Remember the problems we highlighted with Money4Gold about 18 months ago? Well, that was by far the most commented post ever on Money Watch, with many of you giving us stories of poor offers for your gold, delays in returning your gold and general poor service.
Tesco have created the Tesco Gold Exchange which not only promises you a decent deal for your unwanted gold, but you also get Clubcard points too!
Ex-Home Secretary Jacqui Smith recently raised the issue of regulation for “cash for gold” websites in the House of Commons, prompted by fears that a rise in burglaries had been caused by the increase in such sites.
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.
You’d have done pretty well to miss the growing number of websites and shops offering to buy up your old gold for cash, and it’s fair to say that either because of the nature of the offer or the way these companies advertise themselves, none of them appear particularly trustworthy.