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A Review Of Cash For Gold Websites

With unemployment as high as it is, it sounds like a great idea to sell your gold with those places that will buy your unwanted, mismatched or broken jewelry. So this raises the question: Is it worth your time or money? Let’s do a thorough cash for gold review and find out what you should do if you want to get the most for your gold.

The first thing you should do is check the local pawn and jewelry shops. What people don’t often realize is that the cash for gold by mail sites, that you’re paying for convenience. Always go to your local pawn shop for a comparison, you’ll usually see that pawn shops don’t pay as much as jeweller’s or specialists in the field.  Although they are paying more than they used to, typically you can find a better deal elsewhere. Not there are some national advertisers that have very poor names, lets have a look at them.

In 2009, ABC News did a report on cash for gold reviews and how much lower some of these sites have paid out, and it is staggering. What they did was purchase 14 karat gold and took it to an appraiser to see what they should be getting, and he said that the seller would get about $350.00 for them. Then they sent it to three major gold vendors, specifically Dollars4Gold, and GetGoldCash. GetGoldCash offered only $206.15 for the gold, then raised the offer to $275.00. Dollars4Gold told the person some of the gold was only 10K or 12K, and offered just $89.71. But the worst dealer was Cash4Gold, who offered an unbelievably low $66.05. When the seller complained, they raised the offer to $137.82. Some checks written by Cash4Gold were for as little as .01 cents.

This practice is all too common with companies like this. In fact, Cash4Gold has gotten over 300 complaints with the Better Business Bureau in the last three years, and has a C- rating. When you call them, they know why you’re calling – it’s because you’re unhappy with the check you received, that is if you’re smart enough to know you’re being ripped off. The person on the phone is given a commission of $15 if they can convince you to take less than double what you were offered, and $10 if you accept less than triple your original offer!

Here are some tips from the cash for gold insider, it’s easy enough to go online and find the best price, here’s some things to look for when dealing with an online company, do they publish their prices? If not look elsewhere, if they don’t have their prices published on their website I would move on.  Secondly, do they have a contact number so you can speak to someone in person? If not, again move on.  Thirdly, if they do list their prices on their website make sure they are listed in grams and not pennyweight/dwt, you see 1 pennyweight/dwt is equal to 1.55 grams, some companies will try to mislead you and have their prices in pennyweight/dwt only which makes their payout prices higher.

So what happens to all of this gold? Well it gets melted down and some gold returns as jewelry that people are going to buy. Some of the rest of the gold actually returns to brick or coin form and is then returned as part of the gold currency trading market.

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