Cash4gold - A Review

The price of gold has seen a large increase and because of that, two important trends can be seen: First, as gold prices have risen, consumers are taking a closer look at their unused jewelry. Second, companies like cash4gold have become more aggressive in their advertising.

Drive down the road, open the newspaper, or turn on the TV and you will probably see an advertisement from a company who wants to give you "top dollar" for your unused gold jewelry. One of the most popular companies is Cash4gold.

They advertise that not only will they give you top dollar for your gold, but it's as easy as dropping it in to an envelope, sending it to them, and soon, in your mailbox you will find a check for the value of your gold.

Recently, Cash4gold has taken a lot of criticism. Various consumer advocate groups have gone undercover to see just how well Cash4gold is paying. Are people receiving "top dollar" as they advertise? The answer in many instances appears to be no.

It doesn't take much Googling to find numerous accusations of scams. One that can be easily found is an article from a former Cash4gold employee where the company policies are supposedly revealed.

This employee states that sometimes checks as 1 cent are sent out. He goes on to say that the amount of the check is purposely much lower than the value with the hope that the customer will not know the true value of their gold. If they do call, customer service representatives are authorized to raise the amount paid up to three times the original amount.

Next, it is stated that the check date is usually days earlier than when the check is put in to the mail. This is because the customer only has 10 days from the check date to dispute the check amount so if the check isn't received in the mail until 9 days after the check date, the customer only has one day to dispute the payment.

Last, this former employee says that the envelope that is sent as part of the consumer kit only comes with $100 of insurance from the U.S. Postal service. If your jewelry is worth more than $100, Cash4gold may claim that the package never arrived and begin the insurance claim process. If your gold was worth more, they will tell you that you should have sent it in your own envelope and taken out more insurance.

Of course there is no practical way to verify that this information so we recommend that you do your own research and find a company that you trust if you're looking to sell your unused gold but remember that convenience always comes at a price. You will pay for somebody to sell your gold for you, you will pay for the simplicity of dropping it in an envelope, and you will pay for the "free" appraisal. Don't forget that regardless of where you take your gold, you will not receive the actual value of it.

Although less convenient than dropping it in the mailbox, when a problem arises, being able to go to a local business and talk face to face goes a long way. Consider selling local.

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