Quote:
Originally Posted by barrysloate
That's interesting, but everybody should pay around the same. One area can't overpay or pay more than another.
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While I'm sure it seems counterintuitive, it is exactly what happens. Although it may seem hard to believe there are actually people who put gold items in a bag/box and mailed them to TV ad/scams and received checks for an abysmal percentage of their worth. Walk into any mall in the US and there are kiosks that will offer 50% or much less of spot. It's just that many folks who decide to sell spare pieces of gold are not that informed and are preyed on by a merciless marketplace.
I think the bottom line is that there are just different competing business models. The reputable coin store that is based on and content with making a fair profit, been doing it for a long time, and actually wants to have repeat customers. As opposed to the bottom feeders who are in it for as long as it lasts and will push any advantage they have to the hilt and pack it up when the party's over and people wise up or word gets out. Then again, all that's just my personal opinion.
Your mentioning the lack of success you had when trying to sell some gold doesn't surprise me too much. There is only a miniscule percentage of the US population that owns or has interest in owning gold (or silver etc. for that matter). I recall a video I watched on Youtube a few years ago where a social researcher stood in front of a coin store in California and offered passersby a 1 ounce Canadian Gold Maple Leaf (face value of $50 for legal reasons) that had a current spot value of $1,500 for $25. No takers. Wish I'd have run into him.