21
   

Gold--A Seller's Market?

 
 
Roberta
 
  1  
Tue 15 Jun, 2010 03:12 pm
I understood almost everything you guys have been saying, I think.

I'm gonna make some phone calls this week, and hobble on down there next week.

I have more than the bracelet that I can sell. Don't want to get rid of everything all at once. The bracelet will give me what I need for now.

Thomas, The deli I was thinking about moved to 39th St. You know that I can't walk there from 47th St. The Stage Deli is on 54th Street. Problem is I don't like the Stage Deli. If we were to use transportation, I would much prefer (and I mean MUCH) to go to the 2nd Ave. Deli on 33rd St. Can a short hop to 33rd St entice you to reconsider coming with me?

I checked in Google and couldn't find a deli on 47th St. This surprises me greatly. We might find something there once we get there.

Whadya say, kid? I'm clearly helpless and hopeless with numbers. I need somebody who can add.
Thomas
 
  1  
Tue 15 Jun, 2010 03:45 pm
@Roberta,
Roberta wrote:
Whadya say, kid? I'm clearly helpless and hopeless with numbers. I need somebody who can add.

Hmmm. Helpless with numbers ... hmmmm ... physically helpless, unable to put up much of a fight ... hmmm ... carrying kilobucks of gold around

... hmmmmmmmmmmmm ....

Alright, Roberta, I'm interested.
JPB
 
  1  
Tue 15 Jun, 2010 04:02 pm
@Thomas,
Thomas wrote:

  • Subtract the sales tax, which is 4% state plus 4% local, and
  • you get $1270--just below the range I gave Roberta at first.
There seems to be a substantial amount of variation, so it's good of Roberta to shop around.


Why would she have to pay sales tax?
Roberta
 
  1  
Tue 15 Jun, 2010 04:37 pm
@Thomas,
Thomas, I'll send you a PM.

Thanks.
0 Replies
 
ossobuco
 
  1  
Tue 15 Jun, 2010 04:46 pm
I've been following, and may get the math. I hauled out my grandmother's wedding ring. I'd be glad to sell a lot of other stuff, but this one would be hard. First of all, the sentiment, then that it is from the 1890's and is very thick and heavy and I just plain like it and I can wear it again since I lost weight in the last several years. I can't focus on the damned inscription, but I wouldn't be knocked over if it was 24k, best case scenario. Or maybe because it's heavy, it might be at the opposite end.

So, on my kitchen weight scale, it's approx 3/4 oz, which would be around .82 troy, which would be about 25.5 pw, which, at $36., comes to $900., and way less if it's mixed gold. No way, Jose.

But I should scour around, I might have other bits that I don't care so much about.

JPB
 
  1  
Tue 15 Jun, 2010 04:51 pm
@ossobuco,
just to be clear... the $36/dwt is the scrap metal value of 14K, not 24k. Do they make jewelry out of 24? Dunno... the highest I'm familiar with is 18K.
ossobuco
 
  1  
Tue 15 Jun, 2010 05:18 pm
@JPB,
I dunno, I thought I saw it earlier in the thread. I was picking the large number as a maybe since I suspect it's a good ring from some Boston shop, but you are tweaking a memory for me that the reason they don't make jewelry in 24 is the pure gold is, um, flexible.. which would point to this maybe being lesser than 18 or 14, maybe the lowest k mix. Which would be fine with me, it is what it is, at worst still sentimental and a feel-good-on-hand ring.

Hah, I just tried on my high school ring. What tiny fingers I must have had...

(Never did buy a university ring. I sprang for the price of a mug instead.)
0 Replies
 
spendius
 
  1  
Tue 15 Jun, 2010 05:21 pm
@JPB,
24k gold wears out as fast as recently elected president's approval ratings.

Poppea Sabina used it for her slippers in order to keep unemployment down in Roman gold mines.
0 Replies
 
Thomas
 
  1  
Tue 15 Jun, 2010 07:27 pm
@JPB,
JPB wrote:
Why would she have to pay sales tax?

Because gold is only exempted from sales tax to the extent that it counts as currency. (The details depend on the state.) Hence, gold bullion coins qualify. Gold jewelry usually does not. Roberta is selling jewelry.
roger
 
