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  • FIRST POST
    • MSE Jenny
    • By MSE Jenny 12th Oct 09, 4:24 PM
    • 1,228Posts
    • 3,560Thanks
    MSE Jenny
    Great 'Sell Your Gold' Hunt
    • #1
    • 12th Oct 09, 4:24 PM
    Great 'Sell Your Gold' Hunt 12th Oct 09 at 4:24 PM
    The high price of gold means you can get a pretty penny for your old jewellery and there's adverts to do it all around.

    So we want to tap MoneySavers for top tips on selling old gold, whether it’s high street jewellers, eBay or postal gold companies, where you pop your old jewellery in an envelope, they melt it down and send you a cheque. If you've used a postal gold dealer, we'd love your feedback.

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers



    Last edited by Former MSE Rose; 13-10-2009 at 7:24 PM.
Page 1
  • Edinburghlass
    • #2
    • 14th Oct 09, 9:09 AM
    • #2
    • 14th Oct 09, 9:09 AM
    Be warned that many of the internet based companies are using affiliates to promote their business which will mean that someone will get a percentage of any monies due to you. I recently received such an email from an affiliate of Money4Gold so perhaps you should go direct not that I am recommending them or any other company in any way.
    Martin has asked me to tell you that I'm the Board Guide of the Telephones, Reclaim Bank Charges, Silver Savers and Scotland boards which means I'm a volunteer to help the boards run smoothly and I can move and merge threads there. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com. Board guides don't deal with this. Any views are mine and not the official line of MoneySavingExpert.
    • Skyhigh
    • By Skyhigh 14th Oct 09, 9:32 AM
    • 319 Posts
    • 147 Thanks
    Skyhigh
    • #3
    • 14th Oct 09, 9:32 AM
    • #3
    • 14th Oct 09, 9:32 AM
    Gold is supposedly due for some sharp upward spikes in the price per gram in the run up to Christmas. So you may want to hold on for a while*.

    Gold will drop eventually though, its gone quite high, especially due to investment due to the poor economic conditions - as economies recover, it may dip again.

    Your nearly always best going to an actual bullion dealer and getting the price on the day. The problem with sending off your gold is that many companies will hold it for a few days and pick the cheapest price - and give you that.
    (This is from commercial experience, many of the big companies do this practice as it can save quite a lot of money!).

    But if you do take it to a dealer direct, always watch what they're doing with your gold. It's not unknown for some people to lift out a heavy chain and quickly swap it for a lighter chain or hollow version.
    So look out for them taking specific pieces out of your sight, or 'dropping' them on the floor...
    (I'm just saying, it happens, many companies are very honest).


    * Note: This is merely based on various market reports and personal knowledge, the market cannot accurately be predicted, so it may also drop.


    ALWAYS CHECK YOUR CLEAR STONES.

    If you have a stone of visible size (i.e. not tiny Argos chips of 'diamond'), make sure that you're absolutely sure it's not a diamond.
    If you're not sure, get it checked first.
    • hollydays
    • By hollydays 14th Oct 09, 10:05 AM
    • 16,518 Posts
    • 12,652 Thanks
    hollydays
    • #4
    • 14th Oct 09, 10:05 AM
    • #4
    • 14th Oct 09, 10:05 AM
    Jewellery Doctor / www.webuyoldgold.co.uk

    35 reform street,dundee,dd1 1SH

    they claim
    We are recommended on forums at

    Money Saving Expert

    http://www.jewellerydoctor.co.uk/

    Is this true-can't see any recommendations when i had a search at todays date
    Last edited by hollydays; 14-10-2009 at 3:18 PM.
  • TC Manchester
    • #5
    • 14th Oct 09, 10:32 AM
    Money4Gold is a rip off
    • #5
    • 14th Oct 09, 10:32 AM
    I sent my old / disused items to money4gold, I did weigh it prior to sending and had appox 46g of 9ct gold (I also sent some 14ct and silver) to which they did send me a cheque to the unbelievable amount of 52 !!!!

    I have sent them their cheque back .... and after 2 phone calls requesting my items back I am still waiting 15 days later !!!

