Will you get ripped off if you trade your precious metals to a money for gold company
When you consider the current state of the global economy and the continuous increasing movement upwards in gold and silver prices , it is obvious why people are rooting out their broken gold and platinum jewelry and are unloading them to cash 4 gold dealers as a way to come up with some spare income to pay down some extra bills to to meet their next payments.
If you are in the same situation you will be wise to carefully do your homework before trading your precious metals to just any gold buyers for the reasons that there is a huge increase in the number of scam players in the jewelry buying business who will happily prey on your desperation and reward a small percentage for your gold, silver and platinum.
Although this practice is not fraudulent by definition, it is in my opinion, totally wrong and I feel it necessary to make it known to those of you who might be considering trading your used gold or silver to be certain to avoid companies that are acting as middle men and to deal only with gold refineries or cash for gold businesses that institute their own personal gold refineries
The fact is, cash for gold companies are simply acting as brokers between you and a precious metal refinery and as a result they will reward you in the area of 30% of the market price for your fine jewelry and quickly sell it directly to a gold refiner themselves therefore pocketing the lions share and in turn you get a couple lousy dollars.
A short while ago, Fox news put together a kind of undercover operation, where they delivered three identical amounts of jewelry to three different cash for gold dealers and waited for their check and while all of the gold buyers did in fact give them a payment for their old gold, only one of those cash 4 gold companies actually gave the true value while the other two companies payed out one third of today’s real 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 true value did have their own gold refinery, so it is customer beware in this industry and I strongly suggest that you do your utmost before parting with old precious jewelry so that you will not fall prey to the cash for gold scam