The Gold Ferry

dont sell your scrap gold just yet

2008-11-09T13:56:00.000-08:00

All over the TV you see all of these commercials about getting cash for gold. You have more than likely seen signs around town that read CASH 4 GOLD at jewelry stores or coin shops.

Before you take in hat old gold you should know that you aren't going to get even close to what its worth even as scrap.

the mail in companies are the worst because they don't have you in the room when the weigh and check the purity.

But if you go into a coin shop to sell your scrap gold the person working there will take your gold and check its purity with an electronic devise which is probably correct but if he thinks your not savvy to what you have he might lie it down a couple of grades. then he'll take the price of gold at that moment and take about $40.00 off if. then he will weigh it with a gram scale and do a secret mathematical formula to convert it over to ounces and then he gives you about 70% of its value. and you just got a little over half of what you gold is worth even in scrap form.

making the most out of your money

2008-11-04T18:35:00.001-08:00

Gold closed at $761 today

If you have enough money to be in the gold game then you should know of some loopholes to score your gold at a discount.

Depending on the area that you live in your local sales tax can be different than others.

If you go to a coin shop or metals dealer and spend a thousand dollars or more at one time it turns your money from gold hobbyist money to bulion investment money.

gold as a hobby??

2008-11-03T16:11:00.000-08:00

I was talking to this guy the other day and he said his hobby was collecting gold and that I should take it up. That made me kind of wonder what kind of money do you have to have to collect gold as a hobby.

With the gold price closing at about $725.00 per ounce today and the average person making $100.00 per day if they had absolutely know bills and didn't like to eat more than once every third day he might be able to squeak out an ounce a week. wow!!

Now gold as an investment maybe but as a hobby give me a break.