MSE News: Gold-buying companies face OFT probe

PasturesNew

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.

Not everybody has a High Street, or a High Street with such shops. In major towns/cities, yes, but a lot of people lives 20-30+ miles from those, or can't get out easily.

Biggles

I imagine the OFT probe may have been triggered by the Which? report that came out around the same time.

They found that the 'cash-for-gold' buyers typically paid around 6% of the retail price, whereas High Street jewellers paid around four times as much, and even pawnbrokers paid three times as much.