Because of the current state of the American economy and the ever increasing surge in gold prices , it is no wonder people are rooting out their used Gold, silver and other precious metals and are getting rid of them to cash 4 gold industries as a way to come up with some more money to get rid of some debits to to get out of debt.
If you are in the same situation you will be wise to methodically do your investigative work before giving away your gold or silver to just any company in that there is a large number of unethical cash for gold companies in the jewelry buying business who will without conscience prey on your financial desperation and reward very little for your gold or silver jewelry.
I realize that this behavior is not illegal, it is however, wrong and I am here to tell those of you who may be thinking of selling your old jewelry to be sure to avoid businesses that are posing as gold brokers and to conduct business only with refineries or cash 4 gold businesses that have their own refineries
The truth is, gold brokers are being middle men between you and a precious metal refinery and as a result they will reward you in the neighborhood of one third of the true value for your fine jewelry and turn around and resell it back to a precious metal dealer themselves therefore obtaining the largest share while you receive a couple lousy bucks.
Recently, Fox news put together a kind of undercover sting, in that they submitted three of the same amounts of jewelry to three separate cash for gold businesses and waited for their payout and while all of the gold buyers did in fact give them a payment for the broken jewelry, only one of those cash 4 gold companies actually paid the true value while the other 2 gold buyers payed about one third of today’s current value.
The other 2 companies that fell short were acting as a go-between while the 3rd company that payed the true value did own their own metal refinery, so it is customer beware in this industry and I strongly recommend that you do your homework before selling your used precious jewelry so that you won’t fall for the cash for gold scam
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Best Regards
And don’t fall for those who suggest you should go directly with a refiner because they pay more. (That large company who advertises all night – is a prime example of how this is NOT TRUE….there are tons of claims on how truly LITTLE they pay.) Instead, do your research and find a company who lists exactly what they pay. If they don’t list it- you gotta wonder – WHY – what are they hiding?
After much detailed investigating, I chose the Silver And Gold Exchange (http://silverandgoldexchange.com) because they list their prices (which were higher than the others), insure up to $5000, make an offer and let you accept or reject, and pay to have your items returned if you’re not happy. And best, they’ve been in business for awhile now and have a CLEAN Better Business Bureau record. I recommend checking them out.
Thank you Diane for your comment.