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Old 02-07-2009, 01:17 PM
 
Location: mass
2,905 posts, read 6,428,952 times
Reputation: 4967

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Quote:
Originally Posted by IonRedline08 View Post
Is it really a scam though?

It seems more like a mail order pawn shop.

They should have done a bit more research, and possibly sold it themselves.
Exactly. They are giving "cash" for "gold".

They never say in the add how much "cash" you are going to get for your "gold"

And just because something has a appraised value of $800, doesn't mean you will get even a fraction of that price.

zubzub about summed it up, though it doesn't seem that company is giving even that much.

The point is, why would anyone mail their gold to anyone? There is not a resale value for gold like that here.

Other countries, yes, you can take your gold to the jewelery store, they weigh it, and give you how much it is worth to shop for new jewelery. It just doesn't work like that here. If you try to pawn it, you will get a small fraction of what it is worth. And don't pawn shops sell jewelery for much less than it is worth, too?
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Old 02-07-2009, 01:30 PM
 
Location: Charlotte, NC
2,193 posts, read 4,453,524 times
Reputation: 1072
Quote:
Originally Posted by mommytotwo View Post


Other countries, yes, you can take your gold to the jewelery store, they weigh it, and give you how much it is worth to shop for new jewelery. It just doesn't work like that here. If you try to pawn it, you will get a small fraction of what it is worth. And don't pawn shops sell jewelery for much less than it is worth, too?
Indian jewelry stores do weigh your gold and give you a pretty good price for your gold. I went to Houston and did it. There's a couple streets in Houston (called Hillcroft area) that have a bunch of Indian stores and you can find a shop to sell your gold. New York has the same type of thing in the Jackson Heights area.
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Old 02-07-2009, 01:41 PM
 
25,361 posts, read 37,572,812 times
Reputation: 13281
Quote:
Originally Posted by mommytotwo View Post
Exactly. They are giving "cash" for "gold".

They never say in the add how much "cash" you are going to get for your "gold"

And just because something has a appraised value of $800, doesn't mean you will get even a fraction of that price.

zubzub about summed it up, though it doesn't seem that company is giving even that much.

The point is, why would anyone mail their gold to anyone? There is not a resale value for gold like that here.

Other countries, yes, you can take your gold to the jewelery store, they weigh it, and give you how much it is worth to shop for new jewelery. It just doesn't work like that here. If you try to pawn it, you will get a small fraction of what it is worth. And don't pawn shops sell jewelery for much less than it is worth, too?
I went to a jewelry sore here and wanted to buy something else and give my old gold back, but they looked like I was asking a weird question. So next time when i go back to Europe I take it with me and spent my money there on something new. I have always done it that way and they melt it and give me a good price as long as you spend a decent amount on something else...the more you spent the more you get back..sounds as a good deal to me and I always enjoy buying new jewelry for my family or my self.
Maybe the US jewelery shops should think about this for the future or they might lose even more....I heard the shoe repair shops are doing very well in todays market...
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Old 02-07-2009, 01:41 PM
 
9,807 posts, read 12,932,089 times
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maybe the old warning---------" if it sounds too good to be true----------------"-------needs repeating.
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Old 02-07-2009, 01:50 PM
 
Location: MI
1,068 posts, read 2,797,815 times
Reputation: 574
My favorite line in the whole commercial is "because we have our own refinery.....". What's that a campfire in the back yard, an actlyene torch? Like having a "refinery" is something that is very costly and a major technilogical part of the business. Sheesh, the Egyptians were melting gold over 5000 years ago.
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Old 02-07-2009, 02:12 PM
 
1,788 posts, read 4,154,117 times
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Quote:
Originally Posted by bentlebee View Post
I went to a jewelry sore here and wanted to buy something else and give my old gold back, but they looked like I was asking a weird question.
*sigh*

There's a good reason for this too. Before they can pay you for it or use your "old" gold, they would have to go through the same process as the refinery does, or else send it out to the refinery themselves and have it processed. They can't just look at it and know what the true gold content really is, and they can't just re-use it in other jewelry (at least legally) and mark it as gold without that assaying and refining being done.

It's more of a hassle than it is worth for them in most cases. Unless you find a shop that actually does real custom work (and not just plopping stones into prefab settings) then you won't find a jewelry store that's going to want to deal with your unknown quality of gold.
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Old 02-07-2009, 02:13 PM
 
1,788 posts, read 4,154,117 times
Reputation: 1232
Quote:
Originally Posted by xlabel View Post
My favorite line in the whole commercial is "because we have our own refinery.....". What's that a campfire in the back yard, an actlyene torch? Like having a "refinery" is something that is very costly and a major technilogical part of the business. Sheesh, the Egyptians were melting gold over 5000 years ago.
It is costly to set up a refinery. Just because you can melt something doesn't mean you can refine it. Go look up the difference between "melting" and "refining". What that line in the commercial means is that you aren't paying a middleman to send off your stuff to a refiner -- the company receiving the gold IS the refiner.

It's amazing how so many people never research anything before complaining about it.
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Old 02-07-2009, 03:15 PM
 
25,361 posts, read 37,572,812 times
Reputation: 13281
Quote:
Originally Posted by ZugZub View Post
*sigh*

There's a good reason for this too. Before they can pay you for it or use your "old" gold, they would have to go through the same process as the refinery does, or else send it out to the refinery themselves and have it processed. They can't just look at it and know what the true gold content really is, and they can't just re-use it in other jewelry (at least legally) and mark it as gold without that assaying and refining being done.

It's more of a hassle than it is worth for them in most cases. Unless you find a shop that actually does real custom work (and not just plopping stones into prefab settings) then you won't find a jewelry store that's going to want to deal with your unknown quality of gold.
You nailed it...I go to a jewelry who makes custom made jewelry ( they check out every single piece and sometimes they can't give you the exact price immediately but they will call you to give you the price later...if you don't buy anything, you get a lower price) as well as random jewelry and they are cheaper than others because they aren't located in a plaza but in nice facility hidden behind houses and because people started to spread the word how good they are, they never advertise and have many very satisfied customers from closeby and far away. I got their name like 25 years ago from a sales woman in another jewelry store who always bought her jewlery there and even though she got discounts at her jewelry store, she always bought her private stuff in the one I described...I rather pay for the jewelry than the added amount for advertisement, top location, etc....of course they have top security.

This way it is ideal when you inherit a bunch of jewelry which is gold and has diamonds but you don't like it...they can take the diamonds out and make a different jewel from it or you can give it all back and get an amount and buy something else in remembering of the person and wear the jewelry instead of inherit a piece that you don't like and will end up in a draw.
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Old 02-07-2009, 03:40 PM
 
Location: Virginia
931 posts, read 3,413,356 times
Reputation: 447
Wait...

You mean they don't make a profit from paying me CASH for my GOLD?

C'mon people...
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Old 02-07-2009, 04:16 PM
 
Location: Knoxville, TN
2,172 posts, read 6,748,994 times
Reputation: 1522
I actually considered sending some old stuff I had to them but felt that putting a bunch of gold in an envelope and mailing it off seemed like a really bad idea.
Not only do you know nothing about the people you're sending it to but every postal worker handling it knows it has gold in it.
I found several places close by to get it appraised and sold it to the highest one. Their TV advertisements prompted a several local companies to advertise their services turning gold into cash.
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