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Old 12-18-2009, 12:39 AM   #1 (permalink)
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Default "Sell Gold" Companies Taking Advantage of the Economy?

I've heard all kinds of horror stories about how little these companies actually pay in relation to the value of the gold they receive, and a bunch of them are doing "specials" that started around the holiday season. My fear is that there are a number of people who don't really know what they're gold is worth, but since they need the money (for Christmas or whatever), they send their stuff in having no idea the check they get back in the mail is not nearly what they should really receive. Has anyone actually dealt with any of these companies?
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Old 12-18-2009, 12:50 AM   #2 (permalink)
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Most of them are scammers.
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Old 12-18-2009, 12:55 AM   #3 (permalink)
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Most of them are scammers.
This is scary.

10 Confessions Of A Cash4Gold Employee - The Consumerist
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Old 12-18-2009, 05:09 PM   #4 (permalink)
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There is a worry about a dollar collapse, but the problem is gold has very little use rather than jewelery. After some discussions on another message board, I think silver is the way to go.
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Old 12-18-2009, 07:35 PM   #5 (permalink)
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It sounds like a great way to unload some stolen property, too.
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Old 12-18-2009, 08:16 PM   #6 (permalink)
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The problem is there is no way for consumers to find out how much their gold is really worth without using a complicated formula that the majority of Americans do not understand or are just too lazy, so we are forced to "take their word for it"
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Old 12-18-2009, 08:16 PM   #7 (permalink)
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I love the part about some people getting a check for $0.01. Lol...
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Old 12-18-2009, 09:19 PM   #8 (permalink)
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Originally Posted by findizzle04 View Post
The problem is there is no way for consumers to find out how much their gold is really worth without using a complicated formula that the majority of Americans do not understand or are just too lazy, so we are forced to "take their word for it"
Right. They're sending in scrap gold, not gold coins, with which you know the exact content from the beginning.
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Old 12-18-2009, 10:48 PM   #9 (permalink)
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Those places are the best place to sell my gold medallions of myself wearing a gold medallion.
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Old 12-18-2009, 11:24 PM   #10 (permalink)
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Those places are the best place to sell my gold medallions of myself wearing a gold medallion.
I wonder how much I would get if I send in those old 24-karat gold cards they used to make. I doubt they're even worth a penny!
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Old 12-19-2009, 12:37 AM   #11 (permalink)
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Originally Posted by KaraandMelliesDaddy View Post
There is a worry about a dollar collapse, but the problem is gold has very little use rather than jewelery. After some discussions on another message board, I think silver is the way to go.
Gold has and will always be a staple product, making it perfect for investing in. It does seem there will be a gold "bubble" happening pretty soon though, the value has just soared way too high way too fast and the price is currently artificially inflated. When and where the bubble will pop and what the actual current value is, are the two billion (or trillion) dollar questions.


As to the "Cash for Gold" ads on television being ripoffs, I thought the American public was smart enough to avoid them as an obvious scam. Guess I was wrong, because those businesses seem to be doing just fine.

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