If they're only offering 10% of the spot value, then by all means stay away. But if they're offering 50% of spot, that sounds about right for a retail operatio

If they're only offering 10% of the spot value, then by all means stay away. But if they're offering 50% of spot, that sounds about right for a retail operation like that. They have a lot of overhead to cover, including smelting, fulfillment, marketing, salaries, and other expenses. That said, from what I'm reading at cockeyed.com, it sounds like they're not using a professional, objective formula for their bids, but instead playing silly games. Why does it not surprise me that they're in Florida? The "cambios de oro" in South America offer roughly 50% of spot value. They pay you for the jewelry, then mark it up a bit and sell it off to a smelter. If you come in with fine gold, e.g. a Canadian Maple Leaf, obviously they offer a lot more. They'll try to bid 10% under spot, but you should try to hold out for 5% under spot.