I ran into a CASH FOR GOLD scam that was scamming the gold buyer.

[bazinga]

Local PD uses that term on anyone that attempts to decieve someone on value, on a package scam, on the switch and bait, well you get the idea. Yes they get to go to jail if caught....

As to old people... some day you will be there, some elderly may suffer from various illnesses that cause them to have dysfunctional issues, they may forget things, some stay as sharp as a tack, some are ill informed as to the value of their stuff be it on the + or -, they listened to someone who considerer's them self a expert with out the facts but they may value their opinion. but flat out taking advantage of someone because they may not have both oars in the water is wrong....

There is a old saying "What goes around comes around" and even the show "Pawn Stars" will be honest and if someone under values something they will tell them the truth, but they do go for a 100% profit margin in the end....

Pawn Stars is only honest like that when the camera is rolling.

 

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[Sheldon J]

So if a steakhouse has a steak for 50 dollars you can call the police and have them arrested for trying to deceive you on the value because you can get one for 15 dollars? You dont have to take their offer on your gold.

Your analogy is so far off the mark, it is like paying coper prices for silver.....

 

[ivan salis]

many folks who sell at these cut rate prices * might not be selling thier goods but "hot goods" that they can not sell "locally" since the pawn shops by law have to record their buys --by dealing with these "floating' shows all the records of the buying and selling in effect "disappear" as the show moves on to a new place -making it hard if not imppossible for local law enforcement to trace the sale of local "hot jewelry" -- and since a theif steals the jewelry--selling it even a low price is still 100% pure profiet

 

[cyberdan]

Pawn Stars is only honest like that when the camera is rolling.

Oh no, tell me it ain't so.

It's a PAWN SHOP that is what they are expected to do. Don't you watch that female dog and two donkey butts on Hardcore Pawn.

 

[bazinga]

Don't you watch that female dog and two donkey butts on Hardcore Pawn.

Haha, I can't sit through that garbage any more. Wow is that awful!

 

[canudigit1]

Fraud by deception? Where did you come up with that?

LOL thats got our governments name all over it!!!! I can tell you now I run a straight up cash for gold buisness, and I will pay up to 85% of total value if there is no risk in it. And btw it is a state law that every transaction is recorded through pawn web and fingerprinted and every transaction is scanned with the sellers DL. and all the gold (usually jewelry) so classifying all cash for gold buisnesses as scams ruffles my feathers a tad. Honesty has brought me a ton of good buisness and yes I hear all the horrer stories of the pawn shops paying like 30 to 50%. More buisness for me!! Now having said that when someone walks in and throws down a pile of scap gold and I sit and test and analize it and ask him what he expects to get out of it and he says a really low number I allways give him considerably more than he expects, Now does that make me a scammer? Anyone who has been in this buisness for as long as me knows that under carat gold is common and no matter what when you check thousands of items with people waiting you are bound to slip somewhere, but thats all in the numbers. its also common that the sherrif will make me hold over 10k of property for 90days and then I can only hope the owner is willing to pay at least what I shelled out (even though they dont have to)and then there is all the creative scams that people try to invent to take advantage of me. Just a thought on the home gold party. Without a brick and mortar store that can be properly inspected I cant see how they would be in compliance with the law and just the fact that they try to recruit more partys is a sing of a pyramid type function. And I will still keep giving cash for gold on the up and up for it helps alot of people out . Ray

 

[dejapooh]

Dig's you have to remember alot of the people selling there gold an silver are elderly people who still trust people like it used to be in the old days an they don't know gold is 1600+ per ounce. also alot of people don't know what a penny weight is. I know it sound stupid to us cause we know what we are doing... Think about the elderly lady who's Husband just passed an she has no money to bury him an he told her to sell the gold if need be if something happened to him.. she more then likely will have no clue what it's worth an if he boght it in 1940's she probly thinks it's a good deal

Here is a story unrelated to gold.but you will see where I am comiong from.. My Grandma had a Shawnee PussnBoots Cookie Jar an one day I was there an I said Grandma did you know that your Puss n boot Cookie Jar is worth 175-200.00 (this was back in early 2000's) she said no it can't be.. I said why can't it Grandma? she replied cause I only spent 1.50 at the 5 an dime for it in the late 40's. then she said I believe it was 1946 no no 1948... So she couldn't an wouldn't believe me no matter how hard I tried to convince her that just cause something was bought for only 1.50 in the 40's that it would increase in value

There is some science now that shows that as people age, the brain changes (where are my keys Dammit). One of the changes is a lowering of the filters that tell you who to trust and who you should not trust.

Study: Elderly Brains Have Trouble Recognizing Untrustworthy Faces - Lindsay Abrams - The Atlantic

 

[randazzo1]

I believe the crime (in NJ mind you) is usually termed "theft by deception". I've never heard of fraud by deception. Deception, or at least misrepresentation, is an element of Fraud.

The classic example of "theft by deception" is switching the price tags on two items in a retail setting such that. unbeknownst to the merchant, the buyer (thief) pays a lower price for an item. I'm not sure though, that its really applicable in the "we buy gold" scenario. The purchase of precious metals is heavily regulated in most states (and even more so by ordinance in some specific cities). The main requirement I've encountered, with regard to pricing, is that the buyer clearly display (at or near the point of sale location) a sign showing the prices the buyer will pay per gram, penny weight etc. From their, it's up to the same market forces that drive everything else --- if you can buy the gold for $5.00 a gram - so be it. If a store opens next door paying $10.00 a gram, you'll likely go out of business and so on, and so on, up until one buyer (say, NTR) is willing to pay the absolute minimum threshold between profitability and loss, and then that buyer dominates the marketplace.

The potential for "theft by deception" would come it with some of the other examples raised in prior posts: e.g. -- "thumb on the scale" or "weak acids".