Hosed?

wreake...@hotmail.com

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Sep 27, 2010, 6:23:41 PM9/27/10

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I was running low on money and saw a street sign that said they'd buy
scrap gold.

So I brought in six half dollar gold pieces that were mass-produced
california gold.
The guy doing the buying said that what I had was four grams of gold
and he offered
$20.00 a gram or $80.00.

I knew that gold recently hit $1,300 an ounce... So did I get hosed?

PS I saved his business card so that I could do prank phone calls in
case the answer
is "yes".

Michael Benveniste

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Sep 27, 2010, 6:49:24 PM9/27/10

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<wreake...@hotmail.com> wrote:

> The guy doing the buying said that what I had was four grams of gold
> and he offered $20.00 a gram or $80.00.
>
> I knew that gold recently hit $1,300 an ounce... So did I get hosed?

You may have hosed yourself by not being able to do math. There are
approximately 31.1 grams per troy ounce. If one assumes that the 4
gram figure quoted is the pure gold weight, he offered you a little
less than half of spot.

> PS I saved his business card so that I could do prank phone calls in
> case the answer is "yes".

The only way he "hosed" you is if he underquoted the amount of gold
you had. Otherwise, he made you an offer which you were free to
turn down. You decided to accept it. If you must make prank phone
calls, make them to yourself.

--
Mike Benveniste -- m...@murkyether.com (Clarification Required)
Its name is Public opinion. It is held in reverence. It settles
everything. Some think it is the voice of God. -- Mark Twain

celtex

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Sep 27, 2010, 9:08:15 PM9/27/10

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"Michael Benveniste" <m...@murkyether.com> wrote in message
news:8gclbn...@mid.individual.net...

Here is a great tool for educating yourself on an items price at current
rates.

http://www.dendritics.com/scales/metal-calc.asp

>

Relayer

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Sep 28, 2010, 7:45:05 AM9/28/10

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Yes and no, which is a problem selling to dealers, which I don't
recommend but he gave you 1/2 of what its worth, as he too needs to
make a profit. If you dont want him to make a profit (which is why he
is there), use ebay and you'll get 2/3 or more of what the gold va;ue
is, in addition to having two types of customers. Gold customers and
coin collectors.

Bremick

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Sep 28, 2010, 8:58:52 AM9/28/10

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"celtex" <jimdn...@suddenlink.net> wrote in message
news:4ca13ffb$0$14827$bbae...@news.suddenlink.net...

a handy and comprehensive little tool. Thanks for sharing it.

cnntp

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Sep 28, 2010, 11:59:22 AM9/28/10

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? "Relayer" <relay...@aol.com> ?????? ??? ??????
news:1a1a4e5b-0e48-421c...@c10g2000yqh.googlegroups.com...

I don't know how it is in the US but where I live (Greece) or where I'm
right now (Italy) any jeweller will buy your say golden sovereigns at the
"buying" price announced every morning by the central bank (that would be
the Fed in the US).
They make their profit when they sell and they sell at the "sell" price
anounced by the same central bank.

celtex

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Sep 28, 2010, 4:17:52 PM9/28/10

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"cnntp" <rumin...@usenet.cnntp.org> wrote in message
news:4ca210df$0$6277$6e1e...@read.cnntp.org...

The dealers I know of base their "buy" price at some moving non-standard %
off the spot price the day they are buying... I'd like to see a fixed rate
off spot so you know where you stand before you open their door.