scott

By scott

What we pay for your gold

We believe that having the right information and knowing what your gold is worth is the most important thing to know when deciding to sell your gold. Used and second-hand industries – from pawnshops to used car lots – have a bad reputation when offering a fair price for gold and we believe this comes from the imbalance of information between dealer and seller. The dealers often know much more about their product and it’s true value than their customer. This often results in the dealer using that knowledge to their advantage and offering the lowest price they can. If you go into a pawnshop you might expect to get a low offer and negotiate from there.  So, if they initially offer you $100 and you settle on $150 you might be very happy at first… until you learn that they would have been willing to pay $300 if needed.

We want to be a different kind of business and earn your trust with transparency and honesty by always offering a fair price. Here is how we aim to do that:

  1. We share our payout percentages here to make it easy for you to understand our margins and “what’s in it for us”.
  2. We list our gold prices online for what we offer on all gold jewellery on an up to the minute basis so you are never surprised.
  3. There is absolutely no pressure to sell and no costs for testing to make it easy to shop around.

Where Does the Money Go: Our 2017 Gold Purchase Audit*:

91% – Payouts for their gold made directly to our customers. We pay a minimum of 80% on all scrap jewellery and much more for bullion, premium jewellery, and large amounts of gold. In 2017, our average payout for refined gold was 91% of the market rate of gold.

4.8% – Wages, Rent and Overhead.

2.7% – Marketing and outreach

2% – Profit

0.5% – refining cost

Our business is based off volume and we help people cash out on millions of dollars of gold every year. We strive to keep our costs as low as possible while still offering the highest level of expertise and a safe place to sell valuables.

Other businesses that pay less often have much lower volumes and much higher costs per dollar of gold they bring in.

Is Now the Right Time to Sell?

Our prices over time are based on two factors: the current market price of gold, and our percentage payout.

Market Price

In terms of the market price for gold, as of early 2018, we are at about $1700/oz which is way above the long-term average and over 90% of the all-time high reached in 2012 of around $1800/oz. So, based on past gold prices, this is one of the best times to sell. Projecting forward is much harder and at any given moment you can find lots of varied opinions on whether gold prices and going to go up or down. We never try to time the market with our sales and refining, but we have lots of customers who keep a close eye on what’s happening with gold price to decide when to come in.

Our Payouts:

When we opened for business, gold was around $600/oz (compared to around $1700/oz as of May 2018) and our prices started at 73% of spot price for scrap gold – which was significantly over the industry average of 40%-50% offered by most local and mail-in buyers. As we have grown, higher volumes and better testing have allowed us to raise our starting and minimum prices to 80% of the market value in our gold. In addition, we now pay much higher prices for premium items such as bullion, coins, jewellery with diamonds, brand name items, and large purchases. Factoring in all gold purchases, our average cash for gold payout was 91% of spot price in 2017 – our highest payout percentage ever.

Do you pay the most?

A quick google search will find lots of articles like this one that show that most gold buyers across the industry pay between 30-60% of the market value for scrap gold. In Kiplinger.com’s post, one buyer even offered 9%! Canada Gold offers a minimum payment of 80% of the spot price of gold in Canada, and higher for bullion, premium items, and larger transactions. In many areas, our prices are the highest advertised price out there!

Obviously, the advertised price is not everything though, and what really matters is getting the highest actual offer for your gold. Differences in how the metal is tested (the composition of the gold, any subtractions for stones, etc), fees and minimums, and the occasional dishonest dealer –  we recommend checking with the Better Business Bureau – make it much better to actually compare offers for your gold rather than just the listed prices (warning though – if the dealer does not list a price or won’t tell you over the phone what they pay they almost always offer very low rates). We are very confident that the offer you receive from us will be the highest, and if you do receive a higher offer we will beat that price by 120% of the difference.

Higher payouts lead to more business, more referrals, and more happy customers!

Do all items get melted down?

While most of the gold we buy does get melted down, about 5% of the items we see do actually get polished, repaired and resold. By buying gold with the intent to resell, we are able to offer higher prices for these items. We also buy and resell diamonds and bullion.

