Don’t Post Your Gold!
November 20th, 2009 3 Comments » | POSTED BY ROB
I think it’s abundantly clear that posting your unwanted gold off to shady sounding companies is a dangerous game – chances are you’ll get paid well below market value for your gold, and you’re better off going to a local jeweller for a valuation than trusting a it to an envelope.
A new website aims to show up just how good or bad these postal gold companies are:
[small amounts of gold have] been weighed on UK Trading Standards Approved and recently calibrated scales. So – I know for an absolute FACT how much has been posted. I have sent gold off to five companies in total now – and my aim is to publish here exactly how much per gram they pay – and more importantly how it goes if you decide you don’t want to part with your gold and ask for it back. Every step will be documented and evidence retained for scrutiny by anyone that cares to look.
Well, we’ve got some useful feedback on the process with Money4Gold right here.
And are the companies faring in this experiment. Not very well, it would seem.
Most high street pawnbrokers are now paying at least £6.00 per gram for 9ct gold. This is what our favourite TV advertised gold-buying companies are paying:
Money4Gold – £1.55 per gram
PostalGold.com – £1.48 per gram
Cash 4 Gold – £1.90 per gram
Cash My Gold – £1.34 per gram
Cash Your Gold Now – £4.00 per gram
The lesson is clear, so we won’t bother repeating it. Oh, yeah, we will. Don’t post your gold!
Actually, we’ve found something else you could do with your gold, which is probably more reputable – Cats For Gold!
photo credit: BullionVault
3 Comments on “Don’t Post Your Gold!”
Monevator, November 22nd, 2009
Good work on chasing this gold mailing business model up Rob – dog and bone spring to mind. ;)
John, December 1st, 2009
I would love to speak to you in person about this. Please call me I’m sure you’ll be interested in what I have to say.
John
07818404000
Been looking for a site to express the following
Just to let you know as a weighing company people who buy gold often use £30 jewelry scales these are in accurate and have not been certified by weights and measures a proper set cost £400
These jewelry scales are illegal because they are often 2g (1£16 per weighment)out
The trader can also access calibration on illegal scales and make them read anything they without certified weights and due to the high accuracy of approved units that need to certified for place of use due to the geo effect on balances due to latitute and sea level
It’s crazy people who want to get money by selling gold are the most vunerable in our society, and the weights and measures dept in the UK do absolutly nothing about it, many don’t even know what to look for
