[Plonk]

Solomon, you could put it on ebay, perhaps? If you had a jeweller's valuation for it, then people would know it is legit.

[Bernard L. Madoff]

...melt it?

Just jokes. Non idea mate. If the wildebeeste won't pay just hold?

[Bernard L. Madoff]

called Perh Mint?

[tor]

Are there any jewellers that make their own stuff or jewellery training places near you? That would be where I would start.

[Plonk]

Gold looks set to be hitting another intraday high as I write this.

[Bernard L. Madoff]

My grass is growing and the trees in my yard are swaying in the breeze.

[savagegoose]

yeah sol, id contact jewelers not cash converter / gold exchange types. adel exchange here pays spot for gold bullion, ie 99% ingots bars etc.
not sure what they pay for chains and rings etc. prob just by weight. at least you walked away, keep trying till you find a good deal and dont ever bother if you dont.

[itching]

SG at Adelaide exchange you take in your jewellery and tell them "I want x dollars"
The either say yes or no. They dont make offers.

[Solomon]

Thanks fellas for the comments.
I did go to a jeweller. That was my point.
Yet I am discovering that many older people are going to jewellers and handing over their jewellery for a fraction of the price that it is currently trading.
Is this appropriate, and are there regulations on what jewellers should be paying for gold.
If you think about the prices I quoted some of them may be able to get a 300% investment return.

Whilst I agree; that shopping mall exchanges and cash converter types are worse, but how many people accept their prices???

I guess what I am trying to say is, that if we were to lose currency as a means of common exchange, there would need to be some kind of regulations in place so that those who were exchanging gold could obtain what it is worth.
At the moment the most commonplace people associate gold with are jewellers, and they are ripping their customers off, by not paying even close to it value.

My personal preference, is that there be a national assayists office, that converts gold into the current market value in dollars. Probably not going to happen but imagine if our government was buying gold, and building up its own stocks at the same time.

BTW, what is the carat of gold held in nuggets? ie; what carat of gold is pure?

This post has been edited by Solomon: 15 September 2010 - 11:30 PM

[tor]

Solomon, on 15 September 2010 - 11:29 PM, said:

...I did go to a jeweller. That was my point...

BTW, what is the carat of gold held in nuggets? ie; what carat of gold is pure?

24 Carat is pure from memory (jewellery won't be that).

Was the jeweller one that makes their own stuff? They would have the ability to smelt the gold (probably). You will probably have to wear a bit of a loss because whoever buys it has to refine it which isn't free but I agree 300% seems a bit rich.

[firehawk]

Bernard L. Madoff, on 11 September 2010 - 06:16 AM, said:

This is sort of funny (except I want Gold to get to 1220ish before reversing to 1300).

http://www.zerohedge...old-price-penny

PS More overbought Techs...
http://2.bp.blogspot.../goldweekly.png

I hope you are not avoiding buying because of the overbought technical indicators. In a bull market, I reckon what you need to be paying attention to is the oversold indicators to indicate when you should buy more...

[Plonk]

tor, on 15 September 2010 - 11:35 PM, said:

24 Carat is pure from memory (jewellery won't be that).

You can buy 24kt gold jewellery. They have lots of shops in Chinatown that sell stuff, and Cabramatta also.

[tor]

Plonk, on 16 September 2010 - 07:17 AM, said:

You can buy 24kt gold jewellery. They have lots of shops in Chinatown that sell stuff, and Cabramatta also.

It is either not for wearing or a dubious sales pitch.

Personally wearing jewellery is not a big thing but if I did I wouldn't want to have it get deformed if someone breathes on it.

As a side note I used to wear big old pirate earrings (well they weren't that big, I was a student, no cash) and one day I forgot to take them out before kendo training, one stray hit to to the ear and the hoops turned into a coiled mass that I found hard to get out of my ears. Bled for days.

