By Frank K.

Cash for Gold Scam – Are Gold Parties Really Just a Cash for Gold Scam?
Gold selling parties are getting more popular every day. Are these parties really a good place to sell your gold or are they cash for gold scams that you should definitely avoid?
A cash for gold scam happens when a consumer is taken for a ride by a non-legitimate or fraudulent gold buying business. Even though the majority of businesses are reputable, there are those that can be the source of a cash for gold scam.

Cash For Gold Scam

A scam can come in many different forms. The most obvious would be from an overnight business that has set up shop in a neighborhood. They frequently like to open up a business that is near a poor neighborhood, as scam artists find their best prey there. Many people are desperate for money, and these scammers will convince a gold seller that no place is going to offer them more than what they are offering.

Gold Selling Parties

Another scam comes in the form of a gold party. There are individuals out there who will have gold buying parties where they offer lower than average prices for people’s gold. They too will convince a seller that they can’t get a better deal anywhere else. The on-the-spot pressure skills that these scammers possess, can make even the best people second guess themselves.

It’s easy to avoid a cash for gold scam. You should look into the business history of gold buyers before you visit them. Your best source of information is by word of mouth, as they are real life experiences. Consult with your family and friends about any problems they may have had. Then go to the Better Business Bureau website to investigate further.

Be Prepared

If you go to a gold party, then make sure you have researched what the going rates are for each karat of gold. That way you will know if the gold buyer is giving you an appropriate quote. Selling your gold for extra cash is a great way to make better use of unwanted and unused gold. You can avoid a cash for gold scam by doing the necessary research beforehand.

Don’t become a victim of the cash for gold scam. To read a full Consumer Report and watch a Special News Report Video visit Sell Gold Jewelry Reports My friend, if you are seriously interested in selling gold, I urge you to visit this website before you do anything else.

Some businesses that buy gold online will claim that they never received the gold that you sent to them. Gold buyers that receive large amounts of complaints about this are just a cash for gold scam.

Be careful of companies that do not have a physical address. A cash for gold scam can be one that is handled online without any physical addresses for the business that is handling it. In many cases a phone number may not even be available. You should go with your gut instinct, if the company seems shady it probably is. There are plenty of reputable groups that pay good rates for you gold.

The Best Place To Sell Gold?

Another sign that a gold buying company may be a scam is when it takes over a week for them to make you an offer. This is generally done by scams as a means of helping to reduce the amount of time you would have to file a complaint.

They will actually delay mailing out your check by saying that they did not receive your gold yet. The satisfaction guarantee will usually be written in a way that says you have a certain period of time after the date on the check to ask for a refund.

Most of the established reputable companies have their own refinery for melting down your gold. You don’t have to worry about a third party being accountable when handling your gold. You deal direct which is always the best way to do business.

Not all groups that will buy your cash will give you the money you deserve for what you have. Be sure to watch for the many signs of a cash for gold scam before sending your gold into any of these groups.

My friend, if you are seriously interested in selling gold, I urge you to visit this website before you do anything else.

Don’t become a victim of the cash for gold scam. To read a full Consumer Report and watch a Special News Report Video.

Maybe you saw the Cash 4 Gold Super Bowl commercial, the one with MC Hammer and Ed McMahon.  Maybe it occurred to you that there has to be a catch.  Would someone who receives your gold in the mail actually give you a decent price?  Of course not.  With Cash 4 Gold you’ll be lucky to get a third the price you’d receive at a pawn shop.

As a former Cash 4 Gold employee suggests, the whole operation is a scam.

[Update: I got an e-mail from a Cash 4 Gold PR hound criticizing me for having "false and defamatory information" on my blog because I posted the former employees commentary in full.  You know you've got rip-off artists on the run when they hire PR firms to go after bloggers.  The PR firm's goal is to clean up Google's search results for their client.  They'd rather folks just call the 800-number than do any internet due diligence.  For those who do, Cash 4 Gold wants the truth to be hidden.   Anyway, I have removed the offending comments, but am totally happy to link to them.]

