cash for gold

Four weeks ago a news program mentioned cash for gold businesses on the Internet were becoming popular with people in these difficult times. The news also said that recently gold-parties across the country were paying cash for jewelry, and provided video of a few happy people. And even at work, friends started talking about this, and so I decided to check it out for fun.

Their web site passed the sniff test and so three weeks ago I sent a bit of 10K gold to Cash4Gold, and recently received a check at $3.83 per pennyweight, or $76.60 per ounce. Many folks might not know what value to expect for their gold, but since the spot gold price is $925, and 10K gold is 41% pure, the going rate should be slightly closer to $380 per ounce minus fees. I think a 75% fee is quite steep, and so I suggest that folks avoid these things. These businesses should also publish their rates & fees.

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