We've all seen the commercials. Mail in your unwanted and broken gold and receive cold hard cash. Yeah, I was skeptical too. But earlier today I went to the Brooklyn Marriott where Cash 4 Gold apparently takes up residence a couple times a week. I saw an ad in am NewYork and decided to try my luck with a few gold necklaces I've had since the '80s when I was 14k-with-lobster-claw-clasp-crazy. Thrown in the mix were a couple items I scored at an apartment giveaway.
When it was my turn, a friendly young woman with a jeweler's lens inspected my jewelry and sorted it into bins according to karat. I told her I'd been curious about Cash 4 Gold but didn't want to mail in her jewelry. She agreed making the sale in person eliminates some of the skepticism. She then mentioned a referral program where I make extra money each time a person I recommend sells their jewelry. Sounds good to me.
What sounded even better was my total for the gold I sold. Let's just say I was given a bonus $20 for selling more than $100 and a 10% cash bonus for bringing in my newspaper ad.
I was pleased with the outcome and even boasted on Facebook. With every intention of returning to the Marriott tomorrow, I rummaged through my jewelry boxes and found more gold (and silver if they take it) I can stand to part with.
Because this curious mind always wants to know, however, I Googled and found headlines that read "Cash 4 Gold Scam!" One report on ABC News (see You Tube video below) claimed that when compared to two other gold-buying sites, Cash 4 Gold came up short and offered the lowest cash back. And the company reportedly has 300 complaints with the Better Business Bureau.
This news gave me pause, but I didn't sell anything that had sentimental value and I like that I was able to do my transaction in person. Next time, perhaps I'll try one of the other businesses if they offer a face-to-face selling option. But for now, I trust Cash 4 Gold more than a pawn shop or ghetto jewelry joint in downtown Brooklyn.
Tell me what you think of this gold-buying rush? Are Cash 4 Gold and other companies like it a scam?
(Image credit: Arnold Wagner Jewelry)