Don’t Post Your Gold!

Gold Bar with Reflected Coins

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 – £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!

Cats For Gold

(Via Monevator)

Creative Commons License photo credit: BullionVault

4 thoughts on “Don’t Post Your Gold!

  1. 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.

  2. 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

  3. I am confused by this generalisation, I needed money urgently so I used a service to post my gold. They called me with an evaluation of my jewellery and I was given an option to refuse their offer and have the jewellery returned. I accepted and received cash in the post. The site was called and i am really happy that I used them.

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