SAN FRANCISCO (KPIX 5) — It seems like a simple method to become profitable: a travelling gold present coming by way of city, providing prompt money on your previous jewellery. However how do they examine to native gold consumers?
KPIX 5 determined to test it out.
Huntington Uncommon Cash and Valuable Metals travels the state, selling its visits to city with shiny brochures providing a “2 day solely” alternative to get immediate money on your valuables.
Bay Space jeweler Tom Broadwin agreed to lend KPIX 5 $6,000 value of gold, plus some pretend costume jewellery to combine in, to permit for an undercover check of what Huntington needed to supply.
In fact, sellers shouldn’t anticipate to get the complete worth of your gold, as gold consumers have to make a revenue. However Huntington’s supply of forty seven % of the gold’s precise worth appeared low.
It turned out many native jewelers have been rather more beneficiant. At Albany Coin Trade in Albany, the proprietors walked KPIX 5 cameras by means of the method as they examined each merchandise and provided 70 % of the gold’s worth. They even offered an itemized printout of their supply for each bit to take residence.
After a fast look with a magnifying glass, Fort Knox in Alameda precisely separated the actual gold from the pretend and provided seventy two % of its worth.
However throughout the Bay, Bay Space Gold and Silver on Ocean Avenue in San Francisco gave one of the best deal by far. Utilizing a computerized system to check every merchandise, the proprietor provided 86 % of the gold’s worth.
The bottom native supply got here at Numis Worldwide in Millbrae the place, in contrast to each different jeweler, the property have been shortly whisked away from sight.
When the proprietor returned, he would solely supply a lump sum for all the jewellery, refusing to say what they might pay for every merchandise until we paid him a $seventy five appraisal payment for every merchandise first. Their supply for the whole lot was not a lot better than the touring gold purchaser’s: About forty nine % of the gold’s worth
“On gold, I’ll by no means pay lower than seventy five % of the market. If the gadgets are saleable the place I feel I can resell them, I’ll pay ninety % of the market,” stated Tom Broadwin.
Broadwin stated the lowball supply from the travelling gold purchaser didn’t shock him.
“Once they come to inns or different venues they know they’re by no means going to see you once more,” he stated.
However he was shocked by the outline of the expertise at Numis Worldwide.
“These individuals have numerous nerve. They need to be prepared to inform you precisely what you have got and make a agency…