Newest Review: ... lonely and sad and have involved me pretty much being on my own wondering if it was always going to be like this, but this year I have ... more
Member Name: kojak123
Advantages: NONE! Thieves and vagabonds.
Disadvantages: Total rip-off. Bricks and mortar shops offer better value by far!
A very short review to remind the good folk reading not to use postal gold services.
Hopefully these companies have had enough bad press now that the savvy folk will avoid them like the plague, but for anyone else have a look at this:
(edit; not sure I'm allowed to use names here)
In October this year, a sample was sent to a few of the internet gold companies to see just how dishonest they were. 9 grams of 9ct gold and 5 grams of 18ct gold with a 'spot price' of approx £210 were sent away.
The highest offer received (including the company named at the top here) was £35. When questioned over the phone the price suddenly doubled, and often tripled, and in the end they were asked to return the gold.
Were they reluctant? Hell yes.
Average time was a week for postage!
I run a small jewellers and antique shop, and we pay a very fair price - usually around 5%-10% under 'spot price' (the smelting value) for scrap and a little bit more for saleable pieces.
If you're selling gold get yourself into town and get some quotes from trustworthy 'bricks and mortar' shops.
Look for shops who actually re-sell rather than melt down as you'll get a much better price, and avoid the pawnbrokers.
The postal gold companies prey on vulnerable people, desperate people and embarrassed people.
The first two are difficult to help, but the latter have no reason to be embarrassed.
Selling and part exchanging jewellery is just like selling or part exchanging a car. Tastes change, people move on and budgets change.
Selling gold has a bit of a stigma attached to it - "selling the family silver" is an archaic derogatory phrase for someone who has burned every bridge and is totally insolvent, but it isn't the same these days. With more disposable income and rapidly changing fashions there is a lot of unworn jewellery about the place. Selling or swapping it is totally natural and not something to hang your head over.
That said, if you really don't want to sell your gold and silver over the counter, try a large smelting house like Hatton Garden Metals, or GBC. Going direct to source will net you 95%-98% of spot price instead of 10%-50% that you'd get by using the online buyers. All they do then is use those smelting houses, and take the rest of YOUR money.
I see there are a couple of 5 star reviews on this particular service.
Notice how they are long standing members, but only have the one review!
Did someone say 'shill review'?.....
Summary: Please. Don't. Use. These. Services.