Don’t get ripped off selling your gold!

If you haven’t noticed, just about every pawn and jewelery shop is advertising to buy gold. Gold prices are still very high and everyone is trying to cash in.

Selling your old gold jewelery may or may not be a good idea. If it is just taking up space and has no sentimental value it may be worth thinking about. But the challenge for most people selling their gold is that they have no idea whether they are getting ripped off or not.

The sad truth is that every gold buyer pays a tremendously different amount for your gold. In the video below you find out that the sellers were given the following amounts for the same gold chain…

  • $50 from the local pawn shop
  • $37 from TurnGold2Cash.com
  • $11 from Cash4Gold.com
  • $5 from GoldKit.com

It is pretty frustrating to think that you could get $5 or $50 depending on where you sold your gold. So, lesson to be learned – if you are going to sell your gold, do your homework to get the best price and stay away from GoldKit.com!

Be careful selling gold via mail!

http://www.youtube.com/watch?v=56KcAABIn0Y

Have you sold any gold lately? If so, where and how did you do?

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11 Comments
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  1. Very interesting post.

    I always try to warn people to be careful of “opportunities” that are highly advertised. The more advertisements often the less likely you are to fare. (Maybe in part because the company has to pay for all the advertisements).

    So its not surprising that a pawn shop which typically just advertizes in the yellow pages would be able to offer you more for your gold than an outfit like Cash4Gold which seems to be advertising everywhere.

  2. Interesting post. My wife and I sold some old, unsentimental gold jewelry a few months ago. We got quotes from several local buyers and sold to the one who offered us the most. We never considered the internet buyers.

    Just curious…with all the hype about buying gold, is there a huge disparity between sellers of what they charge?

  3. I’m buying now. ;)

  4. If you are planning to sell your old gold, do it the old-fashioned way and sell it to a gold merchant. You will get a good price and avoid getting scammed.

  5. Personally, I am a buyer right now- of gold, but even more so, I like silver. Some call me a doomsdayer, but I really believe we’re headed for the worst economic times our country has ever seen. So I buy bullion every chance I get. But even though I am a buyer of bullion, I found myself in a position back in November when I realized I had a lot of gold jewelry I needed to sell because I had been buying it on eBay for a period of about 3yrs, and I realized that it was not going to help me when the economy goes to hell unless I could get it in the form of bullion, which is recognized universally, and tradable when times get hard.

    I did a lot of research on the online buyers before I made my choice, and after reading their website, I decided to try AugustusGold.com because they promised they paid 3x more than the “Guys on TV” they called them (everybody knows they’re talking about Cash4Gold), and honestly, I don’t have a lot of patience, and their website allowed me to print off my FedEx label right then so I could drop it in the mail on the way to work the next day.

    Now normally I would not go to the trouble to write about an experience I had with a company, but I’ll tell you what made this experience different… A few days after I mailed in my package, a guy named Jerry called me to tell me that they had processed my package, and had my offer ready. I tried to prepare myself mentally for a little bit of a disappointment because I remembered that after I found this company’s website, I didn’t look at any others. They did publish their current prices on the site, though, and that blew me away after looking at a half dozen huge companies that just wouldn’t even speculate on how much they would pay. He told me my package was worth $2,293 to them, and you could have knocked me over with a feather! The “spot price” of gold had gone up a lot since the day I put it in the mail, but I had kept track of how much I had paid for all that stuff over the last few years, and it was only about $977 plus some shipping charges. I was impressed!

    So I talked to this guy, Jerry, for about 10 minutes, and told him I was an investor in precious metals, but that I really needed to get the scrap materials I had into bullion form. He said that he, too, was an investor in bullion, (as is his company, as you might imagine), and he said he would be glad to send me my payment in the form of silver bullion with almost no premium over the spot price. This, my friends, is customer service at its finest!

    Read their FAQ and their bios on the website, and I think you’ll understand why I gave them the chance I did… I will always be a fan!

    Jason B.
    Ohio

  6. I guarantee you that this guy above me “Jason Bateman” (COME ON!) is just planted there by Augustus Gold to scam more people into sending in their jewelry. I sent in jewelry in March and have not heard ONE WORD from this company. I am considering my pieces stolen and have filed a complaint with the FBI’s internet crime website. Don’t use these people. Its a SCAM!

  7. Yeah, like I said, “Jason Bateman” was actually someone working for Augustus Gold. Click on his name and you will be taken to the Augustus Gold website.

  8. I got totally ripped off on Cash4Gold and the gold kit place. Even the local jewelry stores in my neighborhood had a tremendous difference in quoting me prices. I don’t know who to trust anymore, but I won’t be mailing in anything else. Maybe it would be best to try and sell my jewelry on line or at a yard sale. It’s sad there’s no reputable or trustworthy company to do business with. I feel especially sad for those who sold heirloom pieces and got next to nothing for them – maybe sometimes it is better to leave your jewels in a safebox and just wait.

  9. Heather B

    I also got totally ripped off by Augustus Gold. They are just thieves who are getting away with it because it’s all done via the internet. These guys might as well have walked in my house and stolen all of my gold jewelry – that’s what they are – thieves and scam artists. I intend to do all I can to make sure they are stopped!

  10. Send nothing to Augustus Gold and Silver, they have owed me money for over a year. Ray Holley and Jerry Nelson are the co-owners of this company. They do not answer the phone, emails or return calls. They are attempting to change the name of the company to Precious Metals Exchange. The Better Business Rating for Augustus Gold and Silver is “F”. Expect 300% of nothing if you send anything to this band of pirates…..

  11. Candy

    I had a gold ring 14 kt with small diamond , 3 small gold charms 14kt from the 70′s. 2 gold pendants 14kt ,broken piece of a chain 14kt, a baby ring 10kt, and few pieces of silver , pendant,ring, and bracelet( the silver items never worn). All pieces have been sitting in a box in my closet from years. I just sold all of my item listed above for $873.43 to Gold Fellow. I found them in my home town, they are also online.
    I think the amount was more than fair.

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