Posting Gold For Cash - a bit of advice/warning!

koala_b

Hi, I just had to post this info, as I'm a bit of a newbie to being skint. I had two gold rings, one 9ct and the other 18ct, bit scrappy with cheapy diamonds in but my local jeweller offered me £70 for them.

At this point I wasn't in a hurry to sell, it was nice to know I had them. Then I saw online ad for posting gold off for cash, so I got envelope sent and popped the rings in along with a few mangled 9ct gold chains I had knocking about.

They phoned me today and offered me £29 for the items I sent!!! Well, I told her the rings alone were over double that from the local jewellers, so asked her to send it all back to me, (which was free anyway). With that she put me on hold for 3 minutes, came back to me with some blurb about the director being an indenpendant jeweller with less overheads than the company I had sent it to, and offered me £111!:j

I'm so pleased I got the jewellers to value them too, as it gave me the ability to haggle, i'm sure they must get lots of bargains from misleading people who are none the wiser. So I would advise definately getting at least 2 quotes, so you can haggle. I'm sure everyone is just trying to make a living out there, but really, offering so little initially really annoyed me!!!!!:mad:

wimblewomble_2

There was a recent BBC consumer program; can't remember the name, the one with the 3 elderly women, not the ginger dwarf one, who basically said that these gold-for-cash type deals were ripping people off by offering a fraction of the scrap gold value.
Don't quote me, but they were offering something like 10% or less than the true value.

bpm_2

Most cash for gold places offer you a fraction of the actual value. On TV it was estimated at 30% average. I know this to be true, as I know the owners of some of them, as I am a gold and diamond dealer myself. You should always have a value in mind when you sell, of roughly what they are worth as you will ALWAYS get a very low estimate to see if youre stupid enough to accept it.

A rule of thumb (very rough guide only) is to weigh your gold first. So for instance you have 62.2g. Then find the current market value of Gold, which is online everywhere, just type in "zen gold spot price" or something into google. Once you have your figure, bear in mind this is per troy ounce of 24 carat gold. So.. if youre gold is 9 carat, divide the price by 24 and times by 9. One troy ounce is 31.1g (31.10348 precisely) so take your price divide by 31.1 and times by your weight in grams.

This is your value once its refined, so the dealer will charge you for smelting, processing and shipping costs. So expect somewhere between 70-90% of this value.

A non mathematical way is to get it assessed by a few different places and accept the highest bid! Bear in mind that the price can fluctuate daily so a price a week ago is not comparable to a price today!

showmethemoneyuk

These major television advertising companies are a complete scam. One of my relations asked me what their gold was worth and where to sell, so I intended to compare at local dealers-but due to being impatient, they ended up sending the item to Cash4Gold. They received just under £100 for an item that was found out to be worth over £300. Arguably the impatience of the customer makes them deserve all they get (in this case being ripped off by around £200+). Im guessing that even if the price of gold fell drastically from today, these major television advertising companies would simply give out even less as a result. The customer will still be happy simply because they dont have a clue in what their items are worth, and arguably the majority cant be bothered to find out-they simply want the cash, however little, and fast

heres an article from the bbc in 2009, it seems that little has changed http://www.bbc.co.uk/newsbeat/10003337