    I think I will wait for my items to be returned (if I ever get them back) and use the company Hatton Garden Metals which has got some good reviews.
    So thanks to whoever posted the link
    • aless02
    • By aless02 14th Oct 09, 10:53 AM
    • 5,115 Posts
    • 34,754 Thanks
    aless02
    • #6
    • 14th Oct 09, 10:53 AM
    • #6
    • 14th Oct 09, 10:53 AM
    Stupid question - I have a couple of gold necklaces that are in tact & in good condition. Are they worth more b/c they can be sold as proper whole pieces of jewellery or are they still basically only worth their weight in gold?
    top 2013 wins: iPad, 50 dental care, 50 sportswear, 50 Nectar GC, 300 B&Q GC; jewellery, Bumbo, 12xPringles, 2xDiesel EDT, 25 Morrisons, 50 Loch Fyne

    would like to win a holiday, please!!
    Mummy to Finn - 12/09; Micah - 08/12!
  • yogini108
    • #7
    • 14th Oct 09, 10:59 AM
    But what if there are REAL diamonds on the gold jewellery?
    • #7
    • 14th Oct 09, 10:59 AM
    I have an old ring to sell but I don't know how many carats it is, nor do I know if the diamonds are real or what it's worth.... what should I do?

    Should I go to a high street Jeweller to get it valued first (if so, which one?), then send it off to one of these postal gold buyers?

    Thanks!
    • nmckay15
    • By nmckay15 14th Oct 09, 12:53 PM
    • 167 Posts
    • 409 Thanks
    nmckay15
    • #8
    • 14th Oct 09, 12:53 PM
    • #8
    • 14th Oct 09, 12:53 PM
    I'd like to know the answer to that too yogini108. I have an engagement ring (2 diamonds and a blue topaz) that I'd like to sell but no idea of its value and whether it's best to take it to a jewelers who might buy second hand stuff or to ebay etc. Anyone any experience with this?

    Thanks.
  • mpk11
    • #9
    • 14th Oct 09, 1:38 PM
    Gold Selling Tips
    • #9
    • 14th Oct 09, 1:38 PM
    If you live near Birmingham, go to the Jewellery quarter and they give you a great price and you get the money there and then.

    They melt all the old gold down so its all recycled. They also tell you what caret it is etc. as I you get more for 18ct

    If you have jewellery valued you will not neccessarily get the valuation for it if you try to sell it, so it is probably worth its weight in gold!!!

    As for diamonds etc i'm not so sure what to do with them. There is also an auction house in the jewellery quarter, which will auction valuables and you can put a reserve amount on them.

    Thanks
  • Ray Peters
    Okay - here's how to make sure you don't get ripped off. Go to any one of the websites that tell you the price of gold. This will tell you the value of 24 carat gold per Troy ounce. There are approximately 31.1 grams in 1 Troy ounce, so if the price is 665 per Troy ounce, divide 665 by 31.1. This gives you the figure of 24 carat (pure) gold per gram. In this case it is 21.38. Then, if you have 9 carat gold, this is 37.5% pure, so multiply 21.38 by 0.375. In this case, this will give you a figure of 8.018 or nearly 8.02. Any gold buying institution that offers you eighty percent of this (6.41) or over is (IMHO) playing very fairly indeed. They have to make their profits too or they would not be there to pay you for your unwanted jewellery. The same calculation can be adapted for 18 carat (75% pure) or any other carat - just know what carat gold you have, use your calculator and - above all - be prepared to haggle.
    • tigger69
    • By tigger69 14th Oct 09, 3:02 PM
    • 37 Posts
    • 18 Thanks
    tigger69
    Hatton garden metals is one of the ones I have used, thanks to posts on here. I would also recommend them. Fantastic speedy service and they pay market value.
    However I would certainly not recommend, Money4gold, I know their are still people waiting a month later to have their gold returned to them following sending back the cheque (well below market value) by recorded delivery.
    It appears Money4gold are reluctant to return your gold and do not like answering question in regard to this. Emailing this company appears a waste of time. As you can read for yourself at the moneywatch site (have money4gold-stolen your-gold) people are having no choice but to contact trading standards in the hope of getting back their property.
    Sorry as a newbie I can't post the link, but did want to let people know about the problems with this company.
    • tigger69
    • By tigger69 14th Oct 09, 3:19 PM
    • 37 Posts
    • 18 Thanks
    tigger69
    I sent my old / disused items to money4gold, I did weigh it prior to sending and had appox 46g of 9ct gold (I also sent some 14ct and silver) to which they did send me a cheque to the unbelievable amount of 52 !!!!

