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CASHMYGOLD Feedback Thread
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# 1
MSE Jenny
Old 16-11-2009, 6:14 PM
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Default CASHMYGOLD Feedback Thread

OFFICIAL MoneySavingExpert Post
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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Last edited by MSE Jenny; 18-11-2009 at 11:28 AM.
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# 2
Slagmoose
Old 18-11-2009, 7:17 AM
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Thumbs down CashMyGold.co.uk Feedback

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.
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# 3
Jewels07
Old 18-11-2009, 9:34 AM
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Default Cash my Gold feedback

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.
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# 4
aprilgirl
Old 18-11-2009, 10:11 AM
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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.
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# 5
MellieMel
Old 18-11-2009, 3:29 PM
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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??

Last edited by MellieMel; 18-11-2009 at 3:32 PM. Reason: Incorrect weights
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# 6
The Voice
Old 18-11-2009, 4:15 PM
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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.
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# 7
smiggs59
Old 18-11-2009, 8:44 PM
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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.
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# 8
fairky
Old 18-11-2009, 9:20 PM
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Join Date: Oct 2009
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Default Be Careful

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.
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# 9
Slagmoose
Old 19-11-2009, 10:42 AM
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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.
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# 10
Annabellemaryjane
Old 19-11-2009, 8:46 PM
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Posts: 1
Angry Cash my gold is a rip off

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!!!
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# 11
instaunt
Old 19-11-2009, 9:02 PM
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Default

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.
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# 12
Foolsgold2
Old 20-11-2009, 11:14 AM
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I sent off about 300grams worth of mixed gold items. I received a cheque for 24. As requested I contacted them and asked to have my gold returned. Shortly after I received a call saying that they could now offer me 58! I said no I wanted my gold back - of course you have to return the cheque first. This was on 4 November. It is now 20 November and no sign of anything. I have emailed again. I accept that some of the items might only have been gold plated but what was definitely gold was worth more than that.
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# 13
Thrifty Ruby
Old 26-11-2009, 3:11 PM
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Location: Herne Bay, Kent
Posts: 456
Unhappy

Hi All,

I am really worried after reading your stories! My Mum ordered me a bag from this company by mistake! I sent my gold yesterday & am now in a panic! The stuff weighed 40g (50g with post bag) it wasn't just broken stuff but 2 rings & a necklace & earrings all intact. I phoned the FREEphone number & was told that they couldn't tell me what they were paying per gram as it was a different department! I have tracked the parcel & its not been picked up/delivered yet! What should I do? I asked them if they phoned you with the offer & she said no, they just send a cheque & you can return it if you are not happy.... I thought I would get 200-240 I now am sick with worry......

Debsx

Last edited by Thrifty Ruby; 26-11-2009 at 3:12 PM. Reason: Spelling!
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# 14
Thrifty Ruby
Old 27-11-2009, 10:35 AM
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Default Update!

Quote:
Originally Posted by Thrifty Ruby View Post
Hi All,

I am really worried after reading your stories! My Mum ordered me a bag from this company by mistake! I sent my gold yesterday & am now in a panic! The stuff weighed 40g (50g with post bag) it wasn't just broken stuff but 2 rings & a necklace & earrings all intact. I phoned the FREEphone number & was told that they couldn't tell me what they were paying per gram as it was a different department! I have tracked the parcel & its not been picked up/delivered yet! What should I do? I asked them if they phoned you with the offer & she said no, they just send a cheque & you can return it if you are not happy.... I thought I would get 200-240 I now am sick with worry......

Debsx
Hi All,

Have just received a cheque from this company for 37.52 for at least 35g of gold I am so angry! One pair of earrings I sent weighed 5g alone & as the gold price was 8.19 yesterday that wouldn't even cover what they were worth let alone the rest. There was no weight to gold price ratio so god only knows what they were working this offer out on! I have spoken to them & they say they will return the gold within 7-10 working days! Funny how they can get a cheque out in 18hrs but it takes that long to return the gold! Now I have to wait & hope that they will return the items so no extra christmas money for me!

Debs x
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# 15
Viper_7
Old 27-11-2009, 10:39 AM
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Default

Quote:
Originally Posted by Thrifty Ruby View Post
Hi All,

Have just received a cheque from this company for 37.52 for at least 35g of gold I am so angry! One pair of earrings I sent weighed 5g alone & as the gold price was 8.19 yesterday that wouldn't even cover what they were worth let alone the rest. There was no weight to gold price ratio so god only knows what they were working this offer out on! I have spoken to them & they say they will return the gold within 7-10 working days! Funny how they can get a cheque out in 18hrs but it takes that long to return the gold! Now I have to wait & hope that they will return the items so no extra christmas money for me!

Debs x
Sure it will be under valued - that is how they make money.
But 5g of earings, is not 5g of gold.
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# 16
Thrifty Ruby
Old 27-11-2009, 11:41 AM
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Quote:
Originally Posted by Viper_7 View Post
Sure it will be under valued - that is how they make money.
But 5g of earings, is not 5g of gold.

How do they work out the weight of the gold then? Two members of my family have recently used another company who paid out the full market value per g....they sent 30g of gold & were paid for 30g of gold!

Dx
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# 17
timmmers
Old 27-11-2009, 11:53 AM
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A girl I know sent her items to these people, got a loony offer..got the stuff back weeks later (under insured to hell which is dodgy alone)....took it into a jeweler in town and got 5 times the value in CASH instantly...AND was told that one item was far too good to sell as scrap and should go to auction 0or they would sell it for her for 10% in their window).

Why go to all the risks and effort when it's much easier to do in person and will get a far better price ...AND you can try a few jewelers to get more like that if you like?

t
If you're not winning. You're not trying hard enough.

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# 18
Thrifty Ruby
Old 27-11-2009, 11:56 AM
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Quote:
Originally Posted by timmmers View Post
A girl I know sent her items to these people, got a loony offer..got the stuff back weeks later (under insured to hell which is dodgy alone)....took it into a jeweler in town and got 5 times the value in CASH instantly...AND was told that one item was far too good to sell as scrap and should go to auction 0or they would sell it for her for 10% in their window).

Why go to all the risks and effort when it's much easier to do in person and will get a far better price ...AND you can try a few jewelers to get more like that if you like?

t

Hindsight is a wonderful thing! If I had of checked on here first I would never have sent it! All I can do now is keep my fingers crossed that I will get it back & then try again!

Dx
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# 19
timmmers
Old 27-11-2009, 12:14 PM
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To be honest, you'd see the TV ad and assume it's got to be decent wouldn't you?
I'm surprised it's allowed really. My old mum would fall for this so easily as would many vulnerable pensioners strapped for cash.

t
If you're not winning. You're not trying hard enough.

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# 20
timmmers
Old 27-11-2009, 12:20 PM
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Quote:
Originally Posted by Thrifty Ruby View Post
How do they work out the weight of the gold then? Two members of my family have recently used another company who paid out the full market value per g....they sent 30g of gold & were paid for 30g of gold!

Dx
Different purity of gold means dofferent amounts of gold per gram...9 carat has much less than 18 carat in gold content. Some items are made completely of gold (whatever carat) and some have mixtures of different carats because the more gold there is in the metal the softer it gets so it's not great for catches and sings like that if they are fine work.

You would have to find the carat and then how much per gram for that purity. Hard if it's a mix.

This is a helpful tool to check (roughly) how much each type will be worth. It's a company site but better than a packet lost in the post
http://www.hattongardenmetals.com/index.aspx

t
If you're not winning. You're not trying hard enough.

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