Here are some of the things we consider when determining if an item can be resold – and a premium price offered:

  1. Are there any diamonds in the piece? We always pay a higher amount for items with diamonds.
  2. Is the piece from a brand name like Tiffany or Cartier? Again, we always pay a premium for high-end brand name items.
  3. Is there a resale market for this item? Items that are still in style and purchased in the last few years, antique jewellery, and staples (diamond studs, eternity bands) are the most likely to fit into this category.
  4. How heavy is the item? While we pay a premium price for heavier jewellery, often this gold was purchased and popular when the market value of gold was much lower and the piece more affordable. Heavy jewellery (chains etc.) are usually melted downs. Smaller pieces with a high degree of craftsmanship and intricacy are more likely to be resold.
  5. What kind of condition is the item in? While we do repair many pieces before reselling them, this does add to our cost. Some items move from the online store to the melting pot based on condition.  

If you want to get a fair price for your gold, visit one Canada Gold’s locations in Vancouver, Surrey, North Vancouver, Richmond, Hamilton, Ottawa, Calgary, Edmonton, Toronto, Ottawa, or Halifax, find one of our nearby locations here. Canada Gold is accredited with the Better Business Bureau and is an authorized DNA dealer for the Royal Canadian Mint.

 

*This breakdown is based on our gold purchases we refine in aggregate (so does not include items we resell like bullion or premium jewellery). Individual transactions range from payouts of 80% to 99.2% of market price. If broken out, smaller transactions would have a larger percentage of value going to wages and overhead and profit, while still returning 80% to the customer. Larger transactions paying over 91% would obviously be the opposite!

cash for gold Edmonton

Canada Gold Opens new Edmonton Gold Buyers Location

For Immediate Release

November 19, 2014

(Edmonton, AB) – Canada Gold announced the launch, today of their newest location in the Ventures Building at 107 Ave. and 109 St. NW in Edmonton, AB. This opening marks the company’s 11th location in Canada, and its 2nd location in Alberta, joining their existing Calgary Gold office.

Canada Gold began as an alternative to traditional “mail-in” cash-for-gold companies and local pawn shops by offering a simple and transparent gold and silver refining service with on-the-spot payouts.

 Our objective has always been to offer the best payouts to our clients by leveraging our expertise in precious-metals analysis and up-to-the-minute market-based pricing.”

Gregory Neilson – Managing Director, Canada Gold

In Edmonton, the company has invested in state-of-the-art testing equipment and trained local precious-metals analysts, ensuring their clients are offered the most accurate payouts for all types of gold and silver.

For details about Edmonton Gold Buyers, visit http://www.edmontongold.ca

More information about Canada Gold can be found at https://www.canadagold.ca

About Canada Gold:

Founded in 2009, Canada Gold and its subsidiaries are among the leading precious-metals refining companies in Canada. With 11 offices serving BC, Alberta, Ontario and Nova Scotia, as well as a nationwide mail-in program, the company has grown to offer a broad range of gold and silver refining services to all Canadians.

SOURCE: Canada Gold

For further information:

To learn more, please contact:
Gregory Neilson
254 West Broadway,
Vancouver, BC
1-888-682-5832
[email protected]

The Gold Refining Process – how gold is refined

The Five Stages of Metal Refining: From Ore to Pure

The Royal Canadian Mint refines their gold using these five steps:

1. Pre-melt

Doré bars in purities ranging from 5% to 95% are melted in a furnace. Dip samples are taken from the molten gold to determine its purity.

2. Chlorination

Chlorine gas is injected into the molten metal mix. All metals but gold float to the surface to form a slag of molten chloride. The resulting 995 fine gold is poured into an anode mould.

3. Degolding

Soda ash is added to the molten chloride slag recovered from chlorination. The reaction causes gold particles to collect in a silver-gold alloy ‘button’ that settles at the bottom of the crucible.

4. Electrolysis

This process brings gold to 9999 purity. The gold anode is placed in a bath containing a solution of hydrochloric acid and gold chloride. The anode is then subjected to an electric current. The anode dissolves, and the dissolved gold plates onto a titanium cathode. Impurities (mostly silver) fall to the bottom of the cell or form soluble chlorides.

5. Final pour

9999 fine gold is cast into bars of various sizes or turned into granulation gold.


The Gold Refining Process

A Half-Penny for Your Thoughts?

When Great Britain got rid of the Half-Penny thirty years ago, there were fears that it would cause a spike in inflation as retailers all began rounding up to the nearest penny. In all likelyhood, however, it didn’t really have much effect at all.

When the Royal Mint stopped producing the half-penny in the early eighties, inflation had already taken its toll on the coin, to the point that retailers complained they couldn’t give them away as change, people would simply leave them behind on the counter. It was also speculated that the cost to produce the coin was much higher than its face value, but history is full of examples of coins that cost more than their face value. These are some of the reasons that Great Britain eventually abolished the half-penny, but why did it take so long?