    I have sent them their cheque back .... and after 2 phone calls requesting my items back I am still waiting 15 days later !!!

    I think I will wait for my items to be returned (if I ever get them back) and use the company Hatton Garden Metals which has got some good reviews.
    So thanks to whoever posted the link
    Originally posted by TC Manchester
    Sorry just seen your comments after I had posted. They offered me 66 for 53grams. I am waiting for my gold back (fingers crossed) If you have waited 15 days for your items back Money4gold are in breach of their contract ie under the supply of goods and services act (their guarantee states 15 days to receive back your Gold) Can i suggest you contact consumer direct explain the situation and they will report Money4gold to trading standards, they will also give you a template letter for you to use to send off recorded delivery to Money4gold. Which may help in getting your gold returned. Good luck you appear to be in the same boat as a few of us.
  • rosey2740
    cash my gold
    This company is a real con-they sent me a cheque for 41pounds, then when I asked for my gold back they suggested over 100, but I still insisted on the return of my gold, after 2 weeks nothing- so I contacted Trading Standards, they gave me advice and within 48 hours my gold was returned.
  • becci
    Birmingham: where in jewellery quarter?
    I live near Birmingham so was thinking of trying the jewellery quarter as recommended above.

    Is there any particular dealer I should go to, or are they all much of a muchness?
    ~ Official DFW Nerd Club member #1113 ~
    -Cap1 c/c- 3,900 0 -HSBC c/c- 2,900 0
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    -Student Loan- 3,000 2,740 :rolleyes:
    -Loan from Dad- 1,000...but at least no interest!
  • SarahInBrum
    it's definatley a good time to sell Gold, you only have to look at all of the companies advertising on tv, even Anne Diamon is getting involved ; )
  • Edinburghlass
    Jewellery Doctor / www.webuyoldgold.co.uk

    35 reform street,dundee,dd1 1SH

    they claim
    We are recommended on forums at

    Money Saving Expert

    http://www.jewellerydoctor.co.uk/

    Is this true-can't see any recommendations when i had a search at todays date
    Originally posted by hollydays
    Recommended on this thread which was the first I think more than a year ago.

    http://forums.moneysavingexpert.com/showthread.html?t=1213323
    Martin has asked me to tell you that I'm the Board Guide of the Telephones, Reclaim Bank Charges, Silver Savers and Scotland boards which means I'm a volunteer to help the boards run smoothly and I can move and merge threads there. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com. Board guides don't deal with this. Any views are mine and not the official line of MoneySavingExpert.
  • gabriel2u
    Sell locally if you can
    I have spoken to a few people who have been offered low prices for gold. I took mine to a local shop who gave me the going rate. I received 230 from Tony the Jeweller on Church Street in Preston. He does not rip you off!
  • dots_thots
    it's definatley a good time to sell Gold, you only have to look at all of the companies advertising on tv, even Anne Diamon is getting involved ; )
    Originally posted by SarahInBrum
    I don't normally post here, but I saw this and as it's a subject I'm very interested in I had to say something.

    I'm gonna take the exact opposite view. I think selling your gold now is a huge mistake unless you really need the money.

    I keep hearing how gold is at an all time high since its 1980 peak of around $850/toz. But actually, that isn't correct. True, it is at a nominal high but if adjusted for inflation it would have to reach about $2300/toz. based on how they calculate CPI now (with substitution and hedonics thrown in to lower the figure) to be a true high. The real, more accurate figure for gold based on how inflation used to be calculated would be a whopping $6500/toz.

