Is good OLE Tom's and other gold "consignment" shops?

Question

getting a good old deal by taking your old/ broken gold jewelry and paying you for it?

Eh, what do they do with all that old jewelry anyway?

Answer 1

"Good Ole Tom" will never lose money and you can make good book on that. The theory  based on broken or unused jewelry which lays unfixed or dormant is of little use to the owner but " Good Ole Tom" will give you cash. The gold content determines the price he pays. These are accumulated, melted down and made into ingots which go to jewelry manufacturers or gold users at near market price for gold.You are happy to get rid of useless items and "Tom" is happy to be the middleman.

Answer 2

I'm not sure what their margins are, but they are making something in return if they are logical. I dont know what they are doing with it, but they might be selling as scrap for melting...some do that. Or they might be selling it on as jewellry.

Answer 3

Oh, he's gonna make sure he gets a good deal....Most of it gets melted down and resold as ingots at a great price some of it is kept and resold as jewerly depending on which way would bring old Joe the most money