All about us Moving!!

For those of you who are not aware, we are moving this coming week and will begin settling into our new location over the weekend. We will be operating out of the new store after returning from the labor day holiday on Tuesday Sept. 7th.

Don’t be alarmed though, we will be located in the same building at the other end. The reason for the move is it affords us 3 time the space we currently have. It will enable us to have a small showroom, buying area, private office and the best part is that we will now have full refining and smelting capability on site. In addition to our precious metal and gemstone lab, we are adding a 5000 cfm fume scrubber to handle the aqua regia fumes created from refining gold. This machine will remove and neutralize any corrosive gas or fluid created during the refining process.

We are also adding a very large 4000KW Induction Melter which allows us very very quick melts for large volumes of gold and silver and other metals. This, along with our XRF Analyzer will allow us to quickly and accurately value large lots of metals that we purchase from retailers, pawnbrokers, and other gold buyers. We can then remelt the material and pour it into shot or grain and begin the refining process.

We expect to have the new refining plant operational by the end of September. This will be a huge step toward the expansion of our local CT business and our national brand as well.

With the new store comes many new opportunities for us to fulfill our customers needs quickly and better than anyone else can. This move will not affect our payout prices and may eventually lead to increases as we streamline our process and find new ways to be more efficient. That is what we do here at CT Gold Buyers, we put our customers interests first and that is to offer the top service and highest payouts for their unwanted metals, Coins, and Diamond Jewelry!

Also, if you are in the market for Diamond jewerly, be sure to check out our new display where you will undoubtedly find the latest fashion must haves, created with fine quality diamonds, for prices that NO ONE ELSE can offer.

Visit us Monday thru Friday 9am-5pm or Saturday 10am-2pm or by private appointment, or check us out online at

(203) 269-7000


Where is Gold headed?

If you asked me 6 months ago, I would have guessed the opposite of what I am about to predict, and that is that gold is simply just leveraging it’s value presently, and by this I mean that it has been leveling itself off to give itself a new average price. I think that price is about $1125 per ounce.

I do believe now that gold has yet to see it’s bull market  and has a long way to go in setting new records. I like to think of any market as a political race, and Gold clearly has gotten the votes and has cleared the hurdles……It won the primaries, it won all of the elections. While there are many people who disagree, gold has now become the international currency of choice. It has become, once again, a currency that has no logistic or linguistic barriers. Gold has given international businessman an advantage that government backed currencies and securities cannot, it has given people the option of owning a currency that not any government can regulate, or manipulate, or base on their economy or what they want you to perceive as their economy. Gold is Gold. Gold is rising in value against all currencies and while during the late nineties and early part of the millenium it was being sold off by central banks, it was a simple case of you don’t know what you got till it’s gone.

Who wants dollars or euros any more? You have to expect that with the rate the Fed is putting money out there, and buying it back in market bubble damaged packages that it is only a matter of time before it’s value succumbs and enter the Amero, or some other new currency that promises to gain value like a stock and be a lifelong worth while investment.

Listen, this is the information age and that is the very basis of all of our economies around the world and the problems that cause them to lag at best. There is too much damn information that suggests other than what the Dog and Pony show wish you to perceive. While economists would like you to believe that unemployment is less than 11%, I think it is better than 20%. You have to factor in that a lot of the construction and labor industry workers that are not union are paid off the books. That probably goes for a lot of small businesses. When those people lose their jobs, it does not count. Most of the people I still keep in touch with have either lost their job, lost a lot of hours, or are business owners barely making it.

Add to that mess the new threat of Obama care and you would easily arrive to the conclusion that until a given company has figured out what exactly it will cost them to have an employee, they will not be hiring. I think the full Obamacare is starting in 2014, I think? But I don’t know, I don’t know what it will cost to have to buy health insurance for Me and My Family, let alone employees and their families. It’s like having a threat held over you and you cannot react until it comes to life. So like many other business owners, I am not hiring until a clear picture and cost analysis is readily present. I called health insurance companies, doctors, lawyers, NO ONE KNOWS.

On top of that, many jobs are replaced by software, robots, and low wage, high quality employees in countries such as India, Russia, and other countries. Americans do not have the education or job training as these low wage competitors. With the internet making them readily available for tasks such as software development, call centers, etc. It is no wonder why any smart company that answers to shareholders would ignore this offering. Employees cost money, don’t want to work, have little skills, and now with the health insurance threat, it is much easier to hire a temp employee in Italy for $11 per hour thant works for 8 hours a day and gets the job done, than it is to pay someone $40,000 per year, plus all the added costs the government put’s on top of that…..It is ridiculous. So anyway, with jobs going away that will probably never come back, it leaves a big hole.

