Beware of “1 Day Only” buying events at local hotels and motels hosted by out of state buyers.
If you haven’t met the motel buyers, you haven’t been reading the full page ads in your local paper. They swoop into town, set up for several days, and leave with as much profit as they can. Virtually robbing the unsuspecting public of their treasures!
Keep in mind that the advertising amount these companies spend is enormous! The people who walk into the room to sell their collectibles are TARGETS, not customers. These companies need to make thousands just to cover the costs of advertising before they can actually make a profit.
NEVER mail your collectibles to a company who heavily advertises. Advertising is very expensive and you are the one who pays for it.
One company who’s name I won’t mention, has their employees offer $3.50 per pennyweight for scrap gold as the first offer. Keep in mind that when gold is $1300.00 per ounce, 10k gold is worth $25.00 per pennyweight. This means that buyers are paying only 14% of the gold’s value.
Another company starts out with a price on 90% silver coins at 2 times face value! With silver at around $29 per ounce, the silver in these coins is about 20 TIMES FACE VALUE! That amounts to around 10% of the coin’s value!
Do understand that gold buyers have expenses and are entitled to a fair profit; you will not get 100% of the value no matter who buys your items. Somewhere around 80% to 90% of the value is fair but certainly not 10%
As cash-strapped consumers sell their gold and collectibles to pay for everyday necessities, complaints against gold dealers have risen. The biggest offenders according to a recent tally on the Better Business Bureau’s website, BBB.org, are companies advertising heavily to buy unwanted gold jewelry on cable television channels. One company had 337 complaints in the previous 36 months. Another had 139. The complaints range from pricing discrepancies and misleading advertising to customer service issues and claims for lost shipments.
Motel buyers are many times the worst offenders as far as low-balling the public. Always keep in mind that the huge ads they place are paid for by the huge profits they make. They make these profits by paying AS LITTLE AS POSSIBLE FOR YOUR ITEMS!!
We do not. We pay fair and high prices because it is the right thing to do. Our business is founded on that principle.