Ran a "sting operation" on some Gold Buyers today

hombre_de_plata_flaco

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Apr 24, 2011
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Ran a "sting operation" on some Gold Buyers today

So, in the latest edition of my local newspaper this week I noticed a full page advertisement for a company that was setting up shop in a hotel for a week in my sleepy little redneck town.

I decided to go up there today on the first day they opened up shop and bring them a few items I have been sitting on waiting to sell for sometime just to see what they would offer. I brought coins and scrap gold jewelry.

The jewelry items I brought consisted of nearly 58 grams of gold - 20 grams of 10K and 38 grams of 14K.

The coins are the Carson City GSA Hoard Morgan Dollars that I have had on consignment for over a month now. I thought I had them sold a few times, but the deals kept falling through and no one wanted to pay full price so I sent them off to NGC for grading. I will be listing them on eBay later this week, but I digress.

Spot value on the gold today totaled approximately $1700.00

Whitman Red Book total value for the 9 CC Morgans graded from MS62-MS64 is $3500.00

TOTAL VALUE of said items: $5200.00

Anyway, I made my way to the hotel's 3rd floor and sat down for my "consultation". There were 2 chicks and 2 dudes. Seemed like a bunch of sleazy car salesmen - that was the vibe I got anyway. The guy that was "working" with me asked where I got all the stuff, I told him I got it all from my deceased grandfather, and that I "didn't know much" about the items.

He started the process of going through all the items with a loupe, magnet, and acid. One thing I noticed right off the bat was that in spite of the fact that there were only TWO items that were 10K, he put nearly half of the scrap jewelry into the "10K pile" for his estimate. I watched him closely to make sure there was no "slight of hand" stuff, as I had weighed all the items before I left the house.

After he went through the gold, he pulled out a Red Book and started looking at the Morgans. He said that they "generally pay $15-$20" for them. I just stared back like I was a moron and in complete agreement.

Anyway, when it was all said and done their final offer was-------------------------wait for it..................................






$500 bucks LMAO!


It was at this point I began to gather up all my items and place them back into my duffel bag. I then informed him that I was a coin collector, and that I also dabbled in scrap gold. I announced to the room of shysters that I had calculated the spot spice that morning @ $1700, and that one of the NGC Morgans graded at MS63 ALONE was worth almost $600. I also said that if I got home and weighed my scrap and the total was off I would be calling the cops. Just for poops and giggles, I also told them I was "a writer" and that I was working on an expose' about people like them who rolled into sleepy little towns and bent the local populace over the barrel.

You could hear a pin drop as I made my way out of the room.

On my way out the door, one of the girls sheepishly asked "Who do you write for?"

"You'll find out soon enough" I replied.

I'm writing a letter to my local paper right now shaming them for accepting advertising money from these people and detailing my experience with these scum.

I would like to call them by name and post a picture of their newspaper ad if the mods will permit.
 

Re: Ran a "sting operation" on some Gold Buyers today

the mods should let u post it so no one gets ripped
 

Re: Ran a "sting operation" on some Gold Buyers today

Did you ask if they were certified in precious metals? My friend owns a very nice pawn shop. I know, sounds weird, but he had to be certified in order to deal in precious metals and jewels.
 

Re: Ran a "sting operation" on some Gold Buyers today

if you mean by the name they use for their buying service.
go for it.

if your talking personal given names of the buyers
no
 

Re: Ran a "sting operation" on some Gold Buyers today

jeff of pa said:
if you mean by the name they use for their buying service.
go for it.

if your talking personal given names of the buyers
no

Thanks Jeff.

I only got to know the first name of the guy I was "working" with - or should I say "trying to WORK ME".

I will photograph the ad and give the name of the company, though I don't believe anyone here on T-Net would be so uninformed as to deal with them.
 

Re: Ran a "sting operation" on some Gold Buyers today

hombre_de_plata_flaco said:
jeff of pa said:
if you mean by the name they use for their buying service.
go for it.

if your talking personal given names of the buyers
no

Thanks Jeff.

I only got to know the first name of the guy I was "working" with - or should I say "trying to WORK ME".

I will photograph the ad and give the name of the company, though I don't believe anyone here on T-Net would be so uninformed as to deal with them.

Personal names may be alias' anyway.
like when you phone a Phone or internet service,
and everyone is bob or jane & Live in india.

JANE !cid_B8F196D5DBB74AFBAC9A8A831A081B02@AudreyPC.jpg
 

Re: Ran a "sting operation" on some Gold Buyers today

Why am I the only one who can't upload HUGE pics here?