  1  
Tue 15 Jun, 2010 07:31 pm
@Thomas,
If it's essentially merchandise inventory, intended for resale, it would be exempt nearly everywhere.
0 Replies
 
dyslexia
 
  2  
Tue 15 Jun, 2010 07:42 pm
@JPB,
Gold jewelry in Portugual must by law be 19.2 karat pure, there fore the marking of 800 translates to 80% gold, or 19.2 parts out of 24 (24 parts being 24 karat gold, 100% pure). A lot of European gold jewelry is marked 750, which translates to 75% gold content, or 18K, 18 out of 24 parts gold. Gold in the US is typically 14K or 58.5% gold, which is represented by the mark 585, 417 is 10K, 41.7% gold.
0 Replies
 
JPB
 
  1  
Tue 15 Jun, 2010 07:50 pm
@Thomas,
I had no idea an individual (someone without a business or reseller license) had to pay sales tax when they sold personal property.
sozobe
 
  1  
Tue 15 Jun, 2010 08:10 pm
Interesting.

I sure hope that you get a really good price for it, Roberta!

And glad that you'll have a mensch alongside of ya.
0 Replies
 
Thomas
 
  1  
Tue 15 Jun, 2010 08:17 pm
@JPB,
JPB wrote:
I had no idea an individual (someone without a business or reseller license) had to pay sales tax when they sold personal property.

We'll find out. It wouldn't be the first time I was proven wrong.
JPB
 
  1  
Tue 15 Jun, 2010 08:20 pm
@Thomas,
You could just as well be right -- I've never given it any thought. Yeah, I'll be curious, but I hope Boida gets to keep the 8%
0 Replies
 
Roberta
 
  1  
Tue 15 Jun, 2010 09:17 pm
@Thomas,
Thomas wrote:

It wouldn't be the first time I was proven wrong.


Not buying it, boychik. OK, you've had a few cockamamie ideas, but as far as facts go, you're never wrong. Especially if the facts have numbers in them. Of course how would I know if you're wrong? A minor point.

dys, I have no idea what you said. But since you're never wrong and everything you said involved a number, doesn't matter whether I understand or not. You're right.

None of the sites I went to mention sales tax. Doesn't mean I don't have to pay it. 8 percent is a lot. Fie on them.

This is one big mother bracelet. I meant mother in two contexts. The first is that it was my mother's. I have no Idea how she wore it without listing to the right. The second "mother" you can figure out for yourself.

Rockhead
 
  1  
Tue 15 Jun, 2010 09:34 pm
@Roberta,
you should not have to pay the 8%.

(don't go asking about it though)

no business permit or license means you are off the radar. stay off it...
Thomas
 
  1  
Tue 15 Jun, 2010 09:52 pm
@Rockhead,
Have you considered that Roberta's buyer will have to pay sales tax when he resells it? Have you considered that he won't buy her bracelet at a price that will make him an eight-percent loss, because of the eight percent he has to pay on the resale? It's not about any legal obligation of Roberta's to pay sales tax.
Rockhead
 
  1  
Tue 15 Jun, 2010 10:13 pm
@Thomas,
I see that as part of his cost of doing business.

(you are assuming that the buyer reports and pays all of his taxes as well, I am guessing...)
Thomas
 
  3  
Tue 15 Jun, 2010 10:57 pm
@Rockhead,
Rockhead wrote:
I see that as part of his cost of doing business.

... which he is going to roll over to Roberta one way or another. If he doesn't, he won't make a profit reselling the bracelet. And if he doesn't make a profit, he's not interested in buying. It really is that simple.

Rockhead wrote:
(you are assuming that the buyer reports and pays all of his taxes as well, I am guessing...)

You are guessing correctly, and I bet you I'm assuming correctly. We're not talking about some rag-tag dump run by crooks in a rural strip mall somewhere. This is the New York diamond district. These are reputable businesses, who will pay their taxes--and deduct them from the price they'll pay to Roberta.

But why am I arguing? As I said, we'll find out.
 

Related Topics

collecting gold - Discussion by dyslexia
EVERYTHING ABOUT GOLD - Discussion by farmerman
Filthy Lucre Tunes - Discussion by jespah
Gold jewelry markings - Question by Kirk60
Let's start a forum on trivia - Question by cicerone imposter
Help identifying - Discussion by Rexcow
Gold assays - Question by brian kirby
 
Copyright © 2022 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.03 seconds on 06/27/2022 at 11:25:48