Quote:
Originally Posted by flamersfan
Just wondering if anyone knows how these Gold Exchange programs work, and if they are a legitimate business.
My mother-in-law just exchanged in a bunch of jewlery, etc. The receipt specifies how many grams of gold (24K, 18K, 12K, etc.). And how many grams of silver (split by quality).
It also states the day's market value for Gold, USD/CDN exchange rate, etc.
I did a calculation of the market value for 18K gold for example, and calculated that she received about 50% of the market value.
Is this standard to have about a 50% margin for this type of transaction?
|
What was the gold rate at? eg: $1300/ounce and how much did she get per gram for the 18k? I buy and sell gold and sometimes people do the calculation wrong.
Doubling profit is pretty high in that type of transaction.