Cash for Gold and similar companies: Scam or Legit?

[AmishTickler]

I've noticed numerous of these Cash for Gold and similar type companies popping up all over the place recently. After doing a bit of "Spring cleaning" a few weeks ago, I've realized that I have quite a bit of old jewelry that I haven't worn in years and silver items that I really have no use for that I wouldn't mind getting rid of.

Does anyone have any experience (good or bad) with dealing with any of these type companies? Were you offered what you thought was a fair deal for your items or do you feel like they were looking to put one over on you? And I'm not talking about the ones where they want you to put your jewelry in an envelope and send them to the company. I would be planning on bringing the items to the company in person and sitting down with them.

Any experiences would be appreciated.

 

[phant0m]

I say go get a quote, and then get a quote or two from different pawn shops. If the cash4gold quote is similar to the pawn shop quotes, you're getting ripped off.

At least where I live pawn shops do nothing but rip people off, if you're area isn't so bad this might not work. You could also consider asking a jeweler for their opinion.

 

[Cosmo_ac]

getting it quoted is never a bad idea.

After that, I would suggest Ebay unless your hard up for money, as like it was said, Pawn shops just want to bend you over, lube you up (is your lucky) and aim for penetration. It is a business built on fucking other people over to make a proffit.

 

[Flatfoot]

We've made roughly a little under $2000 selling gold over I think five trips. Some of the shops are pretty good. Keep in mind, you have to pay attention to the current market value for gold and silver to make sure it's worthwhile to sell your old jewelry. Also, these places will buy them from you by the weight of what you give them. They will not give you full value, because they wouldn't make money, otherwise, so you're gonna take a cut. The thing to keep in mind if you need the money (or just want a little extra money.) is that your old jewelry is pretty much just sitting around, not doing anything for you, if you don't use it, wear it, what have you. You may as well sell it, but look around the different shops near you to see who will give you the best deal. The value of gold fluctuates up and down daily.

 

[Rusty Shackleford]

The reason we've seen such a proliferation of "cash for gold" companies these few years is because gold is at an all time high... it's definitely a sellers market.

However, I echo most sentiments in this thread and recommend selling it to a jeweler instead... you'd probably get more for it.

Assess value and sell high... it's the American Way!

Good luck!

 

[General Zod]

The better business bureau may have some info,good/bad on places like cash for gold.

 

[TickleMeP1nK]

I always thought it was a scam since every person in that commercial seemed a little TOO excited and happy lol. No one is ever that satisfied! "I GOT 500 DOLLARS FOR MY SCRAP GOLD!"

 

[phant0m]

I always thought it was a scam since every person in that commercial seemed a little TOO excited and happy lol. No one is ever that satisfied! "I GOT 500 DOLLARS FOR MY SCRAP GOLD!"

There is actually a difference between the companies you mail your gold to and the ones who buy it from you in person. A lot of the mail-in companies will drastically undervalue your items, delay sending you your check and then give you a very small amount of time to contest the transaction (With the time it takes for the check to reach you included in that small window). If you go to a gold buyer in person, you will at least know exactly how much money you're receiving before you agree to anything, meaning they won't low-ball you quite as bad.

 

[Whoviantrekkie]

One of my dad's old co-workers had a $30,000 hundred year old gold necklace...Cash for Gold offered her about a couple hundred bucks for it. You decide.

 

[theteam]

I've heard quite a few stories and read a few articles that all ended up with these cash for gold places ripping people off. Knowing the value of their gold was around £1000, people sent their jewlery off to see how much they would be offered.

Most of them were offered below £50 and turned down the offers, then these companies would get back in touch offering around £100 as a last generous offer. These people knowing the true value declined the poor offers and asked for their gold back, which never arrived.

Weeks later after getting in touch to complain, the companies each sent them all a check for £50 saying that it must have been lost being returned and are being paid the amount they valued the gold at.

Clearly they are ripping people off, but to "lose" their gold as well means these companies truly don't give a crap about what they do to make a profit.

I would say you would be better going to get your gold values in person, that way you at least know you will get it back if you are not satisfied with the amount of money being offered.

 

[Leo tickles]

Some are legit. The best thing to do is travel in a 5-10 mile radius and see where you can get the most money for your stuff.

I don't really have any clue how much it's worth, so unless I want to devote a day to travel and research I just stick to that plan and get decent money out of it.

Then again, I've only sold gold once or twice so I'm sure there are better ways to go about it.....

 

[milagros317]

what your solid gold jewelry is worth as gold bullion

Gold-plated jewelry is worth virtually nothing for its bullion value.

Solid gold jewelry should be weighed to determine its value.

You also need to know whether it is 18 carat, 14 carat, or 10 carat. 24 carats is pure gold; 18 carats is 75% gold, 14 carats is 58.333% gold, and 10 carats is 41.667% gold.

Using U.S. currency and units:

The price of gold is quoted in dollars per troy ounce.

The ounces you are used to using (16 oz. to a pound) are not troy ounces but rather avoirdupois ounces. 1 avoirdupois ounce = 0.911458 troy ounces.

Taking all of this into account, the formula for the bullion value of your gold jewelery, represented by V, is given below. W represents the weight of the gold in ordinary (avoirdupois) ounces, C represents the carat level, and P represents the price of gold as quoted in the newspaper.

V = W x 0.911458 x (C/24) x P

To make life easy, here is the value per avoirdupois ounce for the 3 common carat levels based on today's price (which is now $1,544.00) and the nearest round number price:

At $1544:
10-carat $586.37
14-carat $820.92
18-carat $1,055.47

At $1500:
10-carat $569.66
14-carat $797.53
18-carat $1,025.39

Go in person after weighing your gold. If you are not offered something close to the real bullion value, then don't sell it to them.

 

[Morpheus72]

Anyone who would put their valuables in the mail and send them to someone they did not know is a solid-gold idiot. If you need to sell your jewelry, basically any jeweler will buy it, and you can be there, in person, to take your gold back if you don't like the offer.