All these companies trying to buy up Gold

[Colinjb]

Sure we have all seen the adverts. Why have they appeared all of a sudden, yes it is a valuable commodity now (more so then ever...) and they will be buying up and selling onto someone themselves, but who would it be?

 

Is it the governement trying to replenish our reserves?

Jewlers trying to buy up on the cheap?

 

I'm curious, anyone have any ideas?

[Guest Dark Sotonic Mills]

They're offering only about 50% of the scrap value, so the motive is clear. Greed.

[Clapham Saint]

Sure we have all seen the adverts. Why have they appeared all of a sudden, yes it is a valuable commodity now (more so then ever...) and they will be buying up and selling onto someone themselves, but who would it be?

 

Is it the governement trying to replenish our reserves?

Jewlers trying to buy up on the cheap?

 

I'm curious, anyone have any ideas?

 

These companies don't (and obviously couldn't) tell you how much they will pay until you have already posted them your gold.

 

They are not going to be paying top whack.

 

Although they promise to return it to you if you are not happy with the price I'd be willing to bet that this will incurr a fee and that most people sending in fairly cheap stuff won't bother meaning that they can get away with fairly insulting offers.

[thesaint sfc]

It was on Radio 1 yesterday that Jewellers are trying to get it on the cheap and giving people far less for their gold than they are actually worth.

[gaz]

They all seemed to appear from nowhere together, are they all linked?

 

Same with the quick short-term loan companies of the past fortnight.

[Draino76]

These companies are buying gold as they think the price of gold, in general, will be going up. They're not doing you any favours, they want to make money.

 

Why are they buying Gold? In a nutshell, gold maintains and even increases in value in periods if inflation.

 

How could there possibly be inflation when we're in such a mess? Because the economy is awash with liquidity that the Bank of England has printed out of thin air, ie quantative easing. When Britain finally comes out of recession,the banks become bullish and start lending out this printed money to the real economy this extra £80 billion swishing about will bring inflation.

[Sheaf Saint]

It was on Radio 1 yesterday that Jewellers are trying to get it on the cheap and giving people far less for their gold than they are actually worth.

 

Well, you know the famous phrase...

 

There's a sucker born every minute.

[SOTONS EAST SIDE]

There was a radio programme the other week, who got there gold valued by a bullion dealer at £299.98 (scrap value). The best price they got from one of those "buy your gold" lot was £60! yes £60! a bunch of conmen, and your a mug if you use them!

[Hatch]

Only an idiot would use this service.

Idiots deserve all they get.

Seems like a match made in heaven.

[TopGun]

It seems obvious that they will pay a rubbish price to anyone stupid enough to sell to them because they have to pay for all those adverts on TV and radio.

[Minty]

Key thing no one has mentioned yet is that these companies are playing on the recession and the fact that people are supposedly short of money... with Xmas coming up, their tactic is that people will happily take some money for their gold, to help them get some cash in to buy presents etc, and so are more likely to accept lower prices on the gold.

 

As DSM says, it all comes down to greed - and the unerring intent of some 'entrepreneurs' to profit from other peoples misfortune.

[SOTONS EAST SIDE]

Key thing no one has mentioned yet is that these companies are playing on the recession and the fact that people are supposedly short of money... with Xmas coming up, their tactic is that people will happily take some money for their gold, to help them get some cash in to buy presents etc, and so are more likely to accept lower prices on the gold.

 

As DSM says, it all comes down to greed - and the unerring intent of some 'entrepreneurs' to profit from other peoples misfortune.

It also takes people to get of their a-sre's, find they're local bullion dealer and get a fair price! Lazy beggers

And 1000 posts! I thank you! :smt040

[View From The Top]

There was a radio programme the other week, who got there gold valued by a bullion dealer at £299.98 (scrap value). The best price they got from one of those "buy your gold" lot was £60! yes £60! a bunch of conmen, and your a mug if you use them!

 

I heard that as well. As soon as the seller said no they upped to offer to £100.

[Big John]

Colin, here is the official 10 year gold price growth chart. Looks pretty impressive doesn't it?

 

You and I know that gold is worth it's weight in (er) gold quite literally, but most don't realise just how much that equates to. It doesn't matter to these people that the likes of you and I won't touch them with a barge-pole, they'll get by on the thousands that are in the smelly stuff and with Christmas around the corner and kids wanting PSP's, netbooks and the like it's an emotional choice not a considered one..

 

These companies are basically preying on the very needy. Not that scrupulous, but then again they do say that money is the root of all evil don't they.

 

 

NB, the price over the past 6 months has risen by a whopping 18-20%!!! so even if you sold at the real price in the summer you'd be well out of pocket.

Edited 18 December, 2009 by Big John

[do i not like fizzy pop]

Still, these companies probably are offering a better price than Gordon Brown got when he flogged off the Uk's gold reserves (around 1999/2000) when gold was at its lowest price for 50 odd years (sarcastic smiley thing)

[benjii]

Evidently they have identified a large market of thick people with cashflow problems and intend to exploit it.