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CASHMYGOLD Feedback Thread

MSE_Jenny
MSE_Jenny Posts: 1,312
First Post First Anniversary Combo Breaker
MSE Staff
edited 18 November 2009 at 11:28AM in Boost your income
This thread is specifically to discuss feedback for the

Cashmygold Postal Gold Company
(
link)

Postal gold companies, where you pop your old jewellery in an envelope & they melt it down and send you a cheque, have boomed in the past couple of months. We’re researching a guide to selling old gold, and need help from folks who’ve used these companies.

If you've used this company, please can you tell us the following...
  • When did you use it
  • What did you send it
  • How much did it promise you
  • How much did it deliver
  • How efficient was the service
  • If it didn't deliver the full amount, what was its reason
  • Anything else other people should know

CLICK REPLY TO FEEDBACK

To see the feedback on other companies see the main:
Postal Gold Sellers Feedback thread

Thank you for your help

Important note for Representatives of Gold Companies


We will be monitoring the threads, and if we believe any company has got its own representatives to deliberately post positive feedback (or negative on its competitors) it will be deleted, and we will count that as negatively towards any company's reliability and trustworthyness.


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Comments

  • I sent a small golden lion worth around £100 based on its carot.

    They sent me a cheque for £15, and ofcoruse I saw that as as ridiculous and returned the cheque.. They state that if you are not '100% happy' with their offer, they will return your gold 'immedtiately'.. so I expected that. However my gold still hasn't arrived back after more than 3 weeks, I emailed them over 2 weeks ago and that email was not replied to. Phoned them few days later and they said apparently it takes '21 days' for them to return your gold.. which is contrary to what it says in bold on the front of their fact sheet.. it does however say it in the small print.

    After nearly 4 weeks I have still not receieved my gold back, and also have no money to show for it either as I returned the cheque.

    These people are rogue-trader scum. Stay clear.
  • I sent them a collection of broken chains, old rings and single earrings, weighing about 2 oz in total. After a week of not hearing anything, I called them and they said they were going to send me a cheque for £48.

    I didn't think this was enough, so declined and asked for my gold back. It arrived about 10 days later, and I took it (minus a gold chain which I decided to keep) to a market stall in our local mall. She weighed it there and then and immediately offered £195 in cash.
  • I also used this firm! Never again!
    They sent me a cheque for £12, I knew my gold was worth at least £300! When I rang them to request my jewelry back they said it had already been sold on. After 3 weeks of phone calls and a lot of stress I finally received a cheque for £280.
  • MellieMel_2
    MellieMel_2 Posts: 1 Newbie
    edited 18 November 2009 at 3:32PM
    I sent them 28 grams of very old and dirty gold and within 5 days I received £41. I thought this was good until I read the reviews here!! Shall I get my gold back??
  • I think it is important to remember that there is no such thing as a 'Free Lunch'. yes, these companies will offer low costs to begin with but if you hold your ground you will get closer to the market value for your jewellery.
    If you want to get a fair price though you need to find out what it is worth, remember that your gold will be melted down and it is the raw gold that you are being offered money for.

    1. Find out the Karat of your gold
    2. Weigh your gold (remember to take it off first!).
    3. Find out a price of gold, you should be able to get this from the paper, it will stated a $ per ounce value

    Then send it off, when a low offer is made tell them how much you value it at and what you are prepared to sell it for. never be afraid to say 'No, I would like you to return my gold'.

    If you use these services responsibly and carefully then you will always be happy.
  • There are lots of stories here about poor rates being offered by many of the companies. But there is another slightly hidden problem. If you are sending off gold items that only have a scrap value, then the only thing to worry about is the rate per gram the companies will pay, if you can tell before you sent them in the post.

    But many gold items of jewellery etc have a value above and beyond the value of the metal they contain, as any keen viewer of daytime antiques TV will know. They may have value as desirable objects which others might want to buy second hand. So what happens if you send off a bracelet which has a market value to a secondhand jewellery dealer or at a specialist auction above the scrap value? The worry must be that a gold smelting company such as these might not tell you that it is worth selling rather than melting down; so you receive the scrap value (at whatever rate they use) but they are then free to sell the item on the open market at a higher rate.

    As always, it is worth getting more than one opinion when selling things of possible value. Check with a local jewellers, as others have said, or perhaps an auction house. Not everything will be currently in fashion or of much greater value than scrap. But then even selling as scrap, if you were to sell at an auction house at least the bidding would be an open competition between those at the sale. Which should mean you are guaranteed something like true market value.
  • I sent a 18ct White Gold Engagement ring that originally cost over £700 and was offered £10. I asked for my gold back and they upped the offer to £20. I said this was no good and wanted my gold back. They informed me it could take upto 21 days to get it back. To be fair to them it did take 3 weeks but it was returned to me in the good condition that i sent it to them.

    What you need to remember is that they only pay you for the weight of the gold so small valuable items will not fetch much. They will not pay anything for the value of the diamond so bear this in mind when thinking about returning items.

    Overall i think it was a learning exercise for me. They are not a bad company to deal with think that maybe their promise of big cash sums on their adverts are maybe a little mis-leading.

    Another note of caution. When they return your gold to you, they only insure it to the value that they offered to you so my £700 ring was returned to me insured for just £10. Thankfully it didn't get lost in the post.
  • Small gold items can still fetch a fair amount, for example a 10gram 18 carot gold item is worth about £165 or so.

    These companies.. especially cashmygold.co.uk will try and get away with offering you laughable amounts for gold that is worth 20 or 30 times more than their offer.
  • I experienced cashmygold a couple of months back. I sent them two quite heavy Albert Chains, earrings, a gold cross and a broken bracelet and they had the cheek to send me a cheque for £71!!! I rang them and asked them if they had a horse and wore a mask as they were highway robbers.... the man I spoke to wasnt amused.

    They are very quick at sending the cheque to you but it took nearly four weeks for them to get around to returning my gold and I was horrified to learn that they would only insure it for what they had offered me.

    I have sold the necklaces and cross elsewhere for over £400.

    I think they just hope you are desperate for money......

    READ THE SMALL PRINT ON THE LETTER THEY SEND YOU WITH THEIR ENVELOPE IF YOU USE THEM. BUT I WOULD RECOMEND YOU STAY WELL AWAY FROM THEM!!!
  • instaunt
    instaunt Posts: 112 Forumite
    There was a whistle blower article in the Daily Mail (I think) which said that evaluation staff were paid bonuses depending on how much they could undervalue the gold. Apparently they were to start at 10% of what the gold was worth and work up from there if the client actually made a fuss ... which most didn't because they trusted they were getting a good deal and didn't know any better.
    I've been making animations for my daughter. Tell me what you think? Search for "Where are you Pickles?" and "Pickles and the Bully" on YouTube.

    picklesadventures.com/animations/
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