Do these Cash for Gold things really work?

Question

In the past few weeks I've seen more and more offers to have you send in you gold and they send you money. This one seems legit, has anyone else tried it? They send you a free postage-paid envelope and everything.. anyone tried it? It's at: http://theconsumersdigest.com/recommends/cash4gold

Answer 1

In theory they do. You can mail in your gold and they will give you money. However, You will receive a highly undervalued price compared to the "street" value of your gold. Meaning if you purchase a necklace for $500. you would be lucky to get $50. for it from one of these companies. You essentially eat the loss and these companies make huge profits.

Answer 2

I wouldn’t trust it. On one of the commercials (I think the Cash for Gold) she says that she mailed it, and got her check the very next day. That never happens! You’re lucky if the envelope that you send gets to the person you’re sending it to the very next day, but there’s no way.

And people who send it out to those companies are putting too much trust in them. There’s no sure way you could get the ultimate price for your merchandise, because at the end of the day everyone is trying to make a profit, and they can’t do that if they’re giving you top dollar for everything you have. Plus there’s no for sure way that you could get anything at all. They could just for get you, or say that they didn’t receive your merchandise.

Like someone previously mentioned, just go to a pawn shop or any other place where you’re selling it to someone face to face. Or sell it online at Ebay, Craigslist, or Half.com. It’s better that way where you have more of a say in how much you want to get for your stuff, rather than getting whatever scraps those mail-in companies want to give you.  

Answer 3

You are much better off taking it to a pawn shop or other local buyer.

The mail in places pay maybe 10 percent of what your gold is worth.

Answer 4

If you have something gold or any thing else and want to sell it, put it on Ebay or Craigs List.  The next time you see or hear an offer like that, remember...If it sounds too good to be true, it probably is.

Answer 5

They work fine for the people buying the gold.  Gold prices have risen dramatically over the past few years, so people may not be aware what their jewelry or gold coins are worth.  The buyers look it over carefully and make you an offer, you know they are making money on the exchange.  If you don't know any better, they can offer you a relatively low price and make a lot of money on the exchange.

Gold is trading this morning at $905.90US / troy ounce.  The price changes constantly, you can track it online:

http://www.kitco.com

Grandpa