Gold-buying companies

  peter99co 20:59 21 Jan 2010
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Research for the consumer group showed that the gold companies that advertise on television offer an average of just 6% of the gold's retail value.

Did you know this?

  bri-an 21:17 21 Jan 2010

Sorry, but if anyone is daft enough to put gold in a little bag and send it to someone on afternoon telly, who says they will make you an offer, they deserve less than 6%, to my mind.

  interzone55 21:22 21 Jan 2010

This is new research, and it seems each time someone does this research the number goes down.

We installed some cameras at one of these places, and the manager freely admitted that they only paid 1/3 of the scrap value (which is lower than the retail value)

A few weeks ago BBC Breakfast sent £300 worth of gold (scrap value) to a few places and the values ranged from £68 to £188.

I think the moral is if you can't be bothered to get off your fat arse and take the gold to a reputable jeweller you deserve to be ripped off...

  wiz-king 21:40 21 Jan 2010

What is more worrying is the thought that any jewelry you send may be worth more than the scrap value of the gold if it is sold at auction. What is the value of the stones that are taken out before the gold is refined?

  PalaeoBill 21:40 21 Jan 2010

This is a little unfair on the TV advertisers. They do indeed offer only a fraction of the scrap value of the gold you send them, but its typically around 30% not 6%. They are a business. They make no bones that they are not interested in the jewellery and will not be reselling it as jewellery, they intend to melt it down so are only interested in it as scrap gold.

The Which report is comparing the scrap price the TV advertisers offer to the retail value of the gold as second hand jewellery.

If you have gold to sell the best advice is to weigh it then go on-line, find the conversion rate from the number of karats your gold is to grams of gold and then look up the price of gold. This will give you a decent idea of the scrap value. You should be able to get close to 80% of this from on-line gold buyers or high street jewellers.

  peter99co 21:46 21 Jan 2010

H.Samuel launched its own postal gold service over the summer.

Unlike other firms, it always telephones customers to ask if they will accept an offer rather than sending a cheque straight back.

Its quote? The highest of the three at £182 rising to £210 if we agreed to take gift vouchers instead of a cheque, still significantly below the £300 quoted by our gold bullion dealer.

  onionskin 23:02 21 Jan 2010

You might ask why jewlers charge so much more than the value of the gold used, for something like a gold chain.

  onionskin 23:03 21 Jan 2010

*jewellers

  onionskin 23:04 21 Jan 2010

**jewelers

  OTT_B 23:07 21 Jan 2010

Becasue gold by itself is fundamentally useless.

A gold chain is not - it has a purpose and therefore a higher price.

  onionskin 00:10 22 Jan 2010

A bicycle chain has a purpose, I wouldn't pay four hundred quid for one.

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