Gold for cash

Discussion in 'Money, Investing & Precious Metals' started by Battly, Oct 9, 2008.

  1. Battly

    Battly Guest

    Have you guys seen that commercial on tv about sending in your old gold jewelry for cash? What do you think about it? Trust worthy?
  2. Narsil

    Narsil Member

    First of all, think about what they're saying. Allow me to paraphrase.

    Secondly, with the economy where it is right now, where it looks like it's heading, WHY WOULD YOU TRADE SOMETHING WITH REAL, INTRINSIC VALUE, LIKE GOLD, FOR SOMETHING WITH ABSOLUTELY NO INTRINSIC VALUE, LIKE CASH??? :eek::confused:

    Yeah, I'm both skeptical, and jealous. I wish I'd thought of it first.

  3. I wonder if you can get an estimate of how much money they will provide you with for your gold BEFORE you send it in. That's something to look into before you go through with this idea.
  4. bkt

    bkt Well-Known Member

    Exactly! If you own gold or silver, keep it -- don't trade it in.

    Understand that our currency is fiat currency; it is not backed by anything. There is no gold standard anymore. And the Fed has dumped over $2 trillion into the market since last July thus diluting the value of the dollar significantly.
  5. Narsil

    Narsil Member

    According to the commercials airing in my area, you call them, they send you a padded mailer, you mail your gold THROUGH THE FREAKING U.S. POST OFFICE, and they mail you a check.
  6. coinguy

    coinguy Guest

    As someone who makes a living buying/selling gold, I agree with you! I can't see how people would fall for those commercials. I know some of the guys that travel around, take out an ad in the paper and work out of a motel room for the week. I can tell you for a fact you won't get fair value dealing with them, and the 'mail it to me so I can melt it down and mix it up' is in the same category.

    And gold or silver would be the LAST thing I would trade for (toilet) paper currency.

  7. Don't fall for it

    Gold is selling for over $1100USD for a Troy ounce of 24 karat....these television and magazine shysters pay no more than $40USD an ounce....don't fall for it....
  8. Jason

    Jason I am a little teapot

    My wife wants to ditch her rings from her first marriage. They are both just cheap (relatively) gold rings and she wants rid of them because, well, they are from her first marriage. We went to a mall that had one of those cash for gold people. She rubbed the gold on some kind of cloth and the color of the smear told her the quality of the gold and set the price she offered. We thanked her, pocketed the rings, and kept on going. I'm no expert, but for heaven's sake, she might as well have spun a roulette wheel to set her prices.
    Last edited: Mar 16, 2010
  9. Recraft the rings into another piece of jewelry....don't blame the rings because of the person who once gave them to her....they're just chunks of metal...
  10. sailaway

    sailaway Well-Known Member

    The USSR controls 90% of the worlds gold supply, what if they decided to sell off?:confused: The last time everybody was buying gold on TV was right before the market crashed.
  11. Jason

    Jason I am a little teapot

    Actually, MasterSergent, the plan was to take the useless pieces of jewelry and liquidate them to stock up on stuff for the house. :) We have nothing against them or her past, we just would rather have the supplies that they could purchase. You never hear about people stocking up on beans, bullets, and bling.

  12. allen_idaho

    allen_idaho Well-Known Member

    Actually, you would be lucky to get around $20/ounce on your gold jewelry depending on which cash for gold place you send it to.

    It is a big scam. They figure that most people who watch the infomercial and send in their old jewelry are not going to know how much it is really worth. Or they will be so desperate for money, they will take what they can get.
  13. HozayBuck

    HozayBuck Well-Known Member

    A buddy of mine did it, sent in a gold coin from some other country, it was a small coin about the size of a dime... They sent him a check for 18.00 said the coin had little gold in it..

    It's a scam and a very bad one, desperate people will do stupid things... but in truth the average gold wedding ring probably has only a few bucks worth of gold in it...
  14. Tex

    Tex Pincushion

    Don't mail your gold off. If you want to sell it, do it face to face. That way you can back out if you don't like the deal. You might want to check more than one place to compare prices. You may look dumb, not knowing what you're doing, but it's better than mailing off your junk and being dumb.