The cash for gold industry has been criticized in the press, and rightly so, for misleading the public and paying low prices to uninformed gold sellers.
I selected the top cash for gold companies and sent them all a sample of 14K (Carat) gold (you can see below for how I tested it).
Days To Pay *
|AAA Gold Exchange||1.5||7||14K||$28.00||$18.66|
|Cash Gold Exchange||2.0||5||14K||$40.36||$20.18|
|Cash 4 Gold||0.8||53||14K||$4.17||$5.21|
|Empire Gold Buyers||1.5||13||14K||$22.50||$15.00|
|Express Gold Cash||1.3||7||10K||$13.76||$10.54|
* Days To Pay is calculated from the day gold sent to day payment received.
How The Gold Was Tested
There are two ways that gold is tested, The first is using an acid test and the second is using an electronic gold tester.
The best way to test the quality of gold is by using a modern electronic tester and that is what I did. I used a GXL-24 PRO and it is the most accurate testing tool available.
Tips For Selling Your Gold
When you want to sell gold you need to work with a reputable gold buyer that will pay you the very best prices, no matter how much gold you want to sell, and will pay quickly.
There are many gold buyers offering to buy your gold, silver, platinum, diamonds and jewelry (because it is a profitable business) and finding one is not hard, but finding the right one takes a little more effort. If you follow the rules laid out below (or my cash for gold reviews and recommendations) you will find one quickly and with little effort. Here is what you must do:-
Search on using phrases such as “cash for gold”, “cash for gold online” and “reputable gold buyer”. From the results displayed make a list of 10 different gold buying companies. I recommend selecting 2 or 3 companies that are local (if you have any) and the rest being those where you can send your gold and jewelry to them.
Go through the list and call every single one of them. Yes, that is correct, call them on the phone as when you talk to them you will get a much better “feel” for their professionalism than just reading what is said on their website. I suggest that you ask them the following questions:-
- What is is your guarantee policy?
- When does the guarantee policy start?
- Do I have to pay for shipping of my items to you or pay for shipping them back to me if I am unhappy with the payment?
- Is insurance included in the shipping?
- How long does it take to value my items?
- How long does it take to make payment after valuation?
- Do I have to confirm I except the payment before it is sent to me?
- Can I get paid electronically via Paypal or Wire Transfer?
- Does the payment information include the weight and quality of the gold sold?
- What happens to any precious gems sent with jewelry?
You should then ask them the payout for an example item. Ask them what the payout on a 14K gold 5 gram necklace is and make a note of what they are offering for it and what spot price they are basing the payment on. They should be able to answer this in just a few seconds and you can check the daily gold price here.
Make a note of all the answers you receive and, after you have called them all, go through your notes.
In my experience you will find one, or maybe two, that pay well, pay quickly with multiple options, and really sound like they know what they are talking about (I have spoken to many gold buyers). You then simply need to pick the one you feel most comfortable with. Optionally, you could, if you wanted, send each of them a small test to see who actually pays the most and gets you your cash quickly.
So, you see, it really is not that difficult to pick a good gold buyer, They do exist and talking to them on the phone and getting an example price (plus sending a small test) is just about the best way of ensuring you never get scammed and always get the best prices and services.