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MSE News: Gold-buying companies face OFT probe

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This is the discussion thread for the following MSE News Story:

"High profile firms that offer to buy your gold are under scrutiny over concerns sellers don't have necessary protection ..."

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Comments

  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    This racket, which employs some of the 'C' list celebrities such as Dale Winton and Anne Diamond in the TV ads, has gone without criticism from MSE for far too long.
    On the "Up Your Income" and the "Silver Savers" thread this has been talked about for a year. So instead of MSE cold calling known sharks, why don't you cold call some of the buyers that are top of the MSE posters recommendations. The number of spammers that have deluged the threads show just how lucrative this racket has become.

    Come on MSE, whose side are you on. Post a best place to sell thread.

    And no, I am not recommending anybody sell their old gold unless they need the money. Hang on to it as a good investment.
  • geordie_joe
    geordie_joe Posts: 9,112 Forumite
    1,000 Posts Combo Breaker
    DiggerUK wrote: »
    Come on MSE, whose side are you on. Post a best place to sell thread.


    I thought there already was one.

    http://forums.moneysavingexpert.com/showthread.html?t=2005351

    If you don't like this one you can always start one yourself.
  • chillxxx
    chillxxx Posts: 33 Forumite
    If a company is releuctant to give you an up front price on something its normally not giving a good price. Almost all jellwery shops on the high street take in scrap gold. Why not just go around a hanful when your doing your shopping sell it to the one who gives the best price.

    The reality of copmany invests on TV comericials free postage etc giving the best prices is quite sparse. I personally think popping a load of gold into a envelope then taking it the post office to get it sent recorded delivery and dealing with hassle if does go missing etc far out weighs the hassle of going into a shop.

    If you need to sell you old gold, be sure to get a few prices beofre separating with it. So you sure you not being ripped off!
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 30 January 2010 at 9:14PM
    I thought there already was one.
    http://forums.moneysavingexpert.com/showthread.html?t=2005351
    If you don't like this one you can always start one yourself.

    If MSE can put up the best place for Cash Savings, Credit Cards and Phone/Broadband deals, it would not be so difficult to put up a presentation for the best places to buy and sell scrap gold, gold coins and bullion.
    As the international gold trade, in monetary terms, is enormous, it is about time good information on prices of a product that many are now becoming interested in, was available.

    MSE would be the only easily available reference for that info in the UK.
    The info people need is not easily discernible in the link you provide, and shows that MSE could, and should, do better.
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    DiggerUK wrote: »
    If MSE can put up the best place for Cash Savings, Credit Cards and Phone/Broadband deals, it would not be so difficult to put up a presentation for the best places to buy and sell scrap gold, gold coins and bullion.
    As the international gold trade, in monetary terms, is greater than Oil, Coal and Gas combined, it is about time good information on prices of a product that many are now becoming interested in, was available.

    MSE would be the only easily available reference for that info in the UK.
    The info people need is not easily discernible in the link you provide, and shows that MSE could, and should, do better.

    Digger,

    What is happening? I'm in agreement with you yet again;)
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Jonbvn wrote: »
    Digger,

    What is happening? I'm in agreement with you yet again;)

    Throw away your Rizlas, surrender to the almighty, help is at hand.
    Or you could go to Independent Financial Advisers Anonymous.
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    DiggerUK wrote: »
    Throw away your Rizlas, surrender to the almighty, help is at hand.
    Or you could go to Independent Financial Advisers Anonymous.

    I've never been an IFA? I've always worked for a living;)
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • DarkConvict
    DarkConvict Posts: 6,346 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    There was an article in my local paper, Stafford Post.

    This was due to him not reading the terms and coniditions

    A man sent in his gold watch to PostalGold, he didn't like the evaluation. So they sent his watch back in pieces and some parts missing. So it was now worth less if he wanted to sell it on.
    Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.

    There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies
  • stphnstevey
    stphnstevey Posts: 3,227 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    interesting
  • I found some old gold jewellery after having a clear out after Christmas. I was wondering where to sell it, if indeed it was worth anything, and decided against these "post in" schemes. I just went to a local jeweller who I had seen had advertised in the local paper for old gold. I was given £160 cash on the spot. Maybe I would have got slightly more elsewhere, but to be honest I was happy with the amount and at least didn't have the worry of seeing my gold disappear into the Post box......possibly never to be seen again.

    I have had a problem with a digital camera that I sent into one of these "post in" recycling schemes. It was in working order when I sent it, yet the cheque they sent me was for a reduced value as they said it wasn't working.
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