    There are many who would argue that it isn't gold rising, it is currencies falling and whilst that is true over time, I believe gold is currently very cheap. There are roughly the same number of gold ounces around per capita today as there was in Roman times and the purchasing power is roughly the same. Oil priced in gold has remained fairly steady for over 50 years. Gold is real money; it is a store of value, something which pounds are not since we abandoned the gold standard and then the quasi-gold standard after the Bretton Woods agreement was dismantled in 1971. A good example is a British Sovereign. They used to be our pound coins and are now worth at least 165 each. That is a wholesale devaluation of 99.39%! I know wages go up with inflation but they never keep up. Money used to be payment in full, now all money is debt.

    Added to which, the number of paper dollars and pounds since 1980 has massively increased and I mean massively. For the US to back their currency with gold again would take tens of thousands of dollars per ounce.

    I own gold and when Sterling tanked not too long ago, I was protected. If you had had just 10% of your wealth in gold in 1971, you would have seen your purchasing power increase by 2.6 times even if your other 90% vapourised.

    With governments borrowing money into existence via private central banks in greater and greater quantities, and interest rates well below free-market rates, inflation will start to take off. I've heard the deflation/inflation argument over and over but the point is there will be huge deflation when measured in gold but when measured in paper currencies there will be deflation in assets and inflation in the cost of living.

    The press have been harping on about gold's high price for the last 7 years and they've been wrong at every stage. The easy money has been made already but gold is not expensive. In fact, sentiment for gold is horrible right now, hence the "Sell us your gold adverts". When there are tv adverts telling you to flip gold or telling you you're crazy not to own it, it's time to sell and buy something else.

    It is also worth noting that the amount of paper derivatives has exploded in recent times. There are probably between 30 and 100 paper gold claims for every ounce of real metal because 99% of metal traded on the COMEX is never delivered. It would only take a few hedge funds to demand delivery and there could easily be a commercial signal failure and a delivery default. Then we will find out the real price of actual physcial gold. If you choose to buy gold, buy physical metal - not futures, ETFs or any paper derivative.

    So few people own gold it will only take a tiny percentage of the world's money to enter that market and the price could go to stupid levels. And with all the world's currencies now in a competative devaluation that could happen. China have been increasing reserves and advising their citizens to buy gold and silver. Is it a sure thing? Absolutely not, but will it go to zero. No. It has survived for over 6000 years as money, far longer than the 3000+ paper currencies that have all ended by going to their intrinsic value; the BTUs you get from burning them. Just look at history.

    When the crash of '08 happened the thing that hurt everyone was counterparty risk, the one thing you are protected from by owning a metal. Yes, it pays no interest but the interest rates you can get now are tiny anyway. The opportunity cost of gold has reduced. The government can't steal its value via inflation.

    In the short term whether to buy or not at a particular time is debatable, nothing goes up in a straight line. There will always be pullbacks and better opportunities. If you like seeing a steady fixed amount in your bank account then perhaps you don't have the stomach for it but in reality the purchasing power of your money is bobbing up and down in value also, if not in the number.

    Gold a barbarous relic? I think not! It is the central banking and Keynesianism that are the barbarous relics.

    It's time to be our own central banks.

    ...and don't get me started on what an opportunity silver is - I'll leave that for your own research
    • sarlea
    • By sarlea 14th Oct 09, 7:57 PM
    • 14 Posts
    • 4 Thanks
    sarlea
    Avoid Money4GoldUK
    I too am waiting for M4G to return my jewellery (if it hasn't already been destroyed) after I sent back the cheque they sent me for less than half what I had previously had the jewellery valued at. They don't reply to emails and fail to honour their quarantee that states "find a higher price and we'll double it!".

    I tried www-jewelleryscrap-co-uk (can't post link) first which give excellent customer service and a much better valuation than M4G. Wish I'd stuck with them now.
  • Greenr
    there are so many spam replys on this thread

    Anyway, can anyone tell me where I can find out the daily value of gold? i have some gold to sell but worried I'm going to get ripped off...
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