# Gold for cash



## Battly (Oct 9, 2008)

Have you guys seen that commercial on tv about sending in your old gold jewelry for cash? What do you think about it? Trust worthy?


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## Narsil (Oct 10, 2008)

First of all, think about what they're saying. Allow me to paraphrase.



> Send me your gold. I'll decide how much it's worth. I'll write you a check. You'll take that check and you'll like it regardless of how much your gold was actually worth because, by now, I've already melted it down into ingots along with fourteen other people's gold and you probably don't really know how much gold you sent me or what the actual quality of it was anyway.


Secondly, with the economy where it is right now, where it looks like it's heading, WHY WOULD YOU TRADE SOMETHING WITH REAL, INTRINSIC VALUE, LIKE GOLD, FOR SOMETHING WITH ABSOLUTELY NO INTRINSIC VALUE, LIKE CASH??? 

Yeah, I'm both skeptical, and jealous. I wish I'd thought of it first.


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## bittersweetsymphony (Oct 10, 2008)

I wonder if you can get an estimate of how much money they will provide you with for your gold BEFORE you send it in. That's something to look into before you go through with this idea.


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## bkt (Oct 10, 2008)

Narsil said:


> Secondly, with the economy where it is right now, where it looks like it's heading, WHY WOULD YOU TRADE SOMETHING WITH REAL, INTRINSIC VALUE, LIKE GOLD, FOR SOMETHING WITH ABSOLUTELY NO INTRINSIC VALUE, LIKE CASH???


Exactly! If you own gold or silver, keep it -- don't trade it in.

Understand that our currency is fiat currency; it is not backed by anything. There is no gold standard anymore. And the Fed has dumped over $2 trillion into the market since last July thus diluting the value of the dollar significantly.


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## Narsil (Oct 10, 2008)

bittersweetsymphony said:


> I wonder if you can get an estimate of how much money they will provide you with for your gold BEFORE you send it in. That's something to look into before you go through with this idea.


According to the commercials airing in my area, you call them, they send you a padded mailer, you mail your gold THROUGH THE FREAKING U.S. POST OFFICE, and they mail you a check.


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## coinguy (Oct 13, 2008)

Narsil said:


> First of all, think about what they're saying. Allow me to paraphrase.
> 
> Secondly, with the economy where it is right now, where it looks like it's heading, WHY WOULD YOU TRADE SOMETHING WITH REAL, INTRINSIC VALUE, LIKE GOLD, FOR SOMETHING WITH ABSOLUTELY NO INTRINSIC VALUE, LIKE CASH???
> 
> Yeah, I'm both skeptical, and jealous. I wish I'd thought of it first.


As someone who makes a living buying/selling gold, I agree with you! I can't see how people would fall for those commercials. I know some of the guys that travel around, take out an ad in the paper and work out of a motel room for the week. I can tell you for a fact you won't get fair value dealing with them, and the 'mail it to me so I can melt it down and mix it up' is in the same category.

And gold or silver would be the LAST thing I would trade for (toilet) paper currency.

G


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## MasterSergeantUSAF (Mar 16, 2010)

*Don't fall for it*

Gold is selling for over $1100USD for a Troy ounce of 24 karat....these television and magazine shysters pay no more than $40USD an ounce....don't fall for it....


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## Jason (Jul 25, 2009)

My wife wants to ditch her rings from her first marriage. They are both just cheap (relatively) gold rings and she wants rid of them because, well, they are from her first marriage. We went to a mall that had one of those cash for gold people. She rubbed the gold on some kind of cloth and the color of the smear told her the quality of the gold and set the price she offered. We thanked her, pocketed the rings, and kept on going. I'm no expert, but for heaven's sake, she might as well have spun a roulette wheel to set her prices.


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## MasterSergeantUSAF (Mar 16, 2010)

Recraft the rings into another piece of jewelry....don't blame the rings because of the person who once gave them to her....they're just chunks of metal...


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## sailaway (Mar 12, 2009)

The USSR controls 90% of the worlds gold supply, what if they decided to sell off? The last time everybody was buying gold on TV was right before the market crashed.


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## Jason (Jul 25, 2009)

Actually, MasterSergent, the plan was to take the useless pieces of jewelry and liquidate them to stock up on stuff for the house.  We have nothing against them or her past, we just would rather have the supplies that they could purchase. You never hear about people stocking up on beans, bullets, and bling.


:beercheer:


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## allen_idaho (Oct 21, 2009)

Actually, you would be lucky to get around $20/ounce on your gold jewelry depending on which cash for gold place you send it to. 

It is a big scam. They figure that most people who watch the infomercial and send in their old jewelry are not going to know how much it is really worth. Or they will be so desperate for money, they will take what they can get.


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## HozayBuck (Jan 27, 2010)

A buddy of mine did it, sent in a gold coin from some other country, it was a small coin about the size of a dime... They sent him a check for 18.00 said the coin had little gold in it.. 

It's a scam and a very bad one, desperate people will do stupid things... but in truth the average gold wedding ring probably has only a few bucks worth of gold in it...


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## Tex (Oct 31, 2008)

Don't mail your gold off. If you want to sell it, do it face to face. That way you can back out if you don't like the deal. You might want to check more than one place to compare prices. You may look dumb, not knowing what you're doing, but it's better than mailing off your junk and being dumb.


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