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Cash4Gold

collegekitchen3
Posts: 78
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2/26/2010 10:40:24 PM
Posted: 6 years ago
company has received more than 1,700 oz of gold per day with 94% of respondents accepting its cash offer

According to the company, they pay between 20-80% of the melt value of the items to the seller, and generally less than a pawn shop would pay,[10] though independent reports suggest less than 20% of the value is the norm.[12][13] The norm for the gold-buying industry is for the seller to be paid more than 90% of the value of the gold.[10]

There are many complaints that Cash4Gold undervalues jewelry sent to them by customers.[1] Channel 10 News in San Diego did an investigation where they sent in a ring containing over 2 grams of gold worth $17 in weight to three different sites. The payout from Cash4Gold was $7.91 [46]. Consumer Reports, using its "mystery shopper" team, sent 24 identical gold pendants and chains (purchased for $175 each) to Cash4Gold.com and its competitors. The determined melt value of the jewelry was calculated at around $70 each when gold was above $900 an ounce. In comparison with Pawn shop and Jewelry store quotes (which ranged from $25 to $50), Cash4Gold.com quoted between $7.60~$12.72 melt value for the jewelry. Similar low quotes were also given by Cash4Gold.com competitors GoldKit (around $7.81~$20.59) and GoldPaq (around $8.22~$13.11).[47]

After Rob Cockerham, a blogger, detailed drastic changes in Cash4Gold's valuation of jewelry after a complaint is made about an initial undervaluing,[48] a search engine optimization consultant offered "a few thousand dollars" for Rob to remove the criticism.[49] Cash4Gold CEO Jeff Aronson stated they had nothing to do with the incident, though the consultant stated "everyone (at Cash4Gold) was well aware of what was going on."[49] On Cash4Gold's blog, the company afterwards posted a "clarification statement" allegedly by the consultant contradicting that quote: "Cash4Gold was not aware of all of the tactics being using (sic) in my reputation management services."[50]

After a whistleblower posted on ComplaintsBoard.com discussing the inner workings of Cash4Gold.com[51], The Consumerist and other blogs were hit with a defamation suit by Cash4Gold.com after running the postings.[47][51][52] In September 2009, Cash4Gold.com dropped Consumerist from their lawsuit.[53][54][55]
[edit] UK controversy

Various UK media organisations have undertaken trials of Cash4Gold's UK service, and found their valuation greatly below the independently assessed fair market value. For instance, in November 2009, the BBC's Newsbeat programme had gold valued by an independent gold bullion dealer in Mayfair, London, at around £300. Three jewellers in Hatton Garden then offered similar amounts for the same collection; Cash4Gold's valuation cheque was for £63, raised to £100 when the researcher called to get their money back.[56]
mattrodstrom
Posts: 12,028
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2/27/2010 9:16:13 AM
Posted: 6 years ago
At 2/26/2010 10:40:24 PM, collegekitchen3 wrote:
company has received more than 1,700 oz of gold per day with 94% of respondents accepting its cash offer

When they're only doling out half of what it's worth that sounds like a pretty good business to get into :)
"He who does not know how to put his will into things at least puts a meaning into them: that is, he believes there is a will in them already."

Metaphysics:
"The science.. which deals with the fundamental errors of mankind - but as if they were the fundamental truths."
collegekitchen3
Posts: 78
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2/27/2010 10:37:23 AM
Posted: 6 years ago
At 2/27/2010 9:16:13 AM, mattrodstrom wrote:
At 2/26/2010 10:40:24 PM, collegekitchen3 wrote:
company has received more than 1,700 oz of gold per day with 94% of respondents accepting its cash offer

When they're only doling out half of what it's worth that sounds like a pretty good business to get into :)

not even 50%. 20% lol
feverish
Posts: 2,716
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2/27/2010 12:15:35 PM
Posted: 6 years ago
What amazes me about this is what an incredible test it is of the honesty of our postmen (and women), who are picking up and delivering envelopes containing chunky items labelled "Cash for Gold".
Lukas
Posts: 110
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3/3/2010 6:17:24 AM
Posted: 6 years ago
At 2/27/2010 12:15:35 PM, feverish wrote:
What amazes me about this is what an incredible test it is of the honesty of our postmen (and women), who are picking up and delivering envelopes containing chunky items labelled "Cash for Gold".

lol, I had the exact same thoughts! I wouldn't post a pound coin via Royal Mail let alone a chunk of gold! Beggars beleif
Ragnar_Rahl
Posts: 19,297
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3/3/2010 7:57:19 AM
Posted: 6 years ago
And the posters above me are the people who have trust in governments folks.
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.
feverish
Posts: 2,716
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3/3/2010 9:16:55 AM
Posted: 6 years ago
At 3/3/2010 7:57:19 AM, Ragnar_Rahl wrote:
And the posters above me are the people who have trust in governments folks.

I put no trust in governments funded by capitalist tycoons.

There is a big difference between individual postal workers and a regulated democratic government that serves the people.
Ragnar_Rahl
Posts: 19,297
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3/3/2010 1:15:15 PM
Posted: 6 years ago
At 3/3/2010 9:16:55 AM, feverish wrote:
At 3/3/2010 7:57:19 AM, Ragnar_Rahl wrote:
And the posters above me are the people who have trust in governments folks.

I put no trust in governments funded by capitalist tycoons.
These ones are funded by taxes fortunately for you.


There is a big difference between individual postal workers and a regulated democratic government that serves the people.
There is no such thing as the people, only individual voters in the majority, individuals in the minority whose votes are no real barrier to any action against them, and individual government workers.
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.