Thursday, October 23, 2008

Cash 4 Gold? Pro or Con? Product Review

With what seems every financial market crashing all round us...the fact that the price of metals continue to skyrocket, it makes anyone of us want to walk....er-run down to the nearest creek and start panning for gold.
With gold prices soaring, it made me a bit curious about that commercial on tv, you know the one with the little old lady with the whiney voice giving her testimony that her payout from cash for gold will pay for her hoveround. Well, something like that. Those commercials seem to run together. My son Bama calls it the redneck retirement plan. LOL. Anyway, it got me to thinking....is it a hoax? I am not one to wear my gold jewelry. I have had several pieces in my jewelry box, which had been sitting in there for years, not making me any money. And quite honestly, I cannot ever see myself wearing them ever again. They were nice chains, but to gaudy (big & wide) for my evolved taste. I had some rings (one gold with a diamond, which C4G also said that they accepted) and some bracelets. Things I could really care less about if I "lost it"

So....I had nothing to loose. I got online and requested the free, insured Refiner’s Return Kit. I placed my unwanted gold jewelry in the secured envelope. Then I dropped the pre-paid insured envelope at a convenient mail box and mailed it off to be weighed. I thought that I would hear something about my package, but I did not. A week later I called to verify receipt. The company said that they had received my shipment and were mailing a check out on that very day. They would not disclose to me on the telephone the amount of my payment, "for security purposes".
Then, eight days later, still no check. I telephoned the company again to track my payment. They informed me that it had been mailed and should arrive "within the next two days". I realized however that the terms of Cash 4 Gold states
"If you change your mind about selling your material or are dissatisfied with the amount of the payment you received, you must notify us immediately. If we do not hear from you by telephone or fax within TEN (10) DAYS of the date on the check we mailed to you, your material will be processed by our refiner. You must return the check before we will return your material. This time limitation cannot be waived for any reason. "

I explained this to the telephone operator. For after 10 days I would have but no choice to accept it on those terms. That I found that to be fishy. Had I not called I would not have any choice but to accept payment. I thought convenient to not be in receipt of the check within 10 days. To me it was questionable. She said that she did make a note and would pull my items so that it would not be melted down. She asked me to let them know when I received the check. On day twelve I finally did receive a check. It was for $104.25 for my mounce of gold that I had sent in. Ten days ago, I would have been happy with that. Because, as I stated....it was just literally sitting in my jewelry box never to be worn again. However, I began to watch the price of gold according to trading prices per ounce. At the time, gold was trading for $836.00 per ounce! Yes! That being said, I know that my gold varied in karats....so I am certain mine was not worth 836.00 but certainly more than $104.00. I also know that the company acts as a middle man and expects their cut.
I immediately emailed the company and let them know of my dissatisfaction with the check they sent to me. I got an immediate email that stated:

"Leigh,
I’m sorry to hear that you are not satisfied with the amount of your check. I do see that you have already spoken with a customer service representative and she has pulled your items for hold. Do you mind me asking how much you were expecting? I may be able to work with you on your invoice.
Thank You,
Samantha"


I replied with my thoughts according to the NY trading prices. And was given this response,

"Leigh,
I have looked at your invoice and while I see your gold quantity is at the lower end of our graduated payment scale if I move your items into the next higher pay scale I would be able to increase your pay by $206.39 with the check you have that would bring your total to $310.64.
Thanks, Samantha"

I still felt that I could get more for my gold, but upon further questioning, I was told that they already had sent the additional check and could not issue any more checks. I was a bit miffed, because again, I think I could have gotten a fairer price somewhere else.
So, my personal feelings on Cash 4 Gold, didn't change. I am still a sceptic. I did, however empty out my jewelry box and dump some pieces that I would never have worn again.
I would advise doing some research on other companies, this one being one of the ones I found:
I would also advice keeping a check on gold trading prices. Educate yourself so when you challenge your check you have a realistic price in mind.
I think I had better luck with Cash4 Gold than panning in the creek near my home. If you decide to try it out for yourself, go into it knowing it is not a get rich quick promise.
And finally, Always question the result of payment. I think that they always bottom dollar the price that give back. Top dollar them back and perhaps a price will at least be met half way.
For anyone banking on the redneck retirement plan....think again. It might buy you a trip to the casino only to lose your little "goldmine". It'd be best to visit a financial planner for some stable and sound advice.
Good Luck!

18 comments:

Kimberly said...

Hmm.. thanks for sharing this... I don't have any gold to sell but I have always wondered about the ads I see for them... That's crazy that they gave you so little and when you weren't happy they gave you more... I guess they figure most people won't question their amounts...

Kirby3131 said...

My husband and I have laughed and said "Who would do this?" LOL I just assumed the check would never ever come. Good for you for getting the price adjusted! I would have just accepted the check, I just know it.

Kristin

Tammy said...

Very interesting. I wondered how this worked and also assumed it was some type of scam directed at the elderly.

Tammy said...

