Gold--A Seller's Market?

@Thomas,

Thomas wrote:

Which reminds me ... I kind of owe an apology to Rockhead for lecturing him about business ethics in the diamond district. We definitely met our share of bandids today.

I have a feeling, Thomas, that the ethical reputation relates to selling rather than buying. If they tell ya the diamond is 1.25 K white, etc., it likely is. You may be asked for a range of prices for the rock, but I do believe that it is what they say it is.

I think that 90 percent of value is a great deal.

Bethie, Wish I'd been there with you and Noddy too. BTW, I was disappointed in the kishka. C'est la vie.

Deb, The money I got will more than pay the rent. I'm gonna order some new underwear. Also thinking about getting a haircut. These plus the lunch should just about do it.

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@ehBeth,

ehBeth wrote:

Fantastic - from SOLD through kreplach and knish!

Yep. And just for future reference, Beth: A year or so ago you cautioned me that The Second Avenue Deli is a touristy place. It didn't seem like that at all. There wasn't a single tourist in it; the food was delicious, the ambience dignified and low-key---the opposite of a tourist trap. Perhaps you confused the place with something else? Or perhaps, as a lover of lumpy mashed potatoes, you just can't be my friend when it comes to food.

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@Thomas,

not to worry ehbeth, one morning when Thomas was here and Lady Diane was sleeping late, I drove Thomas down to our local IHOP for brekkies just because it was close by. He liked it so much he wanted to go back for lunch. He also like BBQ ribs from Rudy's BBQ but everyone does. after that he ate whatever he could find in the fridge.

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@dyslexia,

Sounds like Yogi Bear around a picnic basket.

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@Roberta,

Halle-fecking-luljah!

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@Thomas,

Thomas wrote:

ehBeth wrote:
Fantastic - from SOLD through kreplach and knish!

Yep. And just for future reference, Beth: A year or so ago you cautioned me that The Second Avenue Deli is a touristy place. It didn't seem like that at all. There wasn't a single tourist in it; the food was delicious, the ambience dignified and low-key---the opposite of a tourist trap. Perhaps you confused the place with something else? Or perhaps, as a lover of lumpy mashed potatoes, you just can't be my friend when it comes to food.

So..you two gonna take ME there?

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@dlowan,

I'll go there with ya, bunny.

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According to the Daily Telegraph a June report by the World Gold Council says that the official holding of gold by the US government is 8,133.5 tons. It is top of the list. Germany is second with 3,407 tons.

The usual reason for gold being made into trinkets is to get round bans on the public holding gold bullion. The gold toilet seat Lady Docker had was actually an investment. In wedding rings the chemical stabilty is a symbol of the stability of the marriage.

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@ehBeth,

Ha, I can imagine.

Such good news Roberta! Glad you went with her, Thomas!

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@dlowan,

dlowan wrote:

So..you two gonna take ME there?

We can do that. But since Roberta and I agreed over lunch that you're a gem, why don't we take you to to the diamond district and sell you to some jewelry store? I bet we can get a terrific price for you.

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@Thomas,

Yes, Thomas, deb's a gem. But I will not be a party to the sale of a human being. Good price? How good?

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@Roberta,

Roberta wrote:

Yes, Thomas, deb's a gem. But I will not be a party to the sale of a human being. Good price? How good?

"Please excuse me for a minute, I need to go to the back office and ask my boss what we can offer you."

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@Thomas,

Gee, that sounds vaguely familiar. My theory. The back office is one large room with the bosses playing poker or mah jongg. Another theory. No back room. No boss. You just want me to wait and get antsy. Don't mind waiting. Not antsy.

Having second thoughts on the sale of a human being. Let's just go have lunch.

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@dyslexia,

That's kinda my read on it.

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@ehBeth,

The boychik is a bit more selective than you might think. We ate at a place that wasn't that good. He didn't like it. (Neither did I.)

The Second Avenue Deli? Not poifect. I'm semi, sorta knowledgeable about kosher delis. This one is good.

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@Roberta,

Roberta wrote:

Gee, that sounds vaguely familiar. My theory. The back office is one large room with the bosses playing poker or mah jongg. Another theory. No back room. No boss. You just want me to wait and get antsy. Don't mind waiting. Not antsy.

My own theory---which I'd actually be willing to bet money on---is that the seller monitors the "security camera" in our booth to listen in on our conversation. We might say, "I dunno, $900? Let's see if we can get him over a thousand". Then he reasonably concludes he can rip us off. If we say: "This guy is wasting our time. Our bracelet is 46.7 pennyweight of 14K gold, we know the market price is $1650; so if he comes back with an offer of less than $1450, let's just walk out." Then he knows we've done our research and will choose a reasonable price range to haggle over.

That's the one improvement to our tactics that occurs to me: The next time we sell something, we ought to practice our dialogue for the "security camera".

Roberta wrote:

Having second thoughts on the sale of a human being. Let's just go have lunch.

Good idea. With our plotting talents, Deb will never suspect anything. She'll have no idea what struck her!

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Seriously though, my learning experience yesterday was that I actually enjoy haggling. I usually am very physicisty about money. "Come on, we're all grown-ups who know how to Google. We all know the market price. Let's just trade at the market price and move on with our lives." But yesterday's back-and-forth was fun. I just might try it again some time.

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@Thomas,

But, how does that all work out when you're competing with morons that think $1,000 is a good deal? If business is brisk enough, you will be underbid, and who could blame the buyer?

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@Roberta,

Roberta wrote:

Thomas, deb's a gem.

I think you misunderstood Smoke Pearl.

http://www.valeofglamorgan.net/rabbits/SmokePearlPolish01a_small.JPG

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@Thomas,

I thought we got better as we went along. Maybe that's why the prices kept going up.

Last negotiation:

Me: The price you quoted me on the phone was X.
Buyer: When was that?
Me: Last week.
Buyer: But the prices change.
You: The price went up since last week by (specific number).
Buyer: (Silence. Disappears to back room).
We get best offer.

First negotiation.

Buyer: Makes a low offer.
Me: No
Buyer: Makes a slightly better offer.
Me: We have other places to visit. Maybe we'll be back later.
Buyer: (sees my list) Buncha crooks at that place.
Lowest offer of the day.

1 Reply

Gold--A Seller's Market?

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