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I got an email from this cashforgold place. I have a lot of broken chains, mismatched earrings, etc that I should just get rid of but how does this work? I can't believe that you send in your jewelry FIRST. What if they don't come through? Has anyone ever used this place.
I haven't used them but I don't think it's a good deal for the consumer. Our local news station did some tests by sending in gold jewlery & then showed the amount they got for it. Considering you've already sent them the items...they appraise it & then pay you...seems like it's in their favor to perhaps err on the low side...plus, they've already got your gold. I've also heard of 'gold parties' (think Tupperware) where everyone brings their unwanted gold & then it is bought at the party. Again, the same person appraising the gold is buying it & the hostess also gets a percentage of the amount. Doesn't seem like a good deal either. You might want to go to a jewelry store & ask if they buy gold...when I had my ring re-sized, our local jeweler wanted to know if we had any gold we wanted to sell...we had brought some items in that we inherited & wondered about them. He was especially interested in a heavy, gold man's ring that had belonged to my DH's grandfather. We weren't interested in selling it, just curious. I would be extra concerned to get unsolicited email trolling for gold.
I haven't used them...nor will I. But if you want to sell your broken and mismatched gold jewelry, I recommend you go to a local artisan jeweller.
My thinking is the same - I didn't send any items, just got the email from them and was surprised that anyone wouls send items first. Thanks.
You are better off going to a local jewelry store.
I read the news today oh, boy...
When they first started coming out with commercials regarding this, I told my DH "How do you know that they are paying you what it is really worth???" Sure enough, "Inside Edition" did an expose on those "cash for gold" scams & they were apying people maybe a quarter of what they should have been paid for their gold. I would recommend going to a trusted local jeweler & selling your scrap gold or either having it made into a custom piece of jewelry. I had a ring made from scrap gold that my jeweler reset an opal & diamonds in, that came from a ring that I gave my late Mama. ~Jeanne
There are places that buy and sell gold and silver that would be a whole lot more sensible a move than falling for this gimmick, I think.
This is another one of those 'stop and think' situations. WHY woud these places come out of the woodwork NOW? when gold is high, it's smart to SELL, not BUY. Hm. Let's see, could it possibly be that they know the economy is bad, people are desparate, they'll see any amount of money as a windfall.... so these places are, do you think?, offering below rock bottom prices for the stuff you're sending? Plus you have no way of knowing how honest they are anyway. Could they claim your stuff got 'lost in the mail'?
Right now is the time to sell gold, it's not a good time to buy--unless you're cheating the person selling into taking less than their gold is worth, and you turn around and sell it for a lot more.
I agree with those who recommend going to your local jeweler--someone you have a history with, someone you trust, someone who knows if he cheats you, you won't be back next year to buy a graduation gift for your daughter. Most times, you're not going to get a fortune for old gold--it's not pure for one thing (you can't make jewelry out of 24 karat gold), and it has to be re-refined and manufactured, and at any rate, you're only going to get the wholesale rate, selling it, not what a piece of fine jewelry would be worth, or even what a lump of pure gold would go for. But at least, if you deal with someone you trust, you can feel relatively confident that you're handling the transaction as safely as possible.
Here is a complaint board about them: Cash for Gold Complaints
Come to think of it, I haven't seen their TV ads for quite a while. After reading Annie's link, I'm wondering if they are still in business.
Since you have to way to bargain with them on the payment, I'd stay
away from it. You send them gold and they pay you what you want. If
it's not an acceptable price to you how do you either get more money or
your jewelery back? Stay away from this offer. There's a site that i could recommend and you could try. sell gold for cash
Thanks for the information. You all pretty much said what I felt. I have some broken chains, lost earrings, stuff I don't wear, etc....I am just going to go to the local shop and see what I get. It's just sitting in my jewelry box, gathering dust.
I would sooner go to a pawn shop than do one of those mail order deals. At least a pawn shop has a physical location, is known of by the Better Business Bureau, and in most places is closely monitored by the police.
A lot of this is folk memories and cultural hangovers.
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