Very interesting. I wondered how this worked and also assumed it was some type of scam directed at the elderly.

Trina said...

Thanks for letting us know about this. I don't have any gold jewelry, but my mom does. I can let her know.

jennifer said...

My best story for trading in gold would be when I got a couple of pieces of 14k in a bag of jewelry that I bought at a yard sale (I bought the bag for the cameo that was worth zilch). I took the pieces (a couple of chains) to the local pawn shop and converted the 3.00 sack of costume jewelry into 75.00. I was stoked!!

I have some peices of scrap gold right now... some things that have gotten kinked very badly etc. I keep holding on to them for some reason. I am afraid that they might mean more to me later if things get really bad. If I converted it right now, I would probably just blow the money.

300 bucks sounds pretty good to me though!

J'Ollie Primitives said...

hi there, making the SSS rounds and adding MORE blogs to my roll ~ the Cash for Gold thing always seemed a bit fishy to me. But I feel the same way about most any commercial on the tube....WHY oh WHY do they spend the $$$ to advertise TOILET PAPER (ditto bleach, Preparation H and oh merciful heavens Viagra/Lipitor/Tylenol ~ we know it's there, we know what it's for, and WE are paying for the commercial that lures us to buy it in the first place. Oh, sorry, this is a comment not a post. I'll back off now.

"J" said...

That is freaking CRAZY how they gave you more just because you emailed them!!!!!!!!!!!!!!!!

WHY wouldn't they have just gave you what you were owed in the first place?!?!?! Weird!!! My friend took some gold into a gold exchange here by our office...she stood their while they weighed it and paid her!!! So you might check around town to see if you have something like that!!!!! =)

How to avoid getting ripped-off by Cash4Gold and other gold buyers said...

I sent in my things and they gave me $9.00 When they asked what I expected, I said about $500 according to the price of gold, They said they could go to $29.00. No way. I have bought those things for over $2000!
My experience was exactly the same as the blogger.

Elizabeth said...

I know this is a bit older post, but I came across it today looking for cash for gold reviews. Thanks for providing a very open and honest one. I have a solid gold omega chain that I never wear anymore and have now thought twice about using their service. I think I may try eBay or Craigslist first. Thanks again!

Anonymous said...

I had the exact same experience as Leigh. I had to call several times to track my package, because time was running out. when I finally spoke with someone they said a check was already sent out. I checked the mailbox the next day and there was a check for $38.and some change. All the gold I sent in was stamped 14k, there were several mixed match earrings where I lost one, a couple of bracelets and one 20 inch 14k heavy gold chain necklace (with only the clasp broken) which now I regret not keeping and just getting fixed. I immediately called and told them I was not satified and not to melt my package, I would be sending the check back. I was then put on hold and another rep came on and asked about my concerns I said that I felt it was too low for 14k gold and she said it was not 14k and the vendors who sold me the items had deceived me, however she did find I was on the low end of the pay scale and said that gold prices that day were higher and she would reprocess my package (after being on hold an additional 10 mins)She came back and said and could send out an additional check for $107.00 but I could not call back and cancel the melting process. After thinking it over and not wanting to have to pay the shipping charges to have the package sent back to me,(based on weight)I decided to accept. I found all of this supiscious and felt ripped off. I sum all this up to experience and would never do that again with any of the cash for gold companies, I suspect they all work that way. Not a scam, but definitely not as profitable as you might think, they have the advantage. If they were willing to give me an additional $107.00 just think how much it was really worth.

Anonymous said...

Lose... not loose.

ruzzel01 said...

Thanks for sharing this to us. I am using cash 4 gold. And I feel great that I am not alone in feeling this way.

Cash For Gold said...

Has anyone used another company other than cash4gold? I was looking for some reviews and found this:

http://www.cashforgoldreviews.org/

Ben said...

I would strongly suggest checking out the Silver and Gold Exchange before selling gold or silver to ANYONE. I did a great deal of research, online and offline, and learned a lot about this business. I checked pawn shops, jewelers, "gold parties", hotel "buying events as well as the online buyers, including the "as seen on tv" guys. I found that the Silver and Gold Exchange paid more than anyone else I could find. I liked the fact that they post the prices they pay per gram (beware of the places that quote in pennyweight/DWT) on a live price chart at http://SilverAndGoldExchange.com I also checked out their Better Business Bureau report and found they have never had a single complaint as opposed to HUNDREDS of complaints some other companies have! I recommend them 100%

Hannixx42 said...

There have been many cash for gold rip offs and people who are watching these commercials late at night get caught up in the scams. Regardless of why they need the money or how late it is they should
be treated fairly. Before anyone decides to sell, I suggest going to http://www.goldvox.com and reading the customer reviews and
BBB information on the company first.

Anonymous said...

Even though it is quite an old article - these issues a re still around today - I used postgoldforcash.com and found their process loads better than this - also - check out the latest reviews as well for the latest scam info

ahnn said...

You really need to do research for cash for gold. There are a lot of fraudulent scheme in this business. Glad that you still got your check.