Hi Friends, here is a thing that I have discovered about Gold and Silver in pawnshops.
They charge you by the gram !!!!
If by chance they buy from someone a special / rare coin that has a high premium (in the real world) - they don't care - they just pay/offer a bit less than the spot price of the precious metal that the coin contains and when they sell - they charge you a bit more than the spot by the gram.
This is a cool way to find very good opportunities to buy special coins fro spot price + something
Few days ago I was passing next to a gold pawn shop (here in Singapore ) and in the corner of my eye i saw in the window golden coins for sell.
I had a look and there was a very nice gold coin issues by Singapore republic fro their 10th anniversary
I have asked for the price and they replayed that it would be 59 S$ for a gram.
They charge the gold and the silver by the gram ..they don't care about the collection intrinsic value the coins has.
this way iv'e got the coin for 5.44x59 = 320.96 S$ => 240 US $
this coin can be soled at much more premium
here are some examples here below
here is the best price I could find and it is still 50$ more expensive
Let me think what do you think about this
That's typically what most of the shops will do in Dubai, at the gold souks. They honestly do not care about what the prices are on ebay, or on the internet. It is a gram of gold or silver, plus a sales premium to them so they can make a profit. They need to keep inventory moving because of the fluctuations of the price. No I have also found some great coins well under market premiums. Keep hunting
that kind of depends on each individual pawn shop to be honest
yes ..I agree ..from experience the best shops to check are NOT in the center or in busy areas ..more in neighborhoods (I bought my coin in ValueMax Pawnshop - 119 Aljunied Avenue 2, #01-40, 380119 )
Thank you very much for give us some trips.It helps us in many way.Thank you
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