If you had difficulty viewing the video, here is a brief overview...
In today's difficult economic times, the price of gold has sky rocketed to record breaking highs and as a result consumers will often sell gold for cash in an effort to pay their bills.
Fox 5 News set out to see how much they would be paid if they sent in identical pieces of gold to 10 different gold buyers who were chosen at random...The outcome was shocking to say the least!
I'm sure you've seen the advertisements all over the place, companies claiming they will pay you substantial amounts of money for your unwanted gold . It's not surprising that selling gold for cash
has become very enticing
Apparently, many gemologists agree that most consumers have no idea as to what their unwanted gold is really worth.
The outcome of their results was truly amazing. The gold that they sent in was valued at approximately $450.00. (give or take)
The highest appraisal came from "Cash for gold USA" at just over $393.00 which translated to be about 90% of the estimated value.
The offers went down from there, from 80% to 56% to 53% to 51% to 33%. They further dropped drastically to 18% (approximately $77.00) from one of the industry leaders "Cash 4 Gold" .Then they got an offer of about 13% (approximately $58.00) from "Broken Gold" who claimed that they pay they pay the most of any competitor, finally, they got another offer from "Gold Hard Cash" for the tiny sum of only $38.00, which works out to be no more than a poultry 8%
As you can see from these figures, it pays to do your home work when you sell gold for cash!
In the past several years, complaints to the Better Business Bureau about "selling gold for cash" have increased tremendously.
Although consumers are generally satisfied with the extra money they receive by selling gold for cash, many industry insiders agree that you should first estimate the approximate value of your gold items before selling them online. Gold experts recommend that you should first try selling gold to a local jewelry store.
So, the "Fox 5" also approached several jewelry stores in their local area and the prices they were offered exceeded all of the online buyers with the exception of CashForGoldUSA.com (who paid the most in the investigation)
The prices that were offered from 4 different jewelry sores were as follows...
Jewelry Store #1 - $310.00
Jewelry Store #2 - $210.00
Jewelry Store #3 - $300.00
Jewelry Store #4 - $250.00
- If you sell your gold for cash online and you are not satisfied with the payment amount, simply return your check within the designated time frame that is outlined in their terms of service and they will return your items free of charge! (it's the law)
- If you are selling gold for cash to a local jewelry store, keep in mind that most jewelers will often low ball you at first, but you can negotiate. So just keep haggling with them until you get a payment that you are satisfied with, however if they are unwilling to come up with a fair price we highly recommend the services of Cash For Gold USA.com