Does this sound familiar? With the Canadian penny now a relic of a bygone era, we’d like to know how if you think that these small denomination coins really matter. Do you miss the penny? What impact does not having pennies have on you? Join the conversation in Google+ below!


New Canada Gold Website

Welcome to the new CanadaGold.ca!

We are pleased to officially launch our new website full of great new features and information to help you learn more about the process of buying and selling precious metals including gold, silver and platinum, as well as diamonds.

Canada Gold aims to equip you with all the information that you will need to make an informed decision regarding the purchase or sale of your precious metals and diamonds. Whether you choose to do business with us or not, we are pleased to present you with the most relevant tools and articles to make your decision that much easier.

As always, if you have any questions regarding our company, this website, or precious-metals in general, we are always here to help. You can contact us through our website or visit one of our conveniently located offices in a neighbourhood near you.

Thanks for your interest in our company, we look forward to having the pleasure of serving you soon!Canada Gold Logo

Gold Around the World

Gold Around The World

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The gold price has different meanings for everyone. For some, it is a source of wealth, for others it is the cost of fine jewelry, and there are many more who just don’t really care about it.

Is There Value in the Gold Price?

No matter what your opinion on the precious metal, gold is an important resource in our world and plays a significant role in our global economy. Even if it doesn’t interest you from an investment or fashion standpoint, the gold price is sure to affect you in some way.

With such a difficult to understand value proposition and tremendous economic weight, many ask “why?”.

“(Gold) gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”

Warren Buffet

While this may be true, in most countries gold has a very important role to play through deep rooted cultural traditions and as a store of wealth. It’s true that the gold price is simply the value that we assign to it, but in reality this could be argued for just about any scarce resource or capital in a free market economy.

One of the best ways of understanding the gold price is to simply think of it as a currency. While most other commodities have very real and useful value as a source of energy, construction or as food, gold is quite limited in its general usefulness. Likewise, commodities tend to get used up, contributing to a certain amount of continuous demand regardless of the investment interest in it. Gold, of course is always there. Even if it ends up being used in jewelry you can always melt it down and reclaim it into its purest form.

Gold as a Currency

The reason we can equate the gold price to currency is because it really is just used as a store and transfer of wealth, just like cash. The difference is that cash tends to become devalued over time (inflation), whereas gold price almost always has a consistent value compared to inflation.

There are many economic factors influencing the gold price, but the same is true for currency. If all countries and businesses used gold price as the standard of currency it would lead to much more stable levels of exchange and contribute to an easing global trade. Currently, if a company manufactures a product in one country for sale in another, the fluctuations in exchange rates can lead to huge risks to profitability. The recent rise in globalisation has had more to do with the easing of import duties and the establishment of large-scale trade agreements.

A common currency would be the final consummation of true free trade between countries, also known as a currency union. While this has been tried with a certain level of success in Europe with the establishment of the Euro, the idea of using gold price as a common currency for countries in different parts of the world has been suggested as the next major push towards global free trade.

Just such a scheme has been floated as being plausible by an OMFIF report commissioned by the World Gold Council looking into the potential impacts of changes to China’s monetary policy.

While this type of move would be profound and extreme to say the least, it does show the sentiment towards moving away from currency systems that are easily manipulated by governments and towards a more inclusive system that offers greater stability for the businesses that ultimately engage in trade.

Given all this, it seems that there is a role for gold price as an international store of value and commerce, providing a common currency across international boundaries.

Investing in Gold Bullion in Canada

Not only do we buy your old gold, but we also sell it in bullion form. Learn more about investing in gold bullion in Canada in this short video.

Stirling: and you also by the way Greg; sell gold and silver coins in bars and such, it’s not all your  … it’s a two-way street as far as Vancouver  Gold is concerned. You buy gold and a lot of it and other precious metals but you also sell it.

Greg: Sure, yeah – with the price of gold in Canada on its trajectory, lots of people becoming interested in investing in is well on they say you know if it’s going to keep on going up then … maybe it’s a good investment so we do sell it uh… in bullion form and coin so that the maple Canadian maple leafs that you mentioned … people can buy gold bars and silver as well, lots of people are investing in silver nowadays.

Stirling: There’s an interesting tax issue, attached to buying gold, Charlie.  If you buy one hundred percent pure gold like a Canadian maple leaf gold coin, it’s not taxable. If you buy an American gold coin, well of an ounce it’s taxable.  Why? Is it because it’s foreign or because the gold content?

Charlie: Yeah, first of all that’s just sales tax, you’re still capital gains tax can still be, you know, assessed on those pieces.

