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The cash4gold page!

Old 09-22-11, 04:23 PM
  #1  
palesaint
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The cash4gold page!

With the price of the yellow metal still sky-high, I have been daydreaming of how much I could get for all the gold I have lying around. But, there's really nothing that I am willing to part with. So I'm just day-dreaming.

Then we are cleaning the 10 year old's room and she runs across an old gold ring that was given to her by a relative. It was either handmade or old, because it has no stamping. We're fairly certain it's 100% gold, and she decided she didn't want the ring (it's huge, barely fits my thumb and is pretty gaudy). So we sent off for one of those free gold kits and sent it in. She gets the money of course.

Results are 14K gold (58.3% pure gold). I weighed it before shipping out and it's 12grams. Punching in a gold calculator put the "street" value at $390.

Goldstash.com sent me a check for $95. Roughly 25% street value.

What would foo do? Take the check? Dispute the value to try to get more? Get ring returned to sell some other way? Get ring returned and plan to melt it down for something that might actually get worn some day?

Oh, and general cash-4-gold thoughts are welcomed also.
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Old 09-22-11, 05:09 PM
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I would have them return the ring. Whatever sentimental value it has should be more than what one of those companies will give you. If it's too big to wear, maybe put a chain on it and turn it into a necklace, like the One Ring.

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Old 09-22-11, 05:28 PM
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Just for the record: zero-point-zero sentimental value. It is way too gaudy to wear in it's current version, on finger or necklace. Perhaps it is worth melting into another piece.

But $95 sure seems like a good value in its current state.
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Old 09-22-11, 05:34 PM
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I was walking through the local megamall the other day and saw one of those "we buy gold/silver kiosks, thought "hmmm, I got some sterling silver junk laying around, wonder what it's worth to sell". So I asked the clerk what they're buying silver for, quoted 60 cents a gram. I thought okay that seems low as silver is about $40 per ounce. Got home broke out the calculator: $40 times .925(% sterling is silver) divide by 31 (grams to the ounce) works out to about $1.20 per gram. 60 cents per gram is quite the mark-up for just weighing something and doing some paperwork. So it's definately seller beware out there and I suggest either a local jeweller or a bullion/coin shop if you are thinking of selling the family treasures. Gold works out to about $58 per gram for 24K gold.
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Old 09-22-11, 05:52 PM
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Those places are scams. Like pawn shops, most of their customers don't give a crap how much money they get for the gold--they get 100% profit! A couple articles to peruse:

https://consumerist.com/2008/10/how-t...cash4gold.html

Their offer: $60, or one third of the appraised value. When he called and rejected it, they countered with a surprising new figure.

"Brent called Cash4Gold and immediately and asked for his stuff back. They made a new offer on the phone: $178!"

https://consumerist.com/2009/02/10-co...-employee.html


I am a former employee of Cash 4 Gold. I did not know much about the company before being hired. On my first day of being hired, I was taught the "Cash 4 Gold Scam" from beginning to end.
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Old 09-22-11, 07:53 PM
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I would never use mailorder. Take it to a gold buyer in town. Let them test it and weigh it in front of you. I took an old nugget ring into a local jewelery store and got $250 is for it. Cannot recall the weight, but it was a fair deal. Get it back if you can, but good luck on that.
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Old 09-22-11, 08:03 PM
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Old 09-22-11, 08:29 PM
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Have to find the article, but supposedly you usually get a better price from a local jeweler than from the cash 4 gold places.
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Old 09-23-11, 08:49 AM
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Thanks for the feedback everyone - there are some good points made.

Cash-4-gold definitely doesn't pay a respectable rate for the current price of gold. But with the current price pushing $2000/oz, even paying 25% seems impressive. Plus it truly caters to the lazy person - they send you an envelope, paid by them, you just throw your scraps in it and throw it in the mailbox.

This is definitely not for anyone who wants a good deal or is sitting on jewlery they actually care about.
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Old 09-23-11, 08:50 AM
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Originally Posted by jsharr View Post
I would never use mailorder. Take it to a gold buyer in town. Let them test it and weigh it in front of you. I took an old nugget ring into a local jewelery store and got $250 is for it. Cannot recall the weight, but it was a fair deal. Get it back if you can, but good luck on that.
yeah... I can't imagine sending something off in the mail, hoping for a check.
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Old 09-23-11, 10:15 AM
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Originally Posted by palesaint View Post
...even paying 25% seems impressive.
I'm not trying to be argumentative here, but...really? I'm in the wrong business if I can get precious metal from lazy folks at only 25% of their value!
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Old 09-23-11, 10:46 AM
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Call the people and demand the ring back or 125% more money. Read the consumerist link above.
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Old 09-23-11, 11:58 AM
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With the prices of gold lately, I'd have it returned, take it to a jeweler and have it melted down and made into something more to her liking. Who ever gave it to her gave it to her as a gift. It may not be sentimental to her, but it may have been to the giver. Maybe it has some historical value? If they wanted her to have cash, they would have given her cash.

I came across a 24k and jade ring given to my eldest aunt by her future inlaws when she got engaged in the '30's. When my uncle died she never married again. It doesn't fit me and it's not my style but there is no way that I would EVER let that go anywhere but with my family.
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Old 09-23-11, 12:54 PM
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I just can not believe anyone would send off their jewelry, junk or not to an unknown source through the mail. OMG, are you asking for it or what?
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Old 09-23-11, 01:13 PM
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Originally Posted by wfin2004 View Post
I just can not believe anyone would send off their jewelry, junk or not to an unknown source through the mail. OMG, are you asking for it or what?
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