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Should you sell your gold to a cash for gold website
By Billy | January 10, 2010
When you take into consideration the latest state of the US economy and the forever increasing rise in gold prices , it is no wonder people are taking out their damaged gold jewelry and are unloading them to cash 4 gold companies as a method to acquire some spare money to reduce some debts in order to make ends meet.
If you are in the same situation you will need to carefully do your research before unloading your gold jewelry to just any gold buyers for the reasons that there is a large amount of fraudulent gold brokers in the precious metal buying industry who will happily take advantage of your desperate situation and reward you next to nothing for your gold jewelry.
Although this behavior is not a scam, it is in any case, wrong and I feel it necessary to make it known to those of you who are considering exchanging your outdated gold, silver or platinum jewelry to be certain to refrain from dealing with companies that are posing as gold brokers and to conduct business only with precious metal refineries or cash for gold companies that institute their in-house precious metal refineries
The fact is, cash4gold businesses are simply acting as a go-between, between you and a precious metal refinery and because of that they will reward you approximately 30 percent of the value for your gold or silver jewelry and turn around and trade it directly to a gold buyer themselves thereby keeping the lions share while you get a couple measly bucks.
A short while ago, Fox news put together a kind of undercover operation, in that they delivered 3 exact same amounts of jewelry to 3 individual precious metal buyers and waited for their check and while all of the businesses did in fact give them a pay out for the broken jewelry, only 1 of those gold buyers actually submitted the true value while the other two companies payed out 30 percent of today’s current market value.
The 2 businesses that fell short were acting as a go-between while the third company that payed the most value did have their own in-house refinery, so it is seller beware in this industry and I absolutely suggest that you do your part before selling your used precious jewelry so that you do not get sucked into the cash for gold scam
Topics: Real Estate Investing |
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