Stirling: .. at the point of sale

Charlie: Exactly, yeah.  Anything in Canada, anything less than ninety nine point five percent pure is subject to sales tax. So that includes jewelry and that’s the main reason, so people can’t get around that tax but it just so happens that a lot of these other kind of investment coins like the American eagle coin.

Stirling: .. and the Krugerrand – South Africa, right yeah?

Charlie: Those ones they are twenty two karat or ninety one percent pure, so they would be subject to sales tax. It’s not just that it’s American; you can buy American coins the American buffalo is that a pure gold American coin, so you can buy that here as well. We don’t see anywhere near as many of those as the Maple Leafs.  So the pure gold bars and coins are what you what we would definitely recommend for investing in gold.

Stirling:.. and the better business bureau again; more stuff that I’ve cribbed from your website,  the best better business bureau says be smart about this. Keep up with the prices. Know, at least have a feeling for what today’s prices are, when you walk in today so that  you’re not alien to the process.

Why People are Selling Their Gold

The rise in the price of gold over the past 20 years has caused a lot of people to think more about selling their old jewelry. In this Video we explain why more people are now selling their gold.

Let’s just talk a little bit about how the company came to be,  how you had a kind of a weird experience with these mail order Sell Your Gold To Us in some bizarre place. It’s just not it’s not face-to-face and a lot of people especially now with gold.

Charlie, when you what started the company you see you talked earlier gold was worth about we set about  300 bucks and ounce and then you watched it grow to 600 and went: ”Whoa, ok.” Now it’s worth a thousand dollars more than that an ounce. It’s up around 1600 bucks an ounce.

An amazing climb in value, over such a short period of time.

Charlie: Yeah, the last ten years of just been an unprecedented for what’s happened with gold price. It was sitting around 300 an ounce from the 1980’s till about 2000. We started the business after that climb started because that’s when it really became worthwhile to dig through your old gold but now that it’s kind of continued on that same trend for the last for the last couple years so it’s now at 1600 dollars an ounce roughly, 5 or 6 times what it was when a lot of people would have bought their gold.

Stirling: I think Greg, that that causes people to think about selling more so when you know its 1600 buck an ounce on the open market.  Maybe I’m sitting on something that may actually have some real (value). I’ve got to do this cleaning,  I’m either going to throw this stuff out or maybe I should go have it appraised because at 1600 bucks an ounce it’s… worth my time and effort. You get quite a.. quite a colourful group of people coming in with gold.  So let’s talk about what sort of gold you accept.

Because all I’ve talked about so far is rings and  jewelry pieces and I have a feeling that only represents a small portion of your business .

Greg: It does vary quite a bit. I mean we’re seeing people basically that are bringing items in that they don’t really have any want or need for any more … and with the price of gold so high, you know, the threshold for what is worthwhile hanging on to what’s not  starts is a little bit lower. If you’ve got something that’s been sitting there for 10 years and you don’t think that you’ll be wearing it again for other ten years  then really at 1600 dollars an ounce is probably pretty good time to cash it in and use that money for something else.

Stirling: What if it’s kinda ugly and old and I would never have worn the darn thing in the first place but it was a gift, so what the heck?

Greg: No, you know to be perfectly honest we see a lot of ugly old jewelry and  that’s fine,  I mean that’s what were in that that’s for a business to do is .. you know something that is broken or worn out … in terms of pure gold content isn’t worth any less than a perfectly brand new piece of jewelry.

So you know that’s a type stuff would actually prefer to see we don’t want people to have to be selling something that’s really nice and brand new and that  they might want to otherwise want to keep.

Stirling: Right

Greg:  Because, you know;  the gold content in an item is going to be..  that only represents one part

of the value of it obviously.

Stirling: Charlie accuse me of being old and creepy if you will, but I’ve got to ask you this

what about gold teeth?  Do people do buy teeth and the people bring teeth to your store?

Charlie:  Oh yeah we…

Stirling:  They used to be really popular you know, back a generation before me that was  – it was a very acceptable kind of thing to do – have a shiny gold tooth!

Charlie: Even though the gold teeth that.. so first of all to answer your question we see a lot of gold teeth. that’s almost a perfect example of what we buy it. It’s something that really of no use to you to keep  and this is the perfect time to cash it in.

Stirling: Okay, alright.

Greg:  and by the way, this is a tooth that’s already been taken out of someone..

All: Laughs

Greg: We don’t provide dental services at the store.

