Selling Gold Undercover – Who Gives The Best Price?

Selling Gold Undercover – Who Gives The Best Price?


BASTIDA: There are lots of places that will offer to buy your old gold for cash. You’ve probably seen some of the ads. But are you really getting what it’s worth? Only on 5 tonight, Julie Watts has the results
of our undercover investigation. WATTS: You’re watching hidden camera video of a visit to a traveling gold show. Huntington Rare Coins and Precious Metals travels the state promoting its visits to town with glossy brochures offering a two day only
opportunity to get instant cash for your old valuables. BROADWIN: And I always look the item over for just general information. Bay Area jeweler Tom Broadwin agreed to lend us six thousand dollars worth of gold plus some fake costume jewelry to mix in and we went undercover to put Huntington to the test. WATTS: While they accurately identified what was real and what was fake. HUNTINGTON: That’s cash. WATTS: The offer seemed low. About 47% of what our gold was actually worth. SELLER: How about that? WATTS: Of course you shouldn’t expect to get the full value of your gold. Gold buyers do need to make a profit but we wanted to see just how much we could get So we took our gold on the road to local jewelers. JEWELER: How much money you would get depend on the weight and the purity At Albany Coin Exchange, They walked us through the process as they tested every item. JEWELER: This is total. and offered us 70%
of the Gold’s value. They even gave us an itemized printout of their offer for each piece to take home. After a quick look with a magnifying glass, JEWELER: If it’s not marked, we contest it. Fort Knox in Alameda accurately separated the real from the
fake and offered 72% of the gold’s value. But across the bay, Bay Area Gold and Silver in San Francisco gave us the best deal by far. Using a computerized device to test each item, the owner offered us 86% of the gold’s value. The lowest local offer SHOPPER: Do you guys buy gold? JEWELER: Yes we do. SHOPPER: You do? That came at Numis
international in Millbrae. JEWELER: …and I’ll give you a number. Where unlike every other jeweler, our valuables were quickly whisked away from sight and when they came back the owner would only offer a lump sum for all our jewelry JEWELER: I can’t give any more details without charging for an appraisal. Refusing to tell us what he’d pay for each item unless we paid him first. His offer for everything – not much better than the
traveling gold buyers. JEWELER : This is worth… WATTS: About 49% of the gold’s value. BROADWIN: When I buy gold, I test it but it’s still never less than 75% of the gold market. BROADWIN: If the items are saleable, where I think I can resell it and won’t melt it, I’ll pay 90% of the market. Tom says the lowball offer from the traveling gold buyer doesn’t surprise him BROADWIN: When they come to hotels or other venues, they know they’re never gonna see you again. WATTS: But he was shocked by our experience at Numis
international. BROADWIN: These people have a lot of nerve. They should be willing to tell you exactly what you have and make you a firm offer. Under no obligation of any
kind WATTS: Yet at this store, they wouldn’t even tell us if this was real gold unless we first agreed to sell it to them for pennies on the dollar. They were the only store to ask us to pay for an appraisal and while you might do that
for insurance purposes, you shouldn’t have to pay to sell your gold. WATTS: Do you remember this piece of jewelry though? WATTS: But when we went back to ask them about what we caught on camera, WATTS: Do you often force people to pay you before you buy their gold? JEWELER: We never force anybody to pay us, no. That’s incorrect. WATTS: The owner asked us to leave and while jewelers do have the right to lowball you, you have the right to shop around. In Millbrae, Julie Watts, KPIX 5 BASTIDA: We reached out to all the stores that we visited for our investigation including the traveling gold buyer. They had no
comment. Meanwhile we have tips on how to figure out what your gold is worth before you shop it around. You can go to cbsSF.com

9 Comments

  1. I have sold m Jewelry on 47th St in New York. I know I totally got scammed. I needed the money. Once you hit the street they all call one another and let them know what you have for sale. They all agree to low ball you. I went to some places and they already knew I was coming. Still looking for a place to sell my gold. i don't want to give it away.

  2. If you think ANYTHING is "worth" ANY MORE OR LESS than what a BUYER amd SELLER agree to "trade" it for, you're an idiot. "Spot price" as determined by a bunch of "bankers" in London doing the "London gold fix" every day before "markets" in the U.S. is even more idiocy. Go do an "undercover sting" of the "London Metals Exchange" and see if you can get "spot price" THERE. And since you're no doubt Anglophile shills who just LOVE the idea of getting a "title" from "Her Majesty" and the way the "media" seems to be so beloved by "government" and so "powerful", pack enough shit to stay awhile and see if you can become a "British citizen" since you've got such a massive ego and entitlement complex, a dead-end local station news "anchor" gig and a ticking timeclock on your "TV celebrity" looks and "status" in a country with FREE MARKETS that will SPIT YOU OUT as soon as your "value" drops far enough to match your "ethics" as a so-called "journalist".

    "COMMODITY "SPOT PRICES" NOT GUARANTEED ON THE "SPOT" AS USED MANUFACTURED GOODS AND DIFFERENT POTENTIAL BUYERS OFFER DIFFERENT PURCHASE PRICES!"
    BREAKING NEWS OR COMMON F'ING SENSE WE'RE TOO DETACHED FROM THE REAL WORLD WHERE TV.CELEBRITIES GET THE "BEST DEALS" ON EVERYTHING WE WANT FROM OUR SPONSORS? WHY DID WE WASTE YOUR TIME WITH YET ANOTHER HIDDEN CAMERA EXPOSE' THAT DIDN'T SHOCK YOU IN THE LEAST, REVEAL ANY REAL "WRONGDOING" AT ALL AND ACTUALLY GOT US TRESPASSED FROM PRIVATE PROPERTY WHEN WE DESPERATELY TRIED TO "SAVE" THIS PIECE OF SHIT "JOURNALISM" BY ATTACKING AND PROVOKING AN HONEST BUSINESS INTO "CONFESSING" THEY BUY AND SELL THEIR MERCHANDISE AS PROFITABLY AS POSSIBLE EVEN WHEN ASSHOLES TRY TO EXTORT MORE OUT OF THEM AFTER THE FACT?"

    STAY TUNED AND MAYBE ONE OF THESE DAYS WE'LL "EXPOSE" OUR OWN "INDUSTRY" AND "CONFESS" TO WHAT A BUNCH OF GREEDY, SLEEZY AND "WEALTHY" EMTPY-HEADED FOOLS WHO WERE "LUCKY" ENOUGH TO HAVE IN "LOOKS" WHAT WE LACK IN "PERSONALITY" WE ARE AND HOW WE USE AN ENDLESS WARDROBE OF ONCE-WORN DESIGNER OUTFITS, MAKEUP, HAIRSPRAY, PLASTIC SURGERY, AND "GOOD GENES" ALONG WITH LOOSE MORALS AND THE WILLINGNESS TO DO ANYTHING TO OR WITH ANYONE "ON CAMERA" INTO A FAR HIGHER NET WORTH AND FAR MORE FAME THAN WE'D EVER GET AS ACTUAL PROSTITUTES OR PORN STARS "WORKING FOR A LIVING"!

    BUT IT'LL BE A 5-PART "SERIES"
    AIRING THE 6TH SUNDAY IN NEVER.

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