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You looking at me!
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4,026 Posts
Discussion Starter · #1 ·
Surprise surprise........turns out these cash for gold companies are ripping people off.

Melting the gold down before the 14 day period is up.

Story was on CNN couldnt find a link.

Cash4gold is currently dealing with lawsuits against them.

Let me see you send your gold in an envelope to a factory then assume they will weigh it correctly and give you the right cash?
Assuming they dont say "its was never received" lost in the post etc etc

Seller beware!!
 

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walker
Joined
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15 Posts
keep the gold!

Poeple in my household wanted to send in to cash for gold but i stopped that from happening for all the reasons everyones been saying here. I like the most "sorry it ever turned up" yea right...
 

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Maximus
Joined
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12,320 Posts
Just be aware that all these companies are NOT the same. Some are legit. Problem with lawsuits also is that Cash4gold.com can just shut down and reopen under a different name. Cash4goldB.com for example then screw people all over again.


As with selling gold anywhere, you have to do your homework on these companies. There are hundreds of companies. All of the names sound the same:
Cash for Gold
Cash for Broken Gold
Cash for Gold Now
Cash for Gold USA
etc etc etc.

Some are scams and will give you 30 cents per dollar sometimes less. Some are legit companies and you will get about 80%. DO YOUR HOMEWORK!!

Some general rules though:
-you get more money for more gold (usually % goes up when you have an ounce or more)
-You get more money for higher percentage gold
-gemstones will get you almost nothing
-80% is about the max you will get with these companies
-it will get melted down anyways
-usually measured in grams or Pennyweights (DWT)
-Mail at your own risk!
 

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To the surface!
Joined
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8,012 Posts
Jewelry, both gold and precious gems, is worth a lot less than what you pay for it. When you turn around and try to sell it for its base value, you are likely to be very disappointed. Plus, these outfits don't give you a good return even on the base value.

Jewelry is a sunk cost - forget about trying to retrieve that value.

If you want to invest in gold, buy it in ingots or other similar forms and buy low, sell high.

Personally, I invest in lead, or other more useful less speculative metals that I can actually use. I would do better speculating in ammo than gold.
 

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Prepared
Joined
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15,924 Posts
I was looking into buying used jewelry a couple years ago -- because I noted that it was worth substantially less than new, maybe even less than the metal content. Not the case any more. Still worth a lot less than what the person probably originally paid, but anyone who does his homework should get spot value.
 

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Sorry About Your Feelings
Joined
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20,837 Posts
I've been scammed by those people.

Got $50 for over 5 ounces of gold jewlery.
I actually thought it was a good deal until I learned more about the price of gold... then it was too late.
 

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Senior Member
Joined
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1,794 Posts
In the trade, such outfits are considered nothing more than an easy way to liquidate stolen goods. Theives do not care that they are getting a fraction of the value as long as no questions are asked, the goods disappear, and payment is made quickly.
 

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Preparing since 1972
Joined
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5,612 Posts
Surprise surprise........turns out these cash for gold companies are ripping people off.

Melting the gold down before the 14 day period is up.

Story was on CNN couldnt find a link.

Cash4gold is currently dealing with lawsuits against them.

Let me see you send your gold in an envelope to a factory then assume they will weigh it correctly and give you the right cash?
Assuming they dont say "its was never received" lost in the post etc etc

Seller beware!!
VERY TRUE...About 5 to 10% of what an item is worth...
 

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Preparing since 1972
Joined
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5,612 Posts
Then there are companies advertising when you buy large amounts of gold from them that they will store your gold at their place for a monthly storage fee....:upsidedown:
 
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