Stirling: There are no extraction services provided at Vancouver Gold. Good to know.

Charlie: The gold teeth we buy are not necessarily  gold colour always, we do buy the white gold ones.

They usually have a little less gold content in them, but they’re. We buy it all basically.

Stirling: It sounds;  judging by the expression on your face, sounds like it’s fairly commonplace?

Charlie, Greg: It is. Absolutely.

Stirling:  Of course, of course.  Gold is up and down. It’s a roller coaster ride and if you’re a gold person and that’s your  retirement it could be a stressful .. holding, unless you’ve got lots and lots of it.

But in terms of the consumer… if you have  this written estimate describing all of your

uh… submissions, that gives you a pretty powerful weapon if you are comparison shopping Greg, as you say a lot of people do.  You can take that estimate from Vancouver Gold and run it by a couple of competitors and chances are you’re not going to get that thorough… a comparable returned quote are you?

Greg: Well certainly the other gold buyers in town they don’t have the same type of testing equipment that we have because what is all about. We have the capability to measure down to the thousandth of a percentile on our xray machines.  We’ve got density machines.  Our buyers are very highly trained  in the in the art of testing gold.

Who is Vancouver Gold

We recently sat down with Stirling Faux on Experts on Call to discuss a number of topics regarding selling your gold in Canada. Watch this video to learn more about Canada’s trusted neighborhood gold buyers.

Stirling: Vancouver Gold, Canada’s trusted neighborhood gold buyers. This is a national company Charlie. You’re one of the co-owners.  You’re the CEO, but you really .. despite growing on a national basis you try and take each individual location and treated as a community… office..a community entity,  all by itself right?

Charlie: Absolutely, yeah, it kind of  goes back to how we we started as a company. We  started with a single office… actually , we started even before that we just started you know meeting people and places so that was how we were we were really different from the competition, you didn’t have  to send it in.  We gave one-on-one service. We try to keep each store you know dealing with … it’s community seeing people and one-on-one,  giving the estimates. Yeah.

Stirling: I probably point also a point out rather that Vancouver Gold has a terrific website. Greg  give us the address because a lot of people listening have access. They’ll just lean over and pull up the website while they’re listening to this conversation. What is the website?

Greg: It’s Vancouvergold.ca  and  from there you can go through  to any one of our offices … except Victoria, I believe they have their own site so Victoriagoldandsilver.com

Stirling:  Now I should point this out too, because even though it is a national chain Charlie –  you and … two of your brothers are  growing this company literally in Ontario and Alberta as we speak,  as well as what you’re up to here in British Columbia. Three of the four stores in the lower mainland are Vancouver gold stores but the one in Surrey just called Surrey Gold, the one in Victoria is Victoria Gold – all the same company but this is part of that localizing initiative that you took right from the get-go isn’t it?

Charlie: Exactly. Yeah. We want people to know that it’s it is in their community. When we started. .this was 2009, most of the price of gold in Canada had doubled, going from 300 to a new all-time or new kind of high over the last twenty years of about $600 an ounce. So there  were all these kind of new options sprouting up there was … a Superbowl ad that year with MC Hammer kind of advertising “mail in your gold” right and that’s what kind of got it on everyone’s mind so we kind of looked around with we had some stuff we weren’t interested in selling gold.  My brother and I, we’d had some stuff from you know we just kinda gathered up there some gifts and we didn’t know what to do with it. We ended up, you know looking around locally and not finding anything.  So we kind of resorted to those mail in companies we just had a bad experience basically. We had to kind of fight to get the stuff back, after you know we did research on what price we should be getting for items you know what they were worth that’s at that $600 an ounce.

Stirling:  and the whoever was offering you offering to buy your gold didn’t even come close, right?

Charlie: They didn’t come close and they didn’t give us the details on what it was we got so they just you know they give us a number and I think a lot of people didn’t know what they should be expected so they get a number of assume that’s correct .

Stirling: Well you know that’s that’s.. and I’m glad you brought that up because I think in terms of selling gold, a lot of people are aware of this what you put it “We’ll  give you one of these special security envelopes and you send it off to us,  Greg; and then we’ll assess it and we’ll send you back a check and that’s that. Bob’s your uncle, it’s all over.”  Well you know it struck me, the very first time I saw that ad, that wait a second you want me to put Grandma’s gold gift to my dad into an envelope and ship it through the mail to some “place” somewhere and trust that’s gonna “get there” and at the other end I’m gonna get fair treatment from some unknown third party? That’s bizarre and yet that’s probably Greg;  the way most people think of when they think of –“Well, I’ve got this gold. I’d love to sell it. It’s probably worth some dough.  Do I have to mail it somewhere?”   The short answer is no.

