Gold - Shopping or Investment . . . Which is Best?

Leper

Registered User
Messages
1,995
A couple of weeks ago while listening to Playback on RTE Radio 1 on a Saturday, I was immediately drawn to a lady who advertised her wedding and engagement rings on DoneDeal. For whatever reason, an RTE presenter (or most likely a programme researcher) feeling there was a story, decided to ring the telephone number on the ad.

The vendor of the rings answered immediately and informed listeners live on air that she had met up with a Middle East man, fell in love with him and thought their future was rosy. She bought the rings for around €6000.00 and was selling for circa €3000.00. She could prove purchase price, authenticity etc.

The Lady (and she is a Lady) informed listeners that she had fell head-over-heels in love with this guy. She was taken in hook, line and sinker. Down the road, she learned that she was not the only female in the relationship and terminated her involvement. He married somebody else the following day. She decided to cut losses and sell her rings.

The most important part of this story (in my opinion):- This Irish Lady was cultured, spoke beautifully, had perfect grammar and diction of the clarity of good Waterford Glass. She didn't waffle and for some reason unknown to me continued with the live radio interview. She sounded honest and practical. She was surprised that she fell into the relationship thinking nothing untoward could happen to her. After all she was well educated, appeared to have a good job etc.

Immediately, I informed Mrs Lep to listen and later suggested that we try and buy the rings. Mrs Lep informed me she could do much different with €3000.00 and so I backed out. I hope the Lady sold the rings and got enough to allow her forget about her former fiancée.

Having heard Eddie-I-love-everybody-Hobbs on his roadshow some years ago addressing audiences in GAA halls about investing wisely. Most of these were attended by secondary school teachers with their heads furtively buried in the Sunday Indpendent in case anybody would recognize them. Eddie advised against gold shopping as against gold investing.

In view of the foregoing I think he was wrong. Am I right?
 
In view of the foregoing I think he was wrong. Am I right?
Sorry I don't understand your question.

Jewellery bought retail for 6k. Lady tries to sell for 3k. Loss of 50%.

As much as it pains me to say, based on this story if anything Eddie was right? So I hope I've missed your point!
 
Hi RedOnion, Lady buys for 6K and sells for 3K. Looks like a good deal for the purchaser. I reckon Eddie is wrong. Lady got out of an unearned emotional situation relatively cheaply too; it could have gone more pear shape for her, I think.
 
Yes, leper, Eddie was wrong. As long as you can find randomers on DoneDeal selling gold for half price, and it doesn't turn out to be a scam, and the jewellery is either in high demand and guaranteed to remain fashionable, or is purchased for less than its bullion value ... yes, you should buy it. In the overwhelming majority of cases, Eddie is right and you should run a mile.
 
You realise there's about 100% markup on jewellery? So 3k is still probably wholesale price. Or probably about 3 times gold value.
If you've ever sold unwanted jewellery, you'll realise how difficult it is, and how little it's actually worth.
 
. . . . just as I thought, hardly a romantic in sight and on a forum in another thread where some posters pontificated on the romanticism of being financially broke. Romantic Ireland is dead and gone except for a small minority of posters.

Wake up Guys! (not the Gals who have natural inbuilt feelings) there are lots more important than financial issues. I'm with the Lady mentioned above.
 
Thanks for that RedOnion. I missed the story in the Indo. Perhaps you are a bit of a romantic, after all? I hope The Lady sold her rings.

I must say she has the most beautiful radio voice. Her grammar and diction are to be envied. I reckon if RTE managers listen to their own radio programmes, they could do worse than employ The Lady in question. She would be a terrific presenter.
 
The auld romantic side shouldn't have any part in financial decision making! :)

If you want to invest in gold, just buy bullion.

I've been in a situation of having to sell jewellery before, and whatever about gold which has a readily determined value, you'll be shocked at how much you lose on the retail price of diamonds!
 
Back
Top