Sell Your Gold Without Getting Ripped Off
November 7th, 2009 5 Comments » | POSTED BY ROB
It would appear that dodgy gold buyers aren’t confined to the U.K., with a report in the U.S. looking at how much the “cash for gold” companies offer compared with other buyers:
The cash-for-gold companies paid 11 to 29 percent of the day’s market price for gold; the other venues, about 35 to 70 percent.
It’s no surprise that we’ve experienced similar problems over this side of the pond, as a lot of the companies that have popped up are actually based in the U.S. (with Money4Gold being one example), with much of your gold eventually being sent to the U.S. to be melted down.
Lifehacker suggests using this calculator to get an idea of the value of your gold – remember, when you’re selling gold in this way, it’s done purely on its quality and weight, not on how old it might be or how it looks.
photo credit: BullionVault
5 Comments on “Sell Your Gold Without Getting Ripped Off”
Financial Samurai, November 8th, 2009
Any thoughts about buying solid gold watches? Luxury watches have plummeted with the economy, yet gold has sky rocketed.
An arbitrage opportunity perhaps??
Hi Financial Samurai, thanks for stopping by.
I’m guessing the luxury part of a watch is more to do with the brand and the timing mechanism/other features, rather than the gold content, but it could be worth looking into.
Shop around for the best price. If you know someone that has done this then speaking to them is a good option to get an idea.
I just looked at a few and it would be nice for them to give the percentage.
Ben, November 9th, 2009
I would strongly suggest checking out the Silver and Gold Exchange before selling gold or silver to ANYONE. I did a great deal of research, online and offline, and learned a lot about this business. I checked pawn shops, jewelers, “gold parties”, hotel “buying events as well as the online buyers, including the “as seen on tv” guys. I found that the Silver and Gold Exchange paid more than anyone else I could find. I liked the fact that they post the prices they pay per gram (beware of the places that quote in pennyweight/DWT) on a live price chart at http://SilverAndGoldExchange.com I also checked out their Better Business Bureau report and found they have never had a single complaint as opposed to HUNDREDS of complaints some other companies have! I can recommend them 100%
Dale Harries, November 12th, 2009
Its a sad sign of the times that most of the people on the http://www.moneyroadshow.co.uk/ forum are looking for debt advice or selling gold…
These gold sharks amaze me though!
