Cash for Gold Review
Why Use Cash for Gold Services?
When you have old jewelry sitting around, knowing you will never wear it again, you can sell those items for the cost of the gold and have a little extra spending cash with very little effort. Based on the current market price for gold – which is always in flux – cash for gold services weigh your item and make you an offer. Most services also accept solid silver and platinum items, and some purchase diamonds, which is bonus as many local jewelry won't make you an offer on diamonds.
Standard procedures for these services is to send you a free, prepaid kit in which you mail your valuables back to the service for evaluation. Once the companies receive your items, they weigh them, assess their value and make you an offer. Some services have physical locations where you can take your items and have them evaluated in person. Because you want to receive the best offer possible, you want to choose a reputable company. The best places to sell gold – including Empire Gold Buyers, USGoldBuyers.com and SellYourGold.com – have solid reputations and a process that ensures you're happy with the results or you receive your items back, free of charge. To learn tips about selling your gold, have a look at our articles on cash for gold services.
Cash for Gold Services: What to Look For
When choosing to whom to sell your gold, silver and platinum items, you want to know what to expect, including the process, the offer and how you will receive your payment. We have included reputable companies on our lineup, but you may want to look further into the company's reputation to ensure you feel comfortable with those in whom you're placing your trust.
Process & Payment
Every service on our lineup sends out a free, prepaid shipping kit to send in your gold and other jewelry. Where these kits differ is the amount for which the company insures the package. The services we reviewed range from less than $100 up to $25,000, so there is a large difference in insured amount. Some companies allow you to pay more for more insurance, however.
A major complaint of some companies is that they do not contact you with a quote before sending you a payment. Many services will call or email you and wait for a response, but a handful will just evaluate the value and send a check. Those companies do provide a money-back guarantee if you do not agree with the assessed value, but then you must return the payment and wait to receive your valuables back.
All services offer a printed company check as payment. Some also offer other payment options, including direct deposit, transfers to a PayPal account and a money wire. The processing time for these payments varies from company to company, so you want to inquire about the time frame if time is a factor in receiving your payment.
When money is involved, you want to ensure your have an honest and reputable company evaluating your valuables and cutting you a check. We researched all of the companies on our lineup, and while some bad reviews are to be expected in this industry, the ones on our lineup have generally favorable reviews and good standing with business-rating websites.
We considered if a company is upfront about its payout process. While the value of gold is constantly changing, many services give you an idea of how much they will pay you based on the weight and purity of your gold. We looked to see if the company offers a satisfaction guarantee and if it offers testimonials of satisfied customers. A few companies have affiliations and certifications from the jewelry and gem industry, which adds to their creditability.
As the name suggests, all services we reviewed buy gold. All services we included also purchase silver and platinum, though they may have their own stipulations for what types they accept. Many services also purchase diamonds, which is a bonus.
Help & Support
While these services are known for the ease of completing all transactions by mail, we researched which services also have physical locations. Some services have a headquarters but do not have retail locations. Many services offer support via telephone, but some do not. Most offer email support and a few offer live chat. All services have some sort of FAQs page, but the extent of the FAQs covered varies greatly.
When selling gold jewelry and other precious metals, you want to ensure you have a company you can trust, one that will take care of your valuables and pay you what they are worth. It is a good idea to choose a company that provides you with a quote, and if you feel you are not getting what you should, get a second opinion.