Greg: No you don’t, and I mean I guess the appeal to mailing it is that it’s just the easiest way to do it.  You call that number, they send you an envelope in the mail and you’re done with it

 

Stirling: There is no effort required.

Greg: Yeah, it’s very little effort  but the reality is that you know you’re dropping in the mail when you’re hoping that it… it gets to where it’s going … and once it’s there, I mean as soon as you drop in the mailbox, it’s completely out of your control right?  You don’t have the option to say that “oh no, that’s not quite enough or maybe I’d like to shop around and get a better price.”

Stirling: I don’t know enough about the business.  Once you send it to them Charlie, do they keep it or can they send it back and say we don’t want to buy it. Or are you, I mean that’s the other part of the risk, isn’t it?  You’re sending it off to some unknown party and maybe they’re gonna send you a check back and that’s the end of the transaction, even if you’re not happy with the money, it’s gone on and that’s it, it’s over.

Charlie: Yeah, in most cases you know, most websites will offer or claim some sort of you know you can get your items back in the mail you pay shipping perhaps?

Stirling: Right, right.

Charlie: It’s a real hassle to do that. That’s exactly how we started,was by trying to send stuff in, just get fair market for.. you know we weren’t looking to start a business on day one there we were looking for to send stuff and  get paid fairly for what we had. The problem is there’s no..

Stirling: You said you had a bad experience, so I gather you didn’t get paid as fairly as you were hoping to be paid.

Charlie: No, we sent in probably we had a decent amount there we had probably three thousand dollars or so. My  grandfather was in kind of the jewelry industry  back 20 or 30 years ago so we had some stuff from that.  So we kind of knew what we were dealing with, and we didn’t have a local option to do it so we sent it in and got I think, an offer of four hundred dollars or so for our twenty five hundred dollars worth of gold jewelery right . So we asked for it back, and went through their normal channels and it was just a big back-and-forth. I think they then offered us a hundred dollars more for the items and then we said no please send it back. They said how about fifty dollars more. You know going up these..

Stirling: Nickle and diming you on it, eh?

Charlie: Exactly, yeah.

Stirling: Nowhere near the real value.

Charlie: We got it back (from) there and then we sent it to someone else and had the identical experience there. All these places called some variation of cash for gold,  dollars for gold you know they’re all these different companies and none of them is building up a  reputation really they’re all kind of sharing one reputation.  There’s no incentive for them basically to do a good job so..

Stirling: The reason, so why Charlie, did you send this stuff away? I assume that you were in Vancouver at the time right?  So why wasn’t there, was there not a place in Vancouver  3 or 4 years ago that you could go to and do the kind of thing people can now do with Vancouver Gold? Was there no such establishment like that 5 years ago?

Charlie: The promises they made online involved their prices and those prices were better than you’d get from a pawn shop on jewelry store locally, so those were the options before.

Stirling: So it’s pawn shop or jewelry store or send it in the mail?

Charlie: Or send it in the mail. Sending in the mail, you know that was the new business and they put a price on it there was much higher than you get going in locally. It turns out that going in locally even back then before there were specialized gold buyers was a better option for you, but we kind of took at face value, the offer online. So we did try to send it in. After we got the stuff back, we did go to a couple jewelry stores and again didn’t really have the luck we wanted. Then we eventually we approached a refinery to deal with their stuff and you know they offered to do it. We basically- there are some fees to do that but it is that being the best option for us. So that’s exactly what we did. We actually posted an ad on Craigslist to see if we can get a bigger load together to kind of do a shared thing.  We do better the more we send in to this refinery basically so we got, we gathered some other people up in kind of in the same situation as we were in and we gathered up I think about 10,000.00 worth of gold which was literally just a handful.  It wasn’t a lot, it sounds like a big dollar amount  but it really adds up quickly.

Stirling: But at $600.00 an ounce in those days, it does add up quickly. Let me take a break. The guys from Vancouver Gold are with us on Experts on Call, this edition.

We’re talking with the guys from Vancouver Gold, Canada’s trusted neighborhood gold buyers. CEO and co-owner Charlie Pollock is in studio along with regional manager Greg Neilson. Charlie, you talked to us a little bit before the break about why you and your brothers founded Vancouver Gold,  a company that is now expanding across Canada. Basically because as a lot of uh… consumers do, you saw an ad on TV – (saying) Send us your gold to company x somewhere in the States probably right? Was that the States or Canada?

