Will you get ripped off if you trade your precious metals to a cash 4 gold company
Thursday, December 31st, 2009Because of the current state of the global economy and the forever increasing movement upwards in gold and silver prices , it is no wonder people are bringing out their old gold and silver jewelry and are selling them to cash 4 gold dealers because they need to make some spare income to lower their extra financial woes as a way to meet their next payments.Maybe you are experiencing the same situation you will be wise to carefully do your homework before trading your gold or silver to just any gold dealers in that there is a huge increase in the amount of scam cash for gold companies in the gold buying industry who won’t hesitate to prey on your financial desperation and pay a small percentage for your gold, silver or platinum jewelry.Even though this way of doing business is not a scam, it is in any case, wrong and I feel obligated to warn those of you who might be considering getting rid of your unwanted gold jewelry to be sure to avoid businesses that are acting as middle men and to do business only with gold refineries or cash for gold businesses that utilize their in-house gold refineriesYou see, cash for gold buyers are nothing more than middle men between you and a metal refiner and because of that they will pay you in the neighborhood of 30 percent of the true value for your gold, silver or platinum and turn around and trade it directly to a gold refiner themselves and they will be pocketing the lions share and in turn you keep a few measly dollars.Not so long ago, Fox news put together a sort of undercover operation, in that they sent in three exact same items of gold jewelry to three separate precious metal companies and waited for their payout and while all three businesses did in fact give them a payment for the broken gold, only one of those cash for gold companies actually submitted the current market value while the other 2 gold buyers payed about 30 percent of today’s true value .The 2 gold buyers that fell short were acting as brokers while the 3rd gold buyer that payed the real value did have their own precious metal refinery, so it is customer beware in this business and I strongly suggest that you do your research before trading in your used gold jewelry so that you don’t get taken by the cash for gold scam