Should you sell your old gold to a money4gold business

When you take into consideration the latest state of the North American economy and the ever increasing movement upwards in precious metal prices , it is no wonder people are getting out their unwanted gold and platinum jewelry and are getting rid of them to cash 4 gold dealers in an effort to make some additional money to get rid of some extra debts and to make ends meet.

let’s say you are in the same situation you will be wise to cautiously do your research before giving away your gold,silver or platinum to just any gold dealers in that there is a huge increase in the number of unscrupulous companies in the jewelry buying industry who will happily prey on your financial desperation and give very little for your precious metal.

Although this way of doing business isn’t a scam, it is in my opinion, totally wrong and I want to warn those of you who are considering trading your broken jewelry to be sure to avoid businesses that are posing as gold brokers and to deal only with metal refineries or gold buyers that institute their own personal metal refineries

You must realize, gold buyer are simply acting as middle men between you and a gold refinery and because of that they will pay you in the neighborhood of one third of the true value for your fine jewelry and turn around and sell it back to a precious metal dealer themselves and they will be keeping the larger share and you get a few lousy bucks.

Not so long ago, Fox news put together a kind of undercover operation, in that they mailed in three identical items of gold to 3 individual cash for gold businesses and waited for their check and while all of the businesses did in fact forward a payment for the used gold, only 1 of those cash for gold businesses actually submitted the current market value while the other 2 gold buyers payed about one third of today’s value.

The two gold buyers that payed out such a small amount were acting as a go-between while the 3rd cash for gold company that payed the most value did utilize their own in-house refinery, so it is seller beware in this industry and I strongly recommend that you do your part before selling your broken gold or silver jewelry so that you do not get sucked into the cash for gold scam