News Letter For July 2008

[PAPPY]

NEWS LETTER FOR JULY 2008

FIRST and FOREMOST I would like to WELCOME all of our new members that joined us during the month of JUNE. WELCOME TO THE TQ FAMILY !

I will be making some announcements concerning the OCTOBER TQ TREASURE HUNT within the next week. Have to talk with Greg just a little bit more before this is done so keep check.

THANK YOU INDY for your submission to the News Letter this month. I JUST KNOW everyone has a story or some pictures to show concerning their finds for the News Letter.

I am now accepting Articles, Stories, Pictures for the AUGUST 2008 NEWS LETTER. PLEASE send ANYTHING that you may have to:

wvgranpappy@skybest.com

BE SURE to INCLUDE your user name when you submit information for the news letter.

A SPECIAL THANK YOU THIS MONTH TO BRYAN JON for his Auction to help support TQ !

THANKS EVERYONE....ENJOY THE NEWS LETTER

[PAPPY]

"THE HOUSE OF MANY TREASURES"

Submitted by: INDY

The house was built in 1831, making it the oldest standing building in it's county. At one time, the house shared it's land with a huge horse barn, trading post, and a horse race track. Barely visible today, was a well traveled road, that ran east-west directly in front of the house. The back door would lead it's occupants to the edge of the steep hill the house was built upon, and down at the bottom of the steep rocky hill was the Canal.

One Hundred and Seventy-Seven years this house still stands, and it stands just as majestically as it did back in the day when the traffic around the house was heavy with excited people, eager to gamble their hard earned money on the racing horses that once stood safely in the huge barn.

The barn that is now reduced to it's foundation, The Canal dried up and weeded over, no longer carrying boats filled with travelers. The race track forgotten, covered up by a factory, spilling pollutents in the once clean air. But, the house, STILL REMAINS, looking like a skeleton carving the once popular status it had earned. Eager to share it's buried treasures to whomever gives it much deserved attention.

Only the house knows the secrets of the many recovered treasures already pulled from it's surrounding dirt. Unable to give information to it's now only occasional summer visitor, it stands and watches the ever changing scenery that surrounds it's crumbling walls. WAITING for it's one traveler, to dig and recover many more of it's well hidden treasures.

It is a house of many treasures, but the biggest treasure is the house itself.

[PAPPY]

SELLING YOUR SCRAP GOLD, SILVER AND SILVER COINS

Submitted by:PAPPY

I have had many many questions concerning the selling of your Gold, Silver and Silver Coins.

Here is the bottom line concerning this topic.

If you have scrap or unused gold or silver coins you desire to convert to cash, understanding the methods used to weigh and value precious metals will help keep the buyers honest. Remember, items that contain gold or silver are not entirely pure. U.S. Silver coins prior to 1965 typically contain 90% silver.

Below is the gold content of Karat Marked Gold:

10K-41.6% Gold
12K-50.0% Gold
14K-58.3% Gold
18K-75.0% Gold
22K-91.6% Gold
24K-99.9% Gold

Just because an item is marked 22K does not necessarily mean that it is real. There are many fakes out there and many methods to make fake items look real. Reputable dealers will carefully test your gold and silver using electronic and other methods and tell you exactly what they think it's percentage of pure gold or silver is.

Dealers do not pay full market price for your gold and silver. Dealers have to make a fair profit as does anyone between them and the refiner or company who turns your scrap back into fine gold or silver bullion. A refiner typically pays the dealer 90% of the market value of the amount of the pure gold the item contains. Most refiners have five-ounce minimums and charge assay fees, refiner's fees, and many other charges. The dealer has to allow for these fees. Also, the dealer takes great risk on any purchase due to the rapidly changing prices. If a dealer buys and pays $800 for an ounce of pure gold on Monday and the market drops drastically by Wednesday, the dealer can lose a lot of money quickly. Dealers take this risk into consideration when purchasing gold or silver.

Typically a reputable dealer will pay 40% to 60% of the market value of your gold or silver depending on the test quality of the items and the inherent risk of the market as a whole.

If you had a 14K gold chain that weighed 6dwt (Pennyweights), remember that there are 20dwt (Pennyweights) in a TROY OUNCE. The daily gold prices that are quoted are quoted in troy ounces. If the current gold spot price is $800 per troy ounce, 800 divided by 20 would result in $40.00 per pennyweight for pure gold. Your 6dwt (Pennyweight) gold chain is 14K or only 58.3% gold: $40.00 X 58.3% (.583) = $23.32 per dwt for 14K gold. This would be full market price which even a refiner does not pay. If a dealer pays 60% of market, they would offer you about $14 per pennyweight or about $84.00 for your scrap 6dwt chain. You do not have to accept the prices. Some dealers may offer you more, but most are very technical in their offers. They assume great risk in volatile markets.

Use care when looking for a buyer of your gold and silver. Here are some basic guidlines to keep in mind:

1. Reputable dealers will not buy from someone without proper identification and proof of ownership of the items they are trying to sell.

2. Look for dealers who have established businesses. Many business owners such as jewelers and other business people buy gold and silver.

3. Be Careful of people operating out of cars with no established office.

4. NEVER meet alone with unknown buyers. Meet in public places and be sure you ask for identification. It would be good to always have someone with you. Some dealers will come to your home, but check them out before you give them your home address. Ask them for references and call around to be sure they are legitimate. Ask for photo identification before letting them into your home.

5. If you are not happy with the offer the dealer makes, just get a second opinion. Most jewelers and pawn shops buy gold and silver, however, some independent dealers pay higher prices. DO NOT be afraid to shop around, especially when the price of gold is high. Once you get a second offer you may wish to give the first dealer another chance to make you a higher offer. Some will not change their offer, but if you have a lot of gold or coins to sell, dealers need what you have.

6. If you are selling U.S. Silver coins, look for coin buyers that look at each individual coin and estimate a value for each, rather than those who weigh the entire lot and offer you a price based on weight.

7. Use care and remember that what you have may not be worth what you think it is. Ask the dealer to explain any test they perform on your items and how they determine the price they are offering you. ALWAYS ask for a receipt.

Selling you unwanted gold jewelry and silver coin collections can raise a lot of money for you. Coin collectors often sell their entire collections during periods of high market prices such as those that currently exist. Many people have unwanted and scrap gold items of jewelry just lying around that can be turned into quick, and sometimes surprisingly large amounts of cash.

[Gregory]

Enjoyed the newsletter Pap

[bdahunter]

All good stuff, thanks for the read. Sorry I missed the deadline but I've still got writer's block.

Cheers,

[Buster]

Good newsletter Pappy....Indy that was a fine article..and Pappy good info on the selling of gold..It will help if I ever decide to sell anything...First I have to find it...Buster....

[Geode]

Thankyou Pappy for that very informative information, here in Oz we have something similar i should imagine.






G

[Tn Dirt Digger]

Great story Indy.....very well written...Pappy...your article is informative. You answered a lot of questions for me...Thanks to you both!

[anne]

Thankyou Indy and Pappy, good read

[The TINMAN]

Thanks INDY and PAPPY ! Very Cool Indeed !!!