Cash 4 Gold?

I'm guessing that we've all seen it on TV at this point, http://www.cash4gold.com/ has infiltrated our lives and it's time to face that reality.

If you don't know what I'm talking about below is a clip of cash4gold's most frequently aired commercial:





Now that I know for sure you've seen the pitch what was your first thought about this deal? If it's anything other than "Who in the hell would send gold to this place?" Do yourself a favor, stand up, and slap your face...hard.

I'm not saying that this company is a scam or that what they are advertising isn't true, I don't know, I have never done it. What I am saying though is that participating in a business transaction with a company that has total control over that transaction is just foolish. It becomes even more foolish when considering that the transaction involves giving up your Gold, probably the most valuable asset to be holding during the economic crisis. Yet it becomes just down right stupid if a person doesn't recognize that cash4gold is making hand over fist money off of this deal at their expense.

Like you (well probably not like you) ahem...I have been wondering what all the hype is about and how such a cheesy commercial can be the face of the United State's self proclaimed "Largest Gold Buyer." So at 2 am on Wednesday of last week I called the 800 number on the commercial, told the receptionist a sob story about wanting to melt an old engagement ring (borrowing a line from the commercial which she had no interest what-so-ever in hearing), and had cash4gold send me their "Refiner's Return Kit."

This is what I got back in the mail: (1) crappy totally normal plastic bag (1) Cash4gold cheesy brochure summarizing they cheesy commercial (1) Standard business reply mail return envelope and a letter that read:

Dear Customer - Thank you for choosing cash4gold.com. Enclosed is your personalized state of the art refiners return kit with free first class postage....then a bunch of instructions about how to mail in my precious metals.

Real state of the art.

So after considering my options I decided I'd send my return kit back to Cash4gold. I did so only after I had scribbled the URL to the video below, along with the simple sentence "Where Da Gold At?" on a piece of paper which I stuffed inside the envelope:





Out of curiosity I then went to the http://www.cash4gold.com/ website to learn about how they priced gold and how they handled insuring all of the jewelry they must be receiving in standard envelopes, this is what I found:


First, Cash4gold insures your shipment to them; but only up to $100 dollars regardless of what is sent. Second, that no where on the site or in my "refiners package" was there any indication of what the purchase price of my gold would be quoted at. They refer to the price being quoted at the spot gold market cost for the day, however there is no specific pricing schematic in place or reference to where cash4gold derives its spot value.


Long story short I think the process goes like this: You send gold, they insure gold up to $100 dollars, (while gold has not traded under $700 dollars an ounce in over a year) they price your gold and don't tell you how, then they send you a check, if you do not like the value sent to you don't worry!


"If you are dissatisfied with the amount of the payment you received, you must notify cash4gold within 10 days of the date on the check we mailed to you, or your material will be processed in our refinery."


That's 10 calendar days from the DATE of the check, which means that since they promise next day turn around on the check, if you live in Washington and they are based in Florida (they are), the check by standard mail may not be to you for 5 days. Even worse if you were to send your Gold on Thursday and it were to arrive on a Friday they may process it by Saturday and put it into the mail. Then you would have a check dated Saturday, that would sit Sunday, then would be mailed Monday...you get the point Cash4gold.com literally controls the entire transaction as soon as the gold goes into the bag; that includes the date they print on your check.


Alright that's it, now you know the low down on cash4gold. If you are still interested in melting down an old wedding ring, engagement ring, or other piece of jewelry with previous sentimental value may I suggest ExBoyfriendJewlrey.com; at least if you sell through them they'll want to hear your sob story. Don't think so? I know because you're required to share it in order to post your item. (hint go to this site and read the stories).