Shop around

[katmonkey]

I was in town this morning and walked past a shop with 1 ounce gold Krugs, Brits. for sale. They had a price tag of £1300!

My question is how can they charge this amount of money? Even if your a Newbie a quick internet search will reveal much lower prices. Do they just prey on gullible people with too much money? I was Edinburgh last year just before Christmas. A pawn shop there had Brits for sale at £1100. Now obviously this is still over priced but not as bad as £1300!

Any thoughts please...

[AppleZippoandMetronome]

Anyone can ask what they want for the products they sell. They might catch the odd customer that doesn't know any better but eventually I feel like the market sorts things out. Just ask Maplin, etc. Can't get away with prices being so high above everyone else for long any more.

[katmonkey]

I agree. A business has the right to make a profit but there not doing themselves any favours in the long run by charging these exorbitant prices.

[ilovesilverireallydo]

Bullion shops in leicester I went to are charging 10-20% over spot.and they still sell a fair few sovs.

i think they attract the generation that just don’t shop online

[sovereignsteve]

Well, watching Pawn Stars (US), they suggest that customers will haggle and make offers.

[Goldfisher]

So where is the best or closest to spot likely to be?

[CoinFinders]

It's the ol' adage:  Buyer Beware!  Perhaps the casual customer sees gold at $1300 and doesn't do the math for £1300.  So yes:  this seller is gouging (as we say across the pond).  He wouldn't last 10 minutes at a coin show.  A quick look at eBay I found a few listings with exorbitant gold pricing, but then again eBayr listing/selling fees are nearing 10%.   When I was in business school, the professor gave us an assignment:  go out an find 5 businesses that are clearly demonstrating price gouging.  At the next class, the students stood up and talked about our findings and philosophical discussions ensued.  The next assignment:  go find out how long those 5 businesses have been in business.  In 90% of the cases, the businesses were long lived (5 years or more).  Being the good (but frustrating) professor, he asked at the next class the "so what?" question.  The big take away for me was the fact that "...it's working for them" and who am I to complain?  I can always vote with my feet.  Thanks from Scotty at CoinFinders