Charlie:  They advertise from the States and then was a company in Canada that did the same thing exactly.

Stirling: So you send it off and you just didn’t get any satisfaction.  It just didn’t work out for you. They didn’t offer you anywhere near the dollars you felt that your merchandise was worth and to retrieve it took forever and a day.  The experience was extremely unpleasant and time-consuming.

Charlie: It was a wrestling match, yeah only we really had to fight to get that back.

Stirling: So now you decided well that was a real waste of time. Let’s see what we can do about organizing ourselves perhaps into some kind of enterprise that makes this whole process worthwhile not only for us but for anyone else in British Columbia that has maybe some old gold or jewelry they would like to find out whether it’s worth anything and then maybe sell it. Maybe have some fun with some of those things. How long have you been in business?

Charlie: We have been a business for little over three years now.

Stirling: Okay and that’s with  the four of the lower mainland stores, were they opened simultaneously or did you start with the one downtown on Broadway and gradually expanded incrementally?

Charlie:  Yeah we started small. You know our intention even when we got those you know did that first refining load wasn’t necessarily to start a business but we had so much luck with that first load. You know getting rid of our own gold was the goal.  We had twenty five hundred dollars we got that together with some other people and we refined that. We kept getting emails from our original ad coming in.  So we bought a little testing machine called the Miser. It’s a little electronic testing machine. We met people in coffee shops and we hooked up these little circuits to the gold on a little screen that said you know 10 karat gold so we’d buy based on that.  That was the start.  We started on Craigslist, going to coffee shops.  We just figured there was enough demand enough people so we opened small office in a shared office floor.

Stirling: Really baby steps all along.

Charlie: Absolutely. We never intended to open twelve stores like right away. It was just kind of where the demand drove us.

Stirling: Okay and where the four lower mainland locations Charlie?

Charlie: We have one on lower Lonsdale in North Vancouver, 65 Lonsdale Avenue.  We’ve got our oldest store…kind of our original one on West Broadway. It’s 254 West Broadway uh… we’ve got one in Surrey. On King George Boulevard 104362

Stirling: Around Surrey Central

Charlie: Around Surrey Central . So that’s Surrey Gold, so don’t go looking for Vancouver Gold at that location, ‘cause you’ll go nuts.  That’s Surrey Gold. It’s the same company, and that’s what you need to know.

Charlie: The last one is a branch in Richmond on Number 3 road right by Richmond Centre.  They’re all easy to get to by a public transit  …

Greg: free parking

Charlie: free parking at most .. some of them street parking but yeah..

Stirling: It really is worth repeating:  Vancouver Gold is the only gold company, gold buying and selling company that is endorsed by the Better Business Bureau after a fairly exhaustive examination process. Which uh… which is terrific again it’s all about peace of mind. On your newspaper ads you say, in huge block letters – sell your gold with peace of mind and for the consumer especially in an area of precious metals , that we’re not too savvy about – peace of mind is important. Again if you’re looking and your thinking about this, if you’re going through these cleaning exercises that you’re finding yourself  (thinking) Gosh,  I’ve always wanted to know about this … Vancouvergold.ca is the website.  Great place to go first – educate yourself a little bit – and then go see Charlie and Greg and the staff at any one of the stores.

Charlie: and you could drop into any store anytime. We give estimates for free, there’s no fees, no obligation – just come in and figure out what you’ve got.

how-selling-your-gold-works

How Selling Your Gold Works

When someone brings their gold into our stores, we will sit down with them in a no-pressure environment to test the gold to give them an estimate on what it is worth. Learn how selling your gold works in this video.

Stirling:  Let’s take even one step back away from there yeah and talk about your company the one you founded and you co-own with your brother’s across Canada.  What exactly does the company do Charlie?

Charlie:  Absolutely yeah, we buy gold.  We focus on jewelry, so you know anything people have lying around their house.. we buy silver jewelry, gold jewelry and when you come into our office. We kinda sit down one-on-one with each person in kind of … you know that the no-pressure environment and will test the gold and we’ll give  an estimate on what that’s worth, and if they’re interested in selling uh… we buy it on the spot there for them.

Stirling: Interesting now, this is a very timely conversation Greg and Charlie because what just a couple of days ago spring that happened. A lot of us are well, stuck with spring cleaning job jar assignments for the next few weeks and during the course of spring cleaning over the next few weeks, more than a few of us are going to come across some thing … a bit of jewelry,  an object, may be something that was a gift maybe something goes back to your high school graduation or even further… and you’re going to go my gosh I forgot my even had this thing well now what do i deal with it maybe it’s worth something how do i go about finding out if this object I haven’t seen for twenty years and discovered at the back of that old drawer is actually worth something,  Charlie. What do I do?