Beyond that, there are endless fundamental problems with our economy that will keep us on a steady decline for the next decade. Any logical analyst must consider that our resources are depleting, and that our opportunites are depleting as well. What is happening now is that the rest of the world is catching up. Emerging markets are gaining traction and the economy is no longer based in a single country or region. Our economy is now part of the larger World economy and we are not as competitive, not as educated, and not as attentive as we need to be.

The world economy is a vacuum and it is sucking a major part of our economy away in terms of trade deficits, manufacturing deficits, and currency devaluation.

Those are the things that make gold a sure bet and I believe it is going to rise in value even beyond what most people will predict. It is going to be the chosen currency during the infancy of the new world economy. In fact, I fear it may get to a point where we cannot even afford it. I don’t even belive we have it. If Fort Knox and the federal reserve had a large store of gold, it would have been accounted for to offset our huge deficit. America’s economy is just a huge debt.

The real effect of all of this will come in the next 5 to 10 years, when the government runs out of tools it has to keep the economy hanging by it’s thread. The low rates will not benefit anyone. There is no money to go around as it is leaving our country faster than it is being printed.

Anyway, we are talking about Gold here, not politics, not the world economy, but those are all of the things contributing to it’s increasing demand..

At the end of the day, the world we live in is unstable. Gold has always been stable and that is what the people choose, stability. There is no paper or metal or other material that offers the easily recognizable value and stablity as gold and it will surely pave the way to the future economies that replace our tattered,  inefficient, and outdated economic policy.

Those guys on TV must pay alot more because they say they pay the highest prices……..

Don’t be fooled by misleading gimmicks and promises that are not kept. The guys on TV in reality pay far less as you end up paying for their commercials dearly. I had a customer the other day come in with his gold, I offered over $1400. He went to get more prices but came back before the days end and he was shocked at just how far off the competition was. Good Ole Toms, Fast Eddy, and Beckers each offered less than $500 for the same exact lot.

He quickly realized that by dealing with a gold buyer that is not a refiner, that is cut # 1. Then factor in advertising, cut #2, and then add in multiple employees, cut #3…….Not to mention just plain greedy intentions and you end up with as much a difference as he had been offered.

The worst factor in that equation is dealing with an employee and not the guy who in fact owns the money being offered. Employees are paid via a cut of your gold, on top of that, they are usually not experienced enough to accurately evaluate your gold, and then they are often given quotas to meet, quotas that benefit the companies owner, not the seller.

My philosophy is to put the customers interests first and that my companies interests would follow. By dealing directly with every customer I could ensure quality and offer the highest payout rates in all of Connecticut. If anyone tells you they are paying more, do not believe it until you have come to my store and gotten a price directly from me, I guarantee you will not get a higher offer or I will beat it!

The real truth in selling Gold & Precious Metals…….

I have been buying gold from the public as a licensed dealer since 1992 and have worked in the industry prior to that. I have extensive knowledge about every aspect of the refining and precious metals business. With gold prices rising steady for the past 9 years now it has created a new aged gold rush. It is such a cluttered market at this point and it is the latest entrepreneurial get rich quick business as it is unique in the fact that the inventory you purchase at a heavily discounted rate is actually a currency in it’s own right, with built in instant equity…….Trust me that there is no other business that offers this instant profit formula and that is why there is no escaping the frequent attack of quick cash offer commericials, billboards, ads, email marketing, etc…….People are rushing to get your gold out of your hands for a fraction of what it is worth and bank the profits.

The gold buyers have a clear advantage over the standard consumer who wishes to sell their old jewelry for cash as the form it is in is not readily identifiable in terms of it’s actual value. It is really hard to take a pile of 10k and 14k gold chains, rings, bracelets, and earrings and know what its real market value is. One must first understand how the karat system applies to gold, then they must have a means to weigh their gold and most likely they do not have this knowledge. Furthermore, add the confusion of a host of different weight types and it becomes a foreign language barrier and leaves people basing their real gold value in terms of “well it seems like a lot of money for stuff I’ll never wear again”.

I probably buy gold from an average of 40 people per day for the past 3 years now. 2-1/2 of those years were 7 days per week so you can do the math and figure out that that is alot of people. Add in the rest of my over 20 years of customers and it becomes apparent that I have heard everything and have seen it all.