[Plonk]

tor, it can be worn and it is not a dubious sales pitch- I have 24kt gold jewellery and it is easily bought. Seriously, go to Chinatown and check it out. I have a 24kt pendant from Perth Mint and a 24kt chain and cross from Chinatown and Cabramatta. I first found out about 24kt gold jewellery when an Indian taxi driver was wearing a 24kt gold ring. I asked him where he got it from and he said Chinatown. I had read that 24k gold couldn't be made into jewellery because it's too soft- that's not true. He said he bought it in Chinatown. I went there and every second jewellery shop there is plastered with 24kt gold jewellery - right near their gold coins. It is not advertised anywhere on the net that these shops have 24kt gold stuff- they just do. I got my gf 24kt gold earrings, too. It is priced by weight- they just chuck it onto scales- and charge spot plus labour on the making of it. Even the clasps on the chains are 24kt gold- and they are usually a twist clasp. I didn't like the way it worked (it seemed too fragile due to bendiness) and wanted to exchange the twist thing for a usual clasp (they only have the latter in 18kt gold), and did some kind of exchange- the 24kt gold twist clasp was something like 24 bucks. The jeweller took it back like it was something special- this tiny bit of gold. No doubt they'll reuse it.

The chain/cross/earrings have never been a problem in terms of fragility. I thought they might be, but the jewellers tell you not to worry. 24kt gold jewellery is a lovely yellow, too- it can be easily distinguishable from anything with a lesser carat.

[tor]

Plonk, on 16 September 2010 - 11:50 AM, said:

The chain/cross/earrings have never been a problem in terms of fragility. I thought they might be, but the jewellers tell you not to worry. 24kt gold jewellery is a lovely yellow, too- it can be easily distinguishable from anything with a lesser carat.

Interesting, it goes against what everyone has told me previously (I used to share a place with a jewellery student).

Next time I am in the city I might go have a look.

Solomon maybe these type of places would give you better pricing. If they sell for spot plus labour they are likely to buy at reasonable prices too...

This post has been edited by tor: 16 September 2010 - 06:55 PM

[firehawk]

tor, on 16 September 2010 - 06:54 PM, said:

Interesting, it goes against what everyone has told me previously (I used to share a place with a jewellery student).

Next time I am in the city I might go have a look.

Solomon maybe these type of places would give you better pricing. If they sell for spot plus labour they are likely to buy at reasonable prices too...

I suspect the 24kt jewellery shops will buy gold at spot minus some reasonable profit margin for them ... perhaps 10-20% as opposed to the gold buyer's scams which seem to buy at 50-80% off.

[Solomon]

tor, on 16 September 2010 - 06:54 PM, said:

Solomon maybe these type of places would give you better pricing. If they sell for spot plus labour they are likely to buy at reasonable prices too...

Thanks tor and plonk,
I will try to check it out.
Seems a sensible answer.
I still don't think they will be buying at $1260 an ounce, no matter what the purity.

So for me, this current market price is useless, unless selling it through the share market.
In the real economy, you won't get anywhere near that for your own gold.
Who's really getting the marginal value??

A bit like homes.
What they are valued for is at best an educated guess.
It is really only worth what someone is willing to actually pay for it.

[savagegoose]

gold at all time record highs, in USD terms , thought id mention it

[Bernard L. Madoff]

savagegoose, on 22 September 2010 - 04:01 AM, said:

gold at all time record highs, in USD terms , thought id mention it

But as Ben pounds the USD, the AUD is going up too...
If the AUD goes from 95.25 to 96.00 it negates Gold going 1270 to 1280 (both 0.79% increases).

[Bernard L. Madoff]

Since 31st August, courtesy of Chairman Ben, Gold has appreciated 4% and the AUD 8.5%. While the AUD outstrips Gold its a loser in our terms. Cobran pointed this out to me.

-13% in 18 months but +58% over three years.

Attached File(s)

•  GOLDXAD.jpg (20.93K)
  Number of downloads: 10