Who would own my old gold?

Among the old copies of The Straits Times that my nephew dropped at my home today, I found a colum written by Ignatius Low (news editor of the ST) in the June 3 edition particularly interesting.

He had picked up some old records from a 2nd hand shop in the Adelphi and actually took the trouble to track down the original owner to the extent of corresponding with him!

I found the column particularly interesting as my sister and I had sold some pieces of gold jewellery last week to a pawn shop, Value Max, at Bendemeer.

Now I wonder whether the pieces would be melted down or cleaned up and resold.

My two pieces, comprising two battered and out-of-shape gold bangles with hollow centres, fetched $860 and are probably destined for the melting pot.

My sister’s two bracelets, however, were in pretty prestine condition and fetched $1,530!! So the pawn shop could clean them and up and resell.

And as the pawn shop has our addresses — for the CID the two chaps who dealt with us said — I guess future owners of my sister’s discards could potentially get in touch with her to say “hi”. Or perhaps ask for the history behind the piece.

I hope not.

The Bendemeer area is a rather rough area and after getting our moolah, we rushed to the UOB branch a few doors away to deposit our cash.

One more aside from this episode. Only gold jewellery with no baubles of any sort encrusted in the gold fetches decent prices.

My sister showed the pawnbroker six rings set with various semi precious stones and was most put off by his offer of $60 each! More so when the rings had each been bought for close to what she paid for each of her gold bracelets, many moons ago!

As for my own experience, a gold Rolex Lady Date-just watch I’ve had for several years had similarly dismaying reception.

Over the past couple of years, I’ve shown it on and off to Rolex dealers and pawnbrokers in Chinatown, Fortune Centre, Lucky Plaza etc and have been repeatedly mortified by the offers quoted — from $2,800 (most recently) to $4,500 (when gold was around USD2K).

Given that the gold price is moving erratically, it’s going to be a long time be4 I’m going to get the price I want. So, the watch will soon have to be returned to the safe deposit box at the bank which continues to bleed my bank account of $600 per annum, holding all sorts of stuff that’s probably a fraction of their cost value.

If i could re-live my youth, there would be only three things I would accept or invest in: financial instruments, property and cold, cold cash 😆

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2 thoughts on “Who would own my old gold?

  1. “If i could re-live my youth, there would be only three things I would accept or invest in: financial instruments, property and cold, cold cash”
    I would rather have invested in property and reap huge returns now! My great great grandfather (my current mother’s grandfather) won first prize big sweep in the 1960s. Those days when big sweep first started, it was only $400,000! If only he had bought few free hold houses at Upp Paya Lebar Rd area for around $10,000 to $15,000 per terrace house, today it’s worth millions! Instead, he held on to cold hard cash and got squandered by all my great uncles. He died a poor man. Senile and lonely. What a life.

  2. Ha, Gintai, why “current” mother. Do you hav a past mother? Just joking. Actually in the 60s, your gr8 grandad could have bought at least two GCB’s with his winnings. And today, if the family still got them, they wld be looking at $70million. But then back in the 60s, most people with that sort of $ won’t dream of putting a lot of it into property, esp if they already own a home. This was because of the political uncertainties overhanging the whole of Sth-east and East Asia (ex-Japan). Fifty years later the whole region is strangely optimistic — even when Europe n ME are abt the implode, for diff reasons. Wonder if this is irrational euphoria? 🙄

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