Daily Archives: 28/01/2010

Going for gold (or, er, not…)

f you’ve been tempted by one of those ‘we give you the highest price for your gold’ TV ads, think very carefully before you send off your valuables.
In a recent report by the consumer watchdog Which?, companies such as Cash4Gold and CashMyGold are offering around just six percent of the retail value for new gold jewellery – yes, SIX percent. Hardly a good deal.
Read the Which? report yourself, which also reveals that you’d get a better deal by taking your jewellery to a pawn shop (though high-street jewellers give the best prices, the Which? researchers claim).
And yes, I know times are tough, and we could all do with a bit of a cash injection, especially at this time of year. So I’m not at all surprised that these cash-for-gold companies are doing massive business.
But the truth is, you’ll lose out big time if you do sell to a cash-for-gold firm. Not only do you get a rubbish deal (despite the ads making you think you’ll be wadded), but think of it this way – it’s like taking a perfectly good car, maybe a few years old, and selling it for scrap. Cash-for-gold companies only offer you the scrap value of your jewellery – that’s because they melt it down. So all that skill and craftsmanship that was involved in making your jewellery counts for nothing in the end. And that’s tragic, if you ask me.
So if you do need some fast money, sell to a high-street jeweller – at least they’re more likely to sell your lovely jewellery as second-hand, rather than have it melted down (ooh, the thought of it brings tears to my eyes).