A deal too good to be true...
(Please note: all prices below we're correct on the 18th June 2009)
In recent weeks we have seen a number of competitors offering impressive scrap gold prices - in some cases almost above the gold trade value!
Determined to discover how our competitors are offer such unrealistic and inflated prices, Scrap Gold UK posed as a customer and signed up to complete a test transaction.
We used our professional jewellers scales to weigh two identical sample 9ct gold items, our scales gave a reading of 15.2 grams. We selected two on-line scrap gold buyers advertising what we believe to be unrealistic 9ct gold prices - £6.70 per gram - then completed their on-line forms and sent the packages off.
After a couple of days, we received a call from one of our test vendors explaining that our 9ct gold had been weighed and found to be only 14.9 grams! (May be our jewellers scales are broken!) They also claimed the 9 carat gold was in fact only 30.72% and not the 37.5% that we tested at. So... instead of the £103.85 we calculated for our gold, we received just £5.72 per gram, giving a grand total of £87! a significant difference!
The really interesting point here is that our buying price for 9ct gold on that day was approximately 15% lower than both our test vendors - with their assessment of our gold, their final purchase offer price, taking into consideration their claims that the weight was incorrect and the purity of the gold lower, was unsurprisingly approx 15% less than their advertised price!
With the gold price at its current high and with the current economic situation pushing more people to realise the value of their gold items, the number of scrap gold buyers has soared. We strongly recommend that anyone looking to sell their scrap gold look for a BJA registered company.
The BJA (British Jewellers Association) are a recognised trade body and have clear guidelines for their members to follow.
Scrap Gold UK and Sabre Jewellery are full members of the BJA and have a full BJA members profile available for review.
If you would like an honest, commission free quote for your scrap gold, complete the form on our website.
Gold to surpass $1,000 per ounce...
In recent days, several significant sources have indicated that now may be the last opportunity to purchase gold before the price begins to surge again.
Many believe that the ongoing fiscal output by the global economy, particularly in the US, will lead to a period of increased inflation. Trends traditionally indicate that as inflation rises, so does the price of gold.
The Scrap Gold Tweet...
Twitter seems to be taking over the world at the moment, one tweet at a time! So it's worth a mention that you can now follow Scrap Gold UK via www.twitter.com/scrapgold and stay ahead of the crowd on all matters scrap gold!
It might be a bit more than just 20p...
The London mint, responsible for minting UK pounds sterling coinage have mistakenly omitted the date from around 50,000 brand new 20 pence coins!
They have now issued a call back, offering the public £50 for each 20p coin they return missing a date.
The new 20p coin as shown below is missing the date stamp from the rear of the coin...
The error has come about because the new set of coins, including new set of £1, 50p, 20p, 10p, 5p and copper 1p and 2p coins have been created with a new design on the rear. In most cases the new coins only required a change to the rear of the coin - The 20p coins however required a redesign to both sides. The old 20p coin featured the date on the rear of the coin but with the new design this needed to be added to the front of the coin with the queen's head - Unfortunately, the Royal London Mint forgot to make the change and add the date before the first batch were coined and released to the public.
How to you claim your £50? The Royal London Mint has setup a web site to register any dateless coins at www.undated20p.com.
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