MSE News: Gold-buying companies face OFT probe

Jamesbell_3

chillxxx wrote: »

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!

Not all online gold buying companies rip you off. The ones that don't spend a fortune on T.V adverts and advertise the price they pay are the way to go. Just make sure there are no hidden charges! Some like to deduct up to 20% as a smelt charge..So steer clear of these!

fairlyP

I sent my gold to Money 4 Gold and got a cheque for £84, I was shocked as it was quite heavy... granted it was all tangled chains and nothing resaleable but I knew I should have got more. I sent the cheque back but then spent ages arguing with them to get my gold back.

When I eventually did I had done a bit of research, I used a couple of online calculators and went with Ramsdens.... I got as cheque for over £457.42 ... a bit of a difference!

I've heard all about these investigations and think it's about time someone looked into these companies (many of them are from the US- does anyone know if they are regulated by our law cos they should be if they are trading here!), there's a moral to this story, dont send your gold off without knowing what the company will pay and what your gold is worth... if in doubt look around your local high street for quotes. I could of lost over £350!

Great time to sell if you do need the cash :-)

de1amo

i live in Turkey and do lots of gold coin dealing with the gold dealers in the high street--they also buy jewelery on weight and its all cash---they charge about 2pc for gold coins and selling back to them is easy and convienient--they also connect to the beareau de change and i exchange pounds for gold so i dont hold the local currency --great profits over the past few years and easy--i dont see such ease of investment in gold in the uk

2010

It amazes me how anyone could just post off their "valuables" and expect to get a fair,honest price from these leeches.

Surely common sense dictates you get "three quotes".

FOR EVERYTHING

moredeadthanalive

Am I missing something here or is this just more evidence of the nanny state. If I have something of value to sell, why can't I choose who to sell it to if, between us, we agree on a value. That's how the free market works isn't it?

If I have something of unknown value, and give it to you who offers me a price, and I take it, why is that wrong?

My Ford garage charges a bit more than my local independant. I choose to go to the Ford garage. Should MSE give a list of charges of all garages so MSE viewers can make their own choice?

There are people who get 3 quotes before the sale.
There are those who see an advert on TV and think "that'll do for me".

Are they not able to make up their own mind.

Buyer beware - first law of shopping and stuff.

pipadeepip

Does any one think that these companies are just legalised receivers of stolen goods? We have had gold items taken/stolen from our house by a family member and sold to these companies which we discovered after the fact.

cottager

Item on The One Show about this earlier on, highlighting the difference in quotes from the various companies who advertise, and the fiddle and delay there is to get your gold back if you turn the offer down.

DiggerUK

moredeadthanalive wrote: »

Am I missing something here, or is this just more evidence of the nanny state.

Yes, you are missing something.
If you found out your "nanny" had been misled by these sharks how would you feel.

I like living in a society were the vulnerable are protected.
It's what separates civilised from uncivilised societies in my book.

omen666

hatton metals ftw

vaporate

Don't sell the gold. Better off keeping it and passing it down.