It seems like many media sources are conducting investigative reports on the cash for gold business. This is due to the many customer complaints about companies such as the one highlighted on Good Morning America this morning – Cash4Gold. Our goal with this blog is to help people become more educated consumers in this industry that historically has not always been the most trustworthy. With these huge operations you really have no idea who is giving you your quote or who is actually melting and refining the material. We recommend getting to know the people you work with either by giving them a call or sending them an email.
The consumer alert from Good Morning America highlighted the fact that some companies will only give 11%-29% of the gold’s value back to their customer. Also that these companies do not want the public educated on the gold buying because they thrive on people’s ignorance towards measurements and value. Here are some things to take into account when choosing a company to work with.
- Check out the company’s endorsers. If they are a member of the BBB, look at their rating and you can also see if they have had any recent customer complaints.
- Look to see if they have an actual business location, so they are not some guy working out of his basement. If they don’t look reputable, then chances are they probably are not.
- Get the on the phone. Because each piece of gold is different, each estimate will be different as well. This will allow you to ask any questions you have, establish a relationship with your dealer and give you an indication of what your customer service will be like.
Good Morning America also commented on gold parties which are becoming more popular. Remember that you don’t have sell your gold to the operator. We recommend getting some estimates either online or locally before you attend. That way you will have some idea of what your material is worth beforehand.
Did anyone else see the Today Show? We would love to hear your comments or questions.