Hard Core Pawn: Anyone live in the detroit area?

its a TV show,,,,,,

Can someone please tell me why gold is so valuable is it because it's so shiny or what? I myself would rather have a nice piece of rose quartz. It just befuddles me I know some technology uses gold but what about before that?

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“As the farmer who won the lottery said when asked what he was going to do with his winnings "Keep farming until it's all gone”

Listen to Ace Admirer Its a TV show, important word SHOW, Its a scripted show, They all are. Shows like survivers and all reality shows pertend to be on a deserted island. Yeah with several hundred camera men sound lighting, transportation people, food preparers. really people from the five star resturent just behind the bushes located in the five star hotel where everyone is staying. If you want to learn how things work drop the reality shows, turn off the TV and go outside.

Auction Hunters--I've never even heard of this one. You must watch more TV than I.

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~*~Erin~*~
SAHM, ranch wife, sub and quilt shop proprietress
the Back Gate Country Quilt Shop

Its not illegal.
of coarse they want to make as much as possible.
The scrap value thing was also pointed out. Not as high as bullion because its alloy and needs refining. So what they are offering is a percentage of the melt value.
as has been said the shops got to make some money in the deal.

you can pawn or you can sell.
pawns are usually less then what a out right sale would be.

Pawn contracts in Michigan are for 3-Month terms at an interest rate of 3% per month plus $1 per item for storage.

All pawn shops are licensed.

They are prohibited from dealing with minors. So with that said those people are adults,maybe desperate adults but adults. They can either choose to accept the offer or decline. its a consenting transaction.
He's also not the only pawn shop down there either.(I say down cause I'm north of Detroit) they can shop around for the best price.
Pawn shops can be shady though. Its supply and demand. in areas folks are desperate the shops know it and use it to their advantage.

Gold buyers have been popping up all over around here, riding the market I guess... I have a heavy 14k wedding band over 1/4" wide and thick (I wanted something that would hold up to manual labor). Just for kicks I let two different gold buyers give me estimates on what it was worth. They both offered around $100. The ring was $350 or so new, 8 years ago. I'm guessing they would probably get $130-$150 for it...

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http://www.lindsayfarmonsilvercreek.blogspot.com/

Real gold brings real prices.

Same with silver.
Also,when buying gold or silver,you as the buyer will normally pay OVER spot price.

This is what I found for 99.99% silver rounds and bars.
Never got into gold,it was too rich for my blood back when it was less than $500/oz.

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https://www.facebook.com/FlipFlopFarms

There is another one called Storage Hunters. Same thing they go around and buy up storage sheds at auctions.
ANd the other type show called Real deal.
Where you take the item directly to a "Dealer" you then make the best deal you can for your item. OR you can take your chance and take that item directly to auction.
Some times you make out by putting the item in the auction somethings you don't LOL

I saw that show. Since it aired, he has lost money as the price of gold is down by about 17%. Cash, on the other hand, will buy you more as prices of many necessary items have gone down (houses, gas, tvs, electronics).

The pawn and loan business is very risky that is why they pay so little for items.

You didn't buy the ring for its gold content. You bought jewelery. The actual cost of the gold when you bought it would have been much less than you gave for the ring.
The buyers were buying for gold content. Two different markets for two different kinds of people.