050109 Urban Miner - Referral Gold

[ldavis741]

I recently saw some pieces on shows like CNN and the journal with Joan Lunden on PBS that were talking about issues and solutions for industrial recycling. This is an interesting twist that could really become a game changer in the future. Whoever gets in at the beginning of the urban mining will possibly be a part of a new gold rush of sorts. I hope we start implementing such programs early on to reduce our dependence.

[MightySnail007]

Good videos but where do you store all your gold and silver? Do you use safety deposit bank boxes or store it in your house.

[RyanDotTv]

Were do you find so many people selling Gold!!??

[QUITHATIN714]

hey mike,

i was wondering if you are still hiring for apraising gold?

i need a job.

please help,

thanks Steve

[TheBarbaricMetal]

Hey, I was wondering what your opinion on precious metal storage was? Ive heard of people storing their metals with brinks and others storing it out of country. What advice if any would you give regarding gold/silver storage?

[mustangjake2073]

I would never let gold too far out of my sight or held by someone else. Any stored gold can be tracked down by others including for government confiscation. Even a million in gold is a size of a shoebox. It is easier and cheaper to hide it yourself or buy a bolted safe.

[TheBarbaricMetal]

Yea with price of precious metals rising it will be getting harder to trust someone to store it. I have another quick question if you dont mind. Whats is your opinion on the 100 oz silver bars. Ive been reading some people saying that if the Sh@# really hits the fan its going to be hard to cash one of those 100 oz bars in. Any thoughts ?

[mustangjake2073]

Completely true. The larger the bar of silver or gold, the bigger margin hit you will take when you need to cash it fast. Just like any big ticket item.

[formulaprimer]

Silver dealers will always buy your silver. Major dealers.

[TheBarbaricMetal]

Researching into precious metals I found that a purchase of $1500+ from a dealer in CA will not require you to pay the sales tax associated with that purchase. Does anyone know the reasoning behind this?

[mustangjake2073]

Well, gold bullion is supposed to be money and no one is allowed to put sales tax on money. Any dealer charging sales tax is ripping you off.

[TheBarbaricMetal]

I cant believe I missed that. That makes perfect sense. Thanks for the insight!

[ndrew206]

invest in silver bars

[mustangjake2073]

I trade in gold but hoard all my silver.

[jlgaray03]

How much is a good price to pay for referrals? Lets say percentage wise.

[mustangjake2073]

5%+ is a good starting point for small referrals.

[nenefea]

By law all items should be marked gp,gf. Also you should always carry your magnefing lence a 5x or 10x like I do It will help a whole lot they cost around $20.

[mustangjake2073]

There are many other hallmarks for plated gold. 14k HGE, GE, KP. Any lettering after the initial Karat should be doubled checked as plated.

[jlgaray03]

Question....have you ever come across fake gold that passes the acid tests?

[mustangjake2073]

Yes. Some plated gold is so thick that the acid stays. It will have a chromed or powder coating look to it. A deep scratch and acid onto the scratch will do the trick.

[TheBarbaricMetal]

I have seen the GXL-24 pro advertised as being able to detect gold plating. Would very thick plating also be able to deceive an electronic gold tester.

[mustangjake2073]

Yeah the gxl 24 detects most but some gold plated silver will fool the tester. On suspect items, the gxl comes with a pinprick file that can make small scratch to test the under coat.

[jlgaray03]

Awesome videos. Ive been buying silver bullion for about 4 years now. I bought scrap gold jewelry once about two years ago and never did it again. Dont know why. But after watching your vids, im motivated to do it again. In the past two weeks ive invested about $725.00 buying gold in the Dallas area and the gold value is about $1050. I got two more possible purchases this week and then im off to the refinery on Monday! Thanks for the motivation.

[mustangjake2073]

What better way to get gold and silver and make a living off it. Gold scraping has opened up new avenues out of this rat race for me.

[TheBarbaricMetal]

Another excellent video! Hey, have you ever had anyone try to pull a fast one on you by trying to sell you something they claim is gold but really wasn't?

[mustangjake2073]

Many people tried to sell fake gold but it is easy to detect. People you have to watch for are con artist who has 1 real gold and 1 duplicate fake making the switch on you.

[nenefea]

I was just buying scrap at spot price and was holding it like bullion but you showed me a way to make some income with all your videos and it works. I am in NYC so there is alot of sellers from friends to family. thank you and keep loading VIDEOS...

[mustangjake2073]

NY has the most gold dealers and traders in America. You should have plenty of resources in you area.

[FreedomAct10]

Great new vid,

always look forward to your additions,

Great to see everything is running smoothly for you, keep acquiring your ounces!

-Nick

[my1956effie]

Nice work, you seem to have found an untapped section of the market.

[dbztiki]

You sir are a true entrepreneur.

[edeter01]

Great information and videos!!! Please continue with the updates. I do have a question for you. What do you do to mitigate your risk of potentially buying stolen items?

[mustangjake2073]

There are ID checks and information to hold with the receipt. Jewelry Stores and Pawn Shops are required to hold for 30 days to pass any theft check ups, but recyclers of scrap do not have that rule. Gold to us is recycled material and there for scrap trash. But truthfully, it really has to go with instinct since 99.9% of jewelry cannot be traced back.

Write the name, date of birth, ID # and state of issue to the receipt you keep. Just that policy will keep criminals out.

[POSSUMTOHIDE]

Your marketing skills continue to be excellent in my opinion. You have customer service skills where you are trusted and more people will come back to sell to you- they will also bring in other friends and family. Good post. Congratulations on your success, you deserve it for your hard work.

[akaider]

Good update, keep it up!

[zappos49]

What do pawn shops pay? 50% spot? 40%?

[mustangjake2073]

40-50% is about right. But in areas like LA, they have been raising their rates to compete with other gold buyers.

[alroysh]

LOL someone hsa being watching drutters vids, 'ummm gold porn' haha,

nice job jake I would love to see you mke more regular vids, they are really interesting

[mustangjake2073]

we are porn addicts yes.

[halfasheep]

Tis true, you are thinking outside of the box,.... I'm in!. Like yer fine work.

[mustangjake2073]

Get some of that aussie gold.

[gramig0]

Good for you! You're thinking 'outside of the box' and it's paying off.

Good advice........

Take care and keep us updated on your progress.

Thanks!

[mustangjake2073]

Lota fun in this.

[LuvThmGuns]

Nice haul. Looks like your doing well. Keep it up man I think your video's are great.

[mustangjake2073]

Thanks. Always appreciate your takes.