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Cash for gold review, they pay18%

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  • Cash for gold review, they pay18%

    Here is a review of somebody sending in some stuff to them
    http://news.coinupdate.com/cash-4-go...of-gold-value/

    And two more on the traveling treasure buying outfits.
    http://www.macon.com/dodson/story/808010.html
    http://www.santacruzsentinel.com/localnews/ci_13042246
    Glen
    Been there, probably broke it, doing that!
    I am not a lawyer, and never played one on TV!
    All the usual and standard disclaimers apply. Do not try this at home, use only as directed, No warranties express or implied, for the intended use or the suggested uses, Wear safety glasses, closed course, professionals only

  • #2
    Fox had an interview with the owner of Cash for Gold, and he came off as the worst kind of sleaze...
    "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

    Comment


    • #3
      Thanks for the heads up PT

      There is no such thing as 'junk' gold and silver. The gold and silver content are worth at least that days spot price.

      Go to- www.kitco.com- for that days spot price of silver and gold.

      Comment


      • #4
        I could understand a small discount for the buyer but not 82%.

        Comment


        • #5
          When the seller has very little means of verfying the price he doesn't stand much of a chance of getting a fair deal. So far no mention of what priceless works of the jewelers art have been reduced to molten metal.
          - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
          Thank you to our families of soldiers, many of whom have given so much more then the rest of us for the Freedom we enjoy.

          It is true, there is nothing free about freedom, don't be so quick to give it away.

          Comment


          • #6
            I've never understood "Cash For Gold".
            If you're desperate to sell or just want to get rid of junk gold, why not pawn it?
            At least you're face-to-face with someone, and not getting scammed through the mail.

            Comment


            • #7
              No one will pay you spot prices for scrap gold or silver. Not even close to it. Spot prices are for certified pure metals. Scrap can be all over the place as to its purity. Stamps on jewelry mean nothing, anybody can put a stamp on it.

              There are also heavy refining costs involved in making the scrap back into something that can be certified.

              In order for these companies to do business, especially through the mail, they must return your property if you do not like what they are willing to pay.

              They are not being cruel. They are being real.
              Gene

              Comment


              • #8
                Originally posted by topct
                No one will pay you spot prices for scrap gold or silver. Not even close to it. Spot prices are for certified pure metals. Scrap can be all over the place as to its purity.
                If you read PT's article, they assess the purity of each item, then the weight, and then quote you 17 - 18% of the current gold price. You can get a much better deal at a local jeweler or pawn shop:

                "One earring had a weight of 0.07 DWT or 0.0035 ounces and a purity of 18 karat or 75%. Converting to ounces of pure gold 0.0035 X .75 = 0.002625 ounces. Using a gold price of $950 per ounce yields a value of $2.49375. We were actually paid $0.45 for the item. This represents 18.045% of the calculated value."
                "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

                Comment


                • #9
                  The reality of it

                  Gene, I agree with you. But the reality scares me. Credit card customers are charged 32% interest if they get behind the eight ball with the Card companies. If they need to borrow a couple of bucks because their cards are maxed out, Cash America charges them a whopping 423% annual rate to borrow a couple of hundred bucks. What's left? The family gold, at 20 percent of its spot value.

                  Kind of makes what happens out on the Serengeti look tame!
                  Chris

                  Comment


                  • #10
                    Originally posted by topct
                    No one will pay you spot prices for scrap gold or silver. Not even close to it. Spot prices are for certified pure metals. Scrap can be all over the place as to its purity. Stamps on jewelry mean nothing, anybody can put a stamp on it.

                    There are also heavy refining costs involved in making the scrap back into something that can be certified.

                    In order for these companies to do business, especially through the mail, they must return your property if you do not like what they are willing to pay.

                    They are not being cruel. They are being real.


                    Should have made myself clearer- no such thing as junk coins and jewelery.
                    You are quite literally selling money. They buy it at spot ans sell at a 5% premium.

                    Comment


                    • #11
                      Originally posted by Rustybolt
                      You are quite literally selling money. They buy it at spot ans sell at a 5% premium.
                      Don't you mean they're selling it at an 82% premium (100% - 18%)?

                      You know it's a rip-off if people are getting more money at a Pawn Shop
                      "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

                      Comment


                      • #12
                        Just another one of the scams that come along in when times are tough.like used car warrenties and get out of credit card debt free. There was a big article in the paper a few weeks ago about the mail in gold buying scams. and the tricks they use to pay you little or almost nothing for your gold. Sound to good to be true it is.If you must sell deal with someone local at least they can explain why they pay what they do if you dont like the offer you can go some where else. My .02 your MMV.

                        Comment


                        • #13
                          Do they actually melt this stuff down, or clean, polish and put it back on the market?

                          Nick

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                          • #14
                            NOBODY PAYS "WORTH"

                            Nobody in business, that is.

                            If I pay you the "real worth", then where do I make any money? I have to SELL the stuff, I don't USE it........... Get away kid, you wastin my time.

                            of course they are going to pay less, and in some cases much less. Most cases, probably. They have to, unless they are a charity, which I can guarantee they are not... they are the "payday loan" companies of the jewelery business.

                            Plus, they are a "retail purchaser", dealing with the general dopey public, who send in a lot of junk as well as good stuff. Their costs in just doing a basic density on your piece of potentially crappy "gold filled" jewelery is relatively high, so what's the problem?

                            That's like going to the local 7-11/QuickTrip and expecting to pay the same low price as at "Big Bulk Food Mart"........ It is just not a reality-based expectation...

                            Most people are so happy to get money that they don't care how MUCH they got, if they really even have a clue. It's that sheaf of $20's... or $5's.
                            Last edited by J Tiers; 08-16-2009, 12:31 PM.
                            1601

                            Keep eye on ball.
                            Hashim Khan

                            Comment


                            • #15
                              Originally posted by Nicholas
                              Do they actually melt this stuff down, or clean, polish and put it back on the market?

                              Nick

                              A jeweler will melt it down and make new mountings with it.

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