Will you get ripped off if you trade your outdated gold or silver jewelry to a cash for gold company
Posted by forexauthor - 12/01/10 at 04:01 amWhen you take into consideration the latest state of the American economy and the continuous increasing spike in gold and silver prices , it is apparent why people are getting out their used gold and silver jewelry and are pawning them to cash 4 gold refineries in an effort to make some extra income to pay down some financial woes and to make ends meet.
let’s say you are in the same situation you will need to carefully do your research before unloading your gold jewelry to just any company because there are an ever increasing amount of unethical gold buyers in the precious metal buying business who won’t hesitate to take advantage of your desperate situation and reward very little for your gold and silver.
I realize that this way of doing business is not illegal, it is however, totally wrong and I feel obligated to warn those of you who are thinking of getting rid of your unwanted gold or silver to be sure to stay away from businesses that are acting as gold brokers and to deal only with precious metal refineries or cash 4 gold buyers that utilize their own personal precious metal refineries
You see, cash4gold businesses are being brokers between you and a precious metal refinery and because of that they will reward you about 1/3 of the market price for your fine jewelry and quickly unload it back to a gold refiner themselves and they will be obtaining the lions share while you keep a couple measly dollars.
In recent days, Fox news conducted a kind of undercover sting, in that they brought in three identical pieces of gold to three different precious metal dealers and waited for the payment and while all of the businesses did in fact give them a payment for their used gold, only one of those companies actually paid the current market value while the other two companies payed about 1/3 of today’s current market value.
The other 2 companies that that payed out 1/3 of the market value were acting as brokers while the 3rd gold buyer that payed the real value did in fact own their own metal refinery, so it is seller beware in this industry and I surely suggest that you do your part before unloading your old gold jewelry so that you do not become a victim of the cash for gold scam
