Ohio Valley Gold and Silver Refinery in town ripping off people

[silvercop]

The Ohio Valley Gold and Silver Refinery is in town and have set up shop at the local Hampton Inn in Lanett, Alabama this week. They have taken out full page ads in the newspaper urging people to bring in their silver and gold for top prices. well, after much thought i was considering selling some silver to buy gold like rich hardford did a few months ago. i was thinking about this because my floor safe is almost full and i needed some space. i thought the idea of trading silver to buy gold was good so i went to check them out.
i went in and asked one of the dealers how close they pay to spot. he replied we are right on the spot price minus melting fees, and shipping fees. i asked him how much he paid for kennedy halves. his reply was 2.00 each for 1964's and 1.00 each for the 40%. i said wait a minute according to spot a 1964 was worth 6.72 each and he said oh, nobody pays that much. i told him i had 2K in 1964's and almost 7K in 40's. he said oh well you have alot i could come up some and i said how much. he said well bring it in first and i will tell you.
i don't think it would be worth my time or energy to fool with these people. bad thing is the place was packed with people selling to these clowns. i bet they are making a killing

 

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[obediah]

The Ohio Valley Gold and Silver Refinery is in town and have set up shop at the local Hampton Inn in Lanett, Alabama this week. They have taken out full page ads in the newspaper urging people to bring in their silver and gold for top prices. well, after much thought i was considering selling some silver to buy gold like rich hardford did a few months ago. i was thinking about this because my floor safe is almost full and i needed some space. i thought the idea of trading silver to buy gold was good so i went to check them out.
i went in and asked one of the dealers how close they pay to spot. he replied we are right on the spot price minus melting fees, and shipping fees. i asked him how much he paid for kennedy halves. his reply was 2.00 each for 1964's and 1.00 each for the 40%. i said wait a minute according to spot a 1964 was worth 6.72 each and he said oh, nobody pays that much. i told him i had 2K in 1964's and almost 7K in 40's. he said oh well you have alot i could come up some and i said how much. he said well bring it in first and i will tell you.
i don't think it would be worth my time or energy to fool with these people. bad thing is the place was packed with people selling to these clowns. i bet they are making a killing

No doubt about that- have seen many in my area too running ads and setting up in Hotels along freeway, most understand are offering 20 to 30 percent of Spot.

 

[silvercop]

did a little google search on them. seems like they do this all across the country.

 

[silvercop]

obediah i have not sold any silver. have not even thought of selling any up to now. there has to be a better place to sell to get more than this. i know some have delt with ampex and kincos.

 

[fistfulladirt]

They ARE making a killing. I have watched my local dealer pay very low prices especially to an elderly lady, I felt bad about it and told her outside the shop that I would offer at least double his prices if she had any coin left. She did not.
It's one reason a friend opened shop to buy gold. I think he beats the dealers and jewelers in the area and still does well. ffd

 

[silvercop]

i could not believe the amount of people that were selling to them. there were several elderly people out there with bags of silverware and coins. saw several others on the way in when i was leaving. one lady was on a walker with an oxygen tank. there has to be a special place in hell for people that would take advantage of people like her.

 

[AGCoinHunter]

Stand outside and offer to buy them for more than what they are offering.

 

[silvercop]

yea that would be funny. they would probably call the police which would not be good for me (being a police officer and all), thought about placing an ad in the paper though. they are only going to be here for 2 more days. hey but if i were to rent a room there i don't think they would have any recourse

 

[AGCoinHunter]

I have thought about the ad in the paper saying you are looking to buy silver coins. Just hard to do without a business front because under no circumstance would I want them to know where I live. My local coin store was only paying 10 times face for 90% and like 1.25 for 40's. I wish I could get some of their business because I know they are ripping people. At least they have a store to operate but I know their overhead isnt that high. Might be worth a shot to try to scope out some elderly people who are headed in and approach them with an offer. Hell what would a room for a day cost you, less then $50?

 

[Tnmountains]

Those kinda people buzz into towns looking for coins gold and guns. They are a rip off. I hate to see the elderly or anyone for that matter taken advantage of.

 

[d2arcing]

you got me thinking I should go to these type of events and do the offering outside... and then resell online. truly amazing what people do for a living

 

[davew0710]

I have thought about the ad in the paper saying you are looking to buy silver coins. Just hard to do without a business front because under no circumstance would I want them to know where I live.

Last year in my area, a retired cop that had a coin business was shot and killed in his home when he had customers come to the house. Keep outta the house!

 

[obediah]

obediah i have not sold any silver. have not even thought of selling any up to now. there has to be a better place to sell to get more than this. i know some have delt with ampex and kincos.

Figured as much; wish did not have to sell mine but must as am unemployed doing so, CRH'ing really has given us a lifeline so to speak, only hope 2010 can keep up with last years finds.

 

[alexfm123]

I have an Idea, and it is the best of both worlds. Sorta.

Just place an ad in the paper saying you want to buy gold or silver coins, blah blah blah, but put a time and date, like Saturday the 5th from 12-5, at such and such place. Like a hotel or something similar. Offer free refreshments, cookies and bottled water. That will definitely get you either business then,, or people (like me ) who come for the free food, and give them your card. All it has to have is a name, email, and cell phone number, no address info at all.

Viola, you can buy the coins and what not all day long, and your not at home!

Ok, just my 2 cents there.

Alex.

 

[jim4silver]

Although 30% of spot, etc, is very low, at least the folks that sell to them are doing better than the poor fools who cash in their silver coins at the bank for face value (but I am glad they do-especially the halves ).

It is up to people to educate themselves as to the value of their belongings. With all the info available today on the web, at the local library, and in many areas page size ads from coin stores in newspapers who list decent prices, there is no excuse for being unlearned about coin values if you have some and want to sell. I don't blame these companies at all. As long as they keep finding suckers, they will continue.

It is sad though for the poor people who could get much more for their PMs. But what can you do? If they would pick up a phone and call every coin store within a certain radius of where they live (for most areas) they could get a ballpark decent price (maybe not the most they could get, but not 30%).

A fool and his money (or PMs) are soon parted I guess.

Jim

 

[fistfulladirt]

I have an Idea, and it is the best of both worlds. Sorta.

Just place an ad in the paper saying you want to buy gold or silver coins, blah blah blah, but put a time and date, like Saturday the 5th from 12-5, at such and such place. Like a hotel or something similar. Offer free refreshments, cookies and bottled water. That will definitely get you either business then,, or people (like me ) who come for the free food, and give them your card. All it has to have is a name, email, and cell phone number, no address info at all.

Viola, you can buy the coins and what not all day long, and your not at home!

Ok, just my 2 cents there.

Alex.

Sounds like a good idea to me. ffd

 

[DAS7NY]

I'd seriously set up shop outside and pay 50% more than he is! Get the people before they go in there to sell to you when you give them more than him! So anyone who is kinda unaware of what they have would definitely take 50% more!

 

[Produce Guy]

We had one of those companies come to my town last year,the paper said that they would be here for 4 days,and that they were paying the highest amount ever,well several people got on a call in radio show to warn the puplic that these guys were ripping you off and the were only here for 1 day.

 

[coinmojo]

obediah i have not sold any silver. have not even thought of selling any up to now. there has to be a better place to sell to get more than this. i know some have delt with ampex and kincos.

Kitco.

 

[Darth Walker]

No way I would sell 90% and 40% for that price. It is insulting.

You can make a killing. Wait for somebody that is going to sell coins and offer them more than these
scamersssssssss.


DW