Has anyone gone into a Cash-4-Gold type store?

Broadstruck · December 2, 2009 6:51AM

With gold where it is I'm seeing a lot of new Cash-4-Gold type stores popping up in strip centers everywhere.

I'm wondering if anyone has any tales to tell

coinsarefun · December 2, 2009 7:00AM

No but I heard Cash for gold parties at home are popular. They pay up to 62% of current price

Kinda like a Tupperware party for gold

OffMetal · December 2, 2009 7:01AM

I've wondered that myself, and a quick search brings me to many stories here: LINK, and an interesting one LINK.

MikeInFL · December 2, 2009 7:02AM

I saw one yesterday in a local shopping mall. I almost stopped in and asked what they were paying, but thought better of it. I have to go back later this week -- I'll bring a St. Gaudens with me, ask, and report back.

Broadstruck · December 2, 2009 7:09AM

<< I almost stopped in and asked what they were paying, but thought better of it. >>

That's been my problem too... but may venture into one in the next few days.

tightbudget · December 2, 2009 7:13AM

From one of the links OffMetal posted:

"I received the check #59030 offering $63.34 for a total of 14.80 dwt of
Gold Issued 12-10-2008 on 12-12-2008."

Sheesh. $63.34 for 0.74 ounces of gold.

mkman123 · December 2, 2009 7:18AM

Wut a bunch of rip off places. I hope the public learns quick and these places have to close down.

JimDepot · December 2, 2009 7:21AM

Heck NO!

uhh, does eBay count?

13PacesEast · December 2, 2009 7:22AM

You're better off selling on BST or Craigslist.

Broadstruck · December 2, 2009 7:24AM

<< Wut a bunch of rip off places. I hope the public learns quick and these places have to close down. >>

They seem to be opening up in vacant stores that where closed do to the economy and I would venture a guess that they have a very short-term lease.

Elcontador · December 2, 2009 7:32AM

I think when you make a transaction with them, they ask you whether or not you want it done with or without 'lube.'

boucharda · December 2, 2009 7:39AM

The 2 links above state cash-for-gold pays 68% or 33%...how about 18%??

http://news.coinupdate.com/cash-4-gold-review-paid-18-of-gold-value/

Broadstruck · December 2, 2009 7:40AM

I have a Swiss 20 Francs 6.4516g., 0.1867 AGW 0.900 I'll take with me and will report back.

PerryHall · December 2, 2009 8:15AM

I've never seen a cash 4 gold store. Usually they are jewelry stores, coin shops, pawn shops, etc that are buying gold.

mojorizn · December 2, 2009 8:48AM

Never used the Cash 4 Gold places but have sold off scrap gold to jewelry stores with good results. I haven't had one try to rip me off yet.

Mojo

kryptonitecomics · December 2, 2009 9:33AM

I sent in scrap gold online to the cash 4 gold (3) times and if you know their game you can do just fine. The secret is the first check they always send is about half of what they are willing to pay you. When you get the check just call back and tell them the check seemed low and to please send the gold back. Since they have already started smelting it contrary to what their add says they will tell you one of two things:

#1 yes the figure does seem low...let me crunch the numbers and see what happened.....ahhh yes I see the mistake and since you caught the mistake and we didn't we will give you the rest of the money plus and additional 20% for our error. (got this one twice) Both times the second check was at least as much as the first maybe a bit more.

#2 the price of gold is very volital and it must have dropped dramatically when we were in the process of cutting your check. Because we want happy customers we will go ahead and pay you the difference from when we received the gold to when we cut the check which should make up for the problem is the gold market (heard this one twice)

All told I was able to get double what a pawn shop had offered me for the same gold which dosn't mean I made out like a bandit but I do believe based on the scap price I calculated I was getting around 70 to 75% off the total bulk scrap gold price and this really wasn't bulk since it was a mixture of 10k & 14k and it was probably around 150 dwt.

In neither instance did I call their bluff but I did tell them I knew the price of gold and had a scrap gold calculator handy

Swampboy · December 2, 2009 9:43AM

No I haven't but I do have two dealer tales from a recent show.
I imagine there would be worse stories at a Cash-4-Gold store, right?

--------

Dealer 1 :
"Well sir you have to understand that your $20 Double Eagle only has 75% gold in it."

-------

Dealer 2 : "So I gave him $145 a piece for his 1/10th oz. eagles, the $3 gold piece included and I sold that to a local collector for $4200."

mrearlygold · December 2, 2009 9:49AM

<< I've wondered that myself, and a quick search brings me to many stories here: LINK, and an interesting one LINK. >>

Wow! this time I'll just say "wow".

Weiss · December 2, 2009 10:10AM

Now *this* is a thread that belongs on the PM forum. Incidentally, Midwest Refineries has a great reputation with metal detectorists, who pretty much know what they've got and what it's worth.

We had a thread in the PM forum back in June where member zeebob sent in a counterfeit $10 Indian and got about 91% of melt. Not bad considering the piece had to be assayed.

fc · December 2, 2009 10:11AM

if i was buying scrap jewelry i would low ball it too. not insultingly low
but enough to make sure i get past the occasional mistake and fraudster.

now if you bring in a us gold coin that is a different story.

scrap jewelry must be such a strange and difficult position for buyers
who are not quite sure what they are getting in many cases.

thoughts?

fc · December 2, 2009 10:12AM

<< From one of the links OffMetal posted:

"I received the check #59030 offering $63.34 for a total of 14.80 dwt of
Gold Issued 12-10-2008 on 12-12-2008."

Sheesh. $63.34 for 0.74 ounces of gold. >>

i wonder how they knew the exact amount of gold? i am assuming
it was all scrap jewelry right? to figure out the amount of gold in 12K,
14K, and whatever else must take some fancy math i do not know offhand.

And the stuff have better been marked very well and clearly....

savoyspecial · December 2, 2009 10:15AM

This place opened a couple of months ago just down from where i work......i havent been in yet but a few weeks ago i called out of curiousity and asked if they had anyone on hand with a numismatic background......the manager i spoke with was very candid about the fact that he probably knew the most of anyone there, and that he "didnt know that much"

he mentioned that they had recently taken in "one of those St. Gaudens (butchered pronunciation)"

i'll stop by sometime and see what it's like

Swampboy · December 2, 2009 10:26AM

<< if i was buying scrap jewelry i would low ball it too. not insultingly low
but enough to make sure i get past the occasional mistake and fraudster.

now if you bring in a us gold coin that is a different story.

scrap jewelry must be such a strange and difficult position for buyers
who are not quite sure what they are getting in many cases.

thoughts? >>

I agree 100%.
I do NOT envy anyone who works on the otherside of the counter and has to simultaneously determine the gold content, the provenance and the potential for profit of any and all gold jewelry etc. brought in the front door.
I'm sure it's just a job to some but I couldn't do it.

Has anyone gone into a Cash-4-Gold type store?

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