the new middle class in China that can afford it. Asians, especially Indians and Chinese have a gold fetish. And what good is gold? It's useful in some electronics as a conductor, that's it. It's not the 14th century. Tell that to all the Central Banks that are buying the stuff up. Gold is a store of wealth; especially when paper currency fizzles. |
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