The name of the company is supposedly "International Gold Silver and Diamond Buyers", though I'm sure it's probably just one of many names it uses as it has no official website that I can find.

fkn_crooks_IGSDB.jpg
 

Re: Ran a "sting operation" on some Gold Buyers today

You did something that I've always wanted to do. Gotta give you credit.
 

Re: Ran a "sting operation" on some Gold Buyers today

Hombre, I too give you a lot of props :thumbsup: B-U-T, as sleazy & immoral as the shysters were, technically speaking, they're not doing anything illegal. Fact is, most of the sellers that go to these 'traveling medicine shows' just want to unload their crap and make a few bucks OR desperately need some quick cash & sell whatever they can get their hands on. It is up to the SELLER to do their due diligence on prices, weights, etc. Look at ebay for example; someone can take a worthless paperclip & sell it for a million bucks if they're creative enough. That seller would NEVER be arrested unless he promised something clearly false or misleading. These jewelry shows NEVER tell what they will pay for ANY items in the ads. Instead, they use word-play; "silver bought for up to $40 an ounce, top dollar paid for your gold" (what is top dollar?) :laughing7: Get it? Are they pure sleaze? Yes. Are they con men? Absolutely. Are they immoral --deleted--s? You bet your butt. Again though, legally speaking, there isn't one law they are breaking. Remember the old saying 'Cavaet Emptor' - let the buyer beware :sign13:

P.S. - Is there any difference than when someone takes an item into a pawn shop? NOBODY gets book value on ANYTHING in those places. They're the biggest rip-offs around, yet, business is booming & there's nothing illegal about it. If you're selling your $65,000 Mercedes & someone offers you $1,000 for it & you say yes, YOU'RE the one at fault IMHO, not the buyer :thumbsup:
 

Re: Ran a "sting operation" on some Gold Buyers today

I know that these guys weren't doing anything "illegal", and that they "cater" to mostly desperate people, and that sellers should educate themselves before selling their items, and that you never get full book value for anything.



That being said, these dudes were still sleaze of the highest regard. The offer dude threw out wasn't even 10%. Plus, watching them poop bricks and turn white as ghosts when I walked out the door made my day (even though the OP is right when he says it would have been more productive to go out digging lol).
 

Re: Ran a "sting operation" on some Gold Buyers today

Were the 2 chicks "hot"? ;D (I'd let them off if they were, and just expose the two dudes!)
 

Re: Ran a "sting operation" on some Gold Buyers today

you see this thing more and more... its sad really.. but even on here you will see people listing silver items for WAY below spot when you can send even 40% coins and less to ARA and get 90% of the spot
 

Re: Ran a "sting operation" on some Gold Buyers today

saw one in the newspaper that said UP TO $4 (8 times face) for kennedy halves * ( A 1964 90% half WAS PICTURED IN THE AD)- THIS WAS WHEN 90% HALFS WERE BRINGING IN 22 TIMES FACE VALUE (11 BUCKS EACH ) and I was getting (8 times face) $4 for 40-% ers at the local coin store

so they were buying 90% ers , and paying the value of 40% ers for em -- nice folks . :evil5:
 

Re: Ran a "sting operation" on some Gold Buyers today

Actually the way they handle the situation would dictate if they did anything illegal or not. If they are representing themselves as experts and tell you your coins, gold, etc... is worth $ amount then they are committing a fraudulent act. If after evaluating your items they make no reference to value but simply say "I will offer you $ for these items" then no crime has been committed. It is a fine line that separates the two although the intent to deceive is the same.
 

Re: Ran a "sting operation" on some Gold Buyers today

Ramjet, are you in Clarksville? I'm in Hoptown.
 

Re: Ran a "sting operation" on some Gold Buyers today

I've went to these a couple times and left laughing at them too. I feel sorry for the people that accept their offers but they have every right to say no and not sell to them. Their business depends on folks that need cash and don't have any clue what their stuff is really worth.

There was a story a while back about one of these outfits whose checks bounced after they left town, I think it was in Tennessee somewhere. You're right about the sleazy salesman feeling though, I felt like someone just tried to sell me Amway or a vacuum.

HH Charlie
 

Re: Ran a "sting operation" on some Gold Buyers today

You should have looked at his wedding ring then looked him in the eye and said...I'll give you $20 bucks for that ring!

By the way, If the CC GSA Morgan's have the box and cert. I will give you $100 ea. ;D
 

Re: Ran a "sting operation" on some Gold Buyers today

thrillathahunt said:
By the way, If the CC GSA Morgan's have the box and cert. I will give you $100 ea. ;D

I'll send you a link to my eBay account. ;D
 

Re: Ran a "sting operation" on some Gold Buyers today

You knew what the result was going to be....why did you waste your time doing this? The people that sell to these operations dont care. If they did they would do a little research on where to sell.
 

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