Charlie: Yeah, absolutely.  We’ve got four stores in the lower mainland. We’ve got a Vancouver store on Broadway,  we’ve got one in Surrey,  one in Richmond and one in north Vancouver . So  you just kinda gather up whatever you have, you don’t have to know what it is or what you’re expecting. We can kind of let you know what it is, so you come into whatever stores no appointment necessary yoi just kind of walk in the world sit down with you and give you all the details.

Now we’re talking about gold Charlie by the ounce – of this astronomical sixteen hundred dollars but when you talk about pricing to the consumer you do it by the gram. So.  Why?

Charlie: When we see someone come in with a little bit of gold jewelry, it’s going to be point zero three – like it going to be so small, usually that point zero three s actually going to be more than that. It’s usually a more useful units and something people understand a little more easily, something people can compare I to what they know.  One gram of gold is worth between – you know if it’s ten karat gold – we do post the prices online on Vancouvergold.ca but by roughly one gram of gold; for ten karat gold is going to be worth about sixteen dollars a gram. If you get up to twenty four karat gold you’re going to be looking at over thirty dollars a gram and that depends it is worth a little bit more if it’s a coin or bullion than jewelry ’cause we don’t have to refine those.

Stirling: Sure

Charlie:  but yeah i just wanted to just to give people an idea of what maybe what they can expect our average customer. We run the numbers –  look at what they come in with and it’s more than five hundred dollars people leave with and these are people often expecting that you know they have a couple of old chains.. something… they don’t know what they have, right?

Stirling: Few of us do

Charlie: Exactly

Stirling: But it looks like it might be worth something so it’s worth a trip to the store to find out.

Charlie: If they find a broken chain in they were going to throw it out but someone told them to you know check it out, bring it in then we get lots of referrals that way and that’s great.

Stirling: So how do we how do we can we figured grams? Not many of us have scales that are that fine give us uh… a benchmark is uh… how to recognize weight that way

Charlie:  Yeah absolutely. A Canadian quarter weighs four grams a loony weighs seven grams.. so just.. it’s not going to be perfect. We weigh it all, that’s no problem.

Stirling: Oh that’s a good ballpark

Charlie: But it’s a ballpark, it gives you an idea. So if you have for piece of jewelry that weighs the same as a loony if it’s ten karat gold you’re looking at little over a hundred dollars.  If its fourteen karat gold, you’re looking at a little over a hundred and fifty dollars, just to give you a very rough idea there.

Stirling: I’m looking at some of the tips and this is from the website uh… Vancouvergold.ca, friends and it’s a terrific website at if you are as many of us are these days, spring cleaning or just uh… moving things around the house and come across at more than a few objects that you figure could be worth something then that’s why you’ve tuned in to the right radio program this time around because of there are now options for you to look at and uh… taking these in for appraisal at Vancouver Gold .. is a really a strong option to consider and from the website the better business bureau people Charlie, say the true price of gold may not be what you receive. If gold is worth of for round numbers sixteen hundred bucks at house and you actually managed to bring an ounce of gold tool for appraisal, you may not receive $600.00 right uh…

 

Charlie: That’s a great point actually. A lot of people wrongly assume that since there’s a market price of gold, no matter where they sell their gold, it doesn’t matter, that you’re going to get that price but no, no one is really paying a hundred percent. There’s some refining fees and charges basically.

Stirling: Right, Right.

Charlie: One factor is obviously the purity of the gold. If you bring in one ounce of 10 karat gold you’re not actually bringing in an ounce of pure gold prices but the other kind of more important thing to note is that you know the people who are the pawn shops.. you know you have to make sure which gold buyer you’re dealing with and there’s a huge range of what people are paying down to 20% or less is quite common – up to 80 or 90%. Our prices, we start at about 70% for jewelry .. and it goes up depending on what the items are … what the purity is – if it’s coins, it goes to the 95% or so.

Stirling: Of course. Because that has been strictly controlled right from the get-go with coins. It’s a safe reliable format.

Charlie: It’s safe and reliable. If a coin, if a Canadian Maple Leaf coin with four nines on it, that’s actually going to have a full ounce of gold in it. There’s all these other factors you know you had a ten carat gold from the eighties or before, nine point five carat is what’s actually in those pieces.