Gold sellers beware! According to many on-line articles, some gold buying companies may not give you the value you deserve and some are outright scams. They advertise 100% satisfaction guaranteed, but have very tight timelines. By the time you receive your check, you may be past the timeframe to decline the offer and receive your gold back. There have even been reports of people who could not cash the check they received because the account it was issued from was not valid.
Gold buying companies are of course in the market to make money. You will not get the full value of your gold. One wonders, however, just what is the cut? Is it 10% less the value, 15%? Try again. According to one article the gold was appraised at a value of $198 at a local pawnshop. What was offered was less than 50% the value? A measly $60. To add insult to injury, when the person contacted the company to complain, the company immediately offered over double the amount the initial check was issued for.
If you do decide to do this, please insure your mail! One advertisement shows a person piling in their precious gold into the pre-addressed envelope and sticking it in their regular mailbox. My husband ordered a gold kit and asked me to drop it off at the post office. He was under the impression, as was I, that it need not be insured. Big mistake! I have never heard a word back from them, and there is no record of them receiving my gold. Some companies claim to insure your package. Please check to see how much they insure it for, usually not more than $100. If your gold is lost in the mail and was valued at more than $100 the company will advise that you should have put extra insurance on it.
Surprisingly the cash for gold sites that are the most heavily advertised are the riskiest. They have to pay for those commercials somehow! It is better to go with a less advertised company who puts more of the money into your pocket, rather than into the cost of advertising. My best suggestion is to do your research! Check the better business bureau for complaints. Be knowledgeable about what your gold weighs and it’s approximate value. If the company doesn’t clearly advertise the percentage you will receive, then don’t send them your gold. In all honesty, you may get a better deal from your local pawnshop!