When selling gold, most consumers are their own worst enemies. Consumers do not take the time to calculate how much their lot is worth and this is the most important step in the process. If you do not know what your gold is worth then you really have no idea what a “good offer” or “fair offer” is.

I have built my reputation on paying very generous rates to consumers. I conisider myself to be an expert on precious metals and I believe I have a fiduciary duty to inform my clients of their metals market value and pay them just slightly less than a large lot customer such as a jeweler or pawnbroker would receive for selling directly to a refiner, such as myself. Currently, I pay consumers 85% of the value of their metal. I find this to be the highest consistent rate in the nation. I regularly see companies that promise more, but is is a smokescreen to get your gold in their hands, they will then apply age old tricks to get if for much less than what they promise.

The best way you can avoid this is to figure out exactly what you have and know it’s value before attempting to sell your gold. The average transaction in my store is probably around 8 or 9 hundred dollars but regularly reach the 5 to 8 thousand level. I would state that most people who were above the age of 20 during the early nineties probably have about $2000 worth of old gold and silver jewelry if they had in fact saved what the average person wore during that period.

When you see companies like, and they offer a $100 bonus on top of the $150 they offer you for your gold, you are probably losing at least 500 or more dollars on the deal. Rule #1 is to never waste time dealing with anyone offering a bonus. A company that offers you a “bonus” is telling you that they are paying you less than they should and you need to avoid that.

You first need to call the dealers in your local area and ask them what percentage of the value of the market price they will pay you. If they are not willing to discuss this, then don’t waste your time trying to sell to them, they will rip you off if given the chance.

If you are able to find someone that is open to providing their payout rates, then before you go to them, take an inventory of the majority of your jewelry. You need to categorize it by it’s purity first, i.e., 10K, 14K, 18K, 22K, etc. Then, once that part is done, weigh everything in either DWT, GRAMS, or TROY OUNCES. If you do not have a scale available, go to a trusted jeweler and tell them that you are insuring your gold and you need to have it weighed, they should be happy to assist you.

Now that you have that information, you can easily figure out what your gold is worth. The price of gold changes constantly as market conditions dictate it’s value and supply and demand, as well as currency value, alter it’s value nearly every minute of the market session. If you need live gold prices, go to the ctgoldbuyers website and the prices update every minute. You can also use the payout table on the page as a reference as they are based on exactly 85 percent of the live metal price.

If you have to convert weights, use the following formulas:

There are 20 DWT’s in a Troy Ounce.

There are 31.1035 grams in a Troy Ounce.

What your goal should be is to figure out the actual amount of gold you have in troy ounces. You need to understand that karat gold used in jewelry is not pure gold, it is an alloy that consists of gold, silver, copper, nickel, zinc, etc. To figure out how much gold is in a particular karat, divide the karat by 24. The karat system consists of 24 parts of metal in whole. Take 14K Gold for example, it has 14 parts gold and approx. 4 parts copper, 4 parts nickel, 2 parts silver. If you divide 14 by 24, the result is .583 and that figure represents the amount of gold is in the alloy.

Therefore, if you have 26 Dwt’s of 14K Gold, divide 26 Dwt’s by 20 to get 1.3 troy ounces of metal. Now multiply 1.3 ounces by .583 and the result is .7579 troy ounces of pure gold. You can then multiply that by the current market price and at the time I am writing this, it is $1235. giving you a market value of $936.00

Here are the formulas for other karats:

8K .333

9k .375

10k .416

14k .583

16k (Dental) .666

18k .750

19.2k   .800

20k .833

21k .875

22k .916

24k .999 is pure gold!

Also, the price of metals on the market is always based on a troy ounce unless noted otherwise.

Anyway, I will finalize by saying that when you go to sell your gold, you give off signals to buyers that they can easily translate as to your knowledge of what you have. They are trained to take advantage of your tells, just like a professional poker player, and they will take as much as you will give them. Do not offer any expression, emotion, or information. Simply ask them what is their best offer as you are considering selling your gold. Tell them you plan to get other prices too.

I hope that by the time you make it to a buyers desk, you first know the current market value of your gold. You will be surprised to at the amount of misinformation buyers will provide you in trying to manipulate you so they can get if for much less than it is worth.

You will find it very satisfying to know you have gotten the real highest price for your gold and your bank account will notice it too.

If you have any questions call met at (877) 289-3071 as I often advise clients and people that are not clients as I wish my industry was more honest as in the end, it makes a much better market place if people trust in gold and feel safe that it is a sound investment and they will not get ripped off during any part of the process.

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