BBC Inside Out North West & Selling Scrap Gold
On 25th January 2010, BBC Inside Out North West examined scrap gold jewellery buying prices. We offered the highest price.
Jacey Norman Shops Around
We were first contacted about the programme in November 2009, and were happy to give an interview, and be filmed for the programme.
We like to think the Beeb's researchers and producer Helen Roberts found us via the pages of helpful information and advice we give on our websites.
The very attractive and gold-loving Jacey attended a "Gold Party", visited a shopping centre booth a "Gold Bar" run by H&T , and us.
We expressed and explained some of our views on the scrap gold buying market, and some of this was used in the programme.
Jacey presented all three buyers with the same four items of gold jewellery.
We were surprised at the relatively high price (£300 total) offered at the gold party. In our (limited) experience of gold party prices, after commissions for the party holder, and gold buying "expert", they are normally closer to high street jewellers' prices, and quite a bit lower than ours. Perhaps the party buyer was being extra kind to Jacey!
We were also slightly surprised by the level of the offer (£215) from Gold Bar. Harvey and Thomson is one of, if not the, largest pawnbrokers in the UK, and a publicly listed company with over 100 stores, and plans to open many more during this year. Did they not realise that their buying prices would show as uncompetitive? Perhaps they thought they would only be compared with the "rip-off" postal gold buyers advertising on TV.
Our offer was £322, and we were, as we have already indicated, slightly surprised that the next best offer was so close to ours.
Our offer was based on our typical scrap buying rate of 85% of intrinsic value, and we are happy to reveal that this figure itself can vary by about 5% on either direction, depending whether the scrap consists of mainly small broken pieces requiring testing, sorting, and other work, or whether the parcel size is large, from a regular supplier, and is ready and accurately sorted.
Any of the three prices offered could have been subject to price fluctuations from day to day, and even from hour to hour, because international gold bullion market prices vary constantly. Any such variation would be more likely to affect offers at high percentages of intrinsic value such as ours, and less likely to affect lower priced offers.
Our scrap buying price on the day of filming was based on fine gold at around £730 per troy ounce. As we write this page, it is only around £680 per ounce. To the best of our knowledge, the other two offers were also made around the same time, so we would not expect much variation due to market fluctuations.
Scrap Gold Selling Advice
Advice from experts about selling scrap gold jewellery in the UK and elsewhere. Don't get ripped off.
Not Only Scrap Gold
In addition to buying scrap gold, we also buy quality old jewellery, diamonds rings, watches, certificated diamonds, coins, medals, medallions, silver, platinum, and more. Many scrap gold buyers will not pay anything extra for diamonds.
Scrap Gold Buying Rip Off
Many jewellers & dealers advertising to buy scrap gold jewellery in the UK are ripping people off with low prices & misleading claims. We discuss and name a few of them.
We are happy to buy any quantity of scrap, from a single piece upwards, without limit.
If you have a large quantity of gold scrap to sell, we will accept your instructions on price, or offer you helpful advice on selling. We are one of the longest established and largest gold buyers in Britain.
Fair and Competitive Prices
Our buying prices for gold coins, bars and scrap are fair and competitive, but depend and change based on underlying gold prices, and other market conditions such as supply and demand.
We also frequently buy gold coins from many other countries. There is no import duty or tax on entry to the UK for most gold coins or bars.
Sending Gold Scrap by Post
You are welcome to visit our showroom to sell scrap, but it's also very easy to sell to us using the post. We have a page of advice about sending gold coins and scrap by post.
Other Misleading Gold Adverts
There are lots of them around!
Just one example:-
MyGoldSold.co.uk Laughably Stupid Claim to Pay 30% More for Gold than any UK Buyer
It's hard to believe anybody would make such a ridiculous claim and expect to be believed!
Cash For Gold Scrap Gold Buying Rip Off
Cash4Gold.Com ex employee spills the beans.
Scrap Gold Selling Form
You may wish to print out our form to help make it easy for you to list goods you are posting to us for sale or offer.
We Buy Gold Coins
We Buy Krugerrands
We Buy Gold Sovereigns
We Buy Gold Bars