Tuesday, July 24, 2012
Road trip for gold
It has been one long day. I’ve some friends who no longer own a car. Heck, they no longer have jobs either. I told them that if they ever needed a ride anywhere or if there was something I could do, please let me know. Today they let me know.
As you can imagine, they are more than a bit strapped for cash. They’ve got some gold and silver jewelery, plus some collector coins. We traveled over 250 miles checking out different dealers. It was an eye opener.
Now one can always expect to take a big hit on a quick cash sale, but dealers offered well under 30%? Not being any sort of collector myself, I’ve no idea how that compares to the market. It’s not reassuring when the dealers are caught in a series of bold lies. It’s also not reassuring when the dealers lack the equipment to properly weigh and test the items.
It’s one thing when the lies come from a guy in a bare bones office in the low rent part of town.
One coin dealer at an Internationally known company did the same thing. This place operates out of a large modern building in an industrial park. They offered prices on some well known items that were just north of robbery.
By the end of the day, my friends had sold exactly nothing. They plan on taking their time, and are looking into other ways of selling what they have. Today yielded some good leads, or so they say. I’ve no knowledge or interest in the market, so I’m not able to judge.
On the bright side, my lovely wife and I got to spend the day with good friends who we don’t see often enough.