• Former employee details the “rip-off” here.
• Cockeyed.com takes ‘em for a test run and details how they got ripped off.
• Here’s an unhappy customer that accuses them of “mail fraud“
• A Syracuse TV station did an investigative report and got taken for a ride.  They sent in $700 worth of gold and got a check for $100.

If you sell your gold to these guys, be prepared to get a fraction of its value.  But you don’t have to take my word for it.  I encourage all to do a Google search for “Cash 4 gold scam,” “Cash 4 Gold rip-off,” “Cash 4 Gold complaints.”  A simple search for “Cash 4 Gold” also turns up the dirt.  The top search result isn’t even the company’s website.  It’s a rip-off warning.  Thank you Google!

If you have your own complaints, here’s the address for Cash 4 Gold’s PR firm:

I sent 73.5 grams to sell your gold now they offered me £129.00 but scrap it was worth £628.39
REAL RIP OFF
The firm was CASH YOUR GOLD NOW advertized on T V and SUN and Star News papers their address is C Y G N R G 453 Newbury Berks RG14 9GZ

please be warned

“Bernie”

I am a small trader, on 15/09/09 the gold I had, using the value quoted on cashforyo0urgold’s website I was looking to receive £5106. I took it to their office, I was greeted by a friendly chap, they try to act like your best friend, offering cigarettes etc while I was waiting… After a short while, the gold had been evaluated, and I was quoted £4630… I was shocked and asked for my gold back, the chap says he will speak to his boss and see if they can do anything… he came back some 10 minutes later and increased the valuation to £4800, I was still out of pocket and demanded my money back… the chap said no worries, they do normally charge for a valuation, but they will waive it today… the chap from cashformygold.co.uk aka ukscrapgold.co.uk came back and said the boss said they had to offer £4900, and that if I didn’t take the offer they would charge £53 for the valuation… I was furious, I was backed into a corner and was left with no option but to take the offer, I had spent too much on petrol driving to their office I would have lost even more if I had to go to another gold buying service provider etc…

When I got home, furious, I decided to read through the small print on their website, I learnt that the max they would charge for a valuation is £30, they charged me £50… I called them up and made my complaint, only to be shrugged off saying “you got me there” said Walter, who is one of the buyers… He then called me back after 3 days to say he would refund £20 that they had conned out of me… I said I was furious, besides conning people, they aren’t paying the stated rates on their site…

Please take my warnings into account before sending your gold to them… these scamming firms need to learn that they cant manipulate people… it is just wrong and immoral.

I have dealt with lost-jewellery a few times, they are very honest, especially Lee who seems very friendly and helpful…

|Thanks for looking!

Kathy McGovern of Sugar Grove, Illinois stated, “I sent my jewelry into Cash4Gold including a 14 Karat Gold Ring with a quarter diamond, a 14 Karat Gold Chain and Cross, a 14 Karat Bracelet. I weighed my
before I sent it in and it came to 1.8 ozs. I received $98 dollars for them. By the time I received the check t was too late to get my jewelry back. It’s really a shame in these economic times that company would bluntly rip people off.” Her entire testimonial can be read here.

After some more digging I came across someone claiming to be an ex-employee of Cash4Gold that shared how the entire process allegedly works at XComplaints.com. He states that there is no “state of the art device” like the one mentioned on the Cash4Gold website, instead all jewelry is inspected and appraised by hand. He also points out that the twelve day return offered on the Cash4Gold website is allegedly a scam designed to trick the average consumer into a false sense of security. He states that although your check is dated for when your items were inspected, the checks themselves are not generally mailed out for several more days. It can take up to ten days for the check to reach your mailbox, and by the time you try to recover your jewelry it is already far too late since you have to mail the check back and have it in their hands by the 12th day. Even worse, the writer alleges that if you decide to accept the option to receive cash deposited into your bank account within 24 hours you automatically waive your rights to petition the process and recover your gold. Also pointed out is that the “insured envelopes” you send off your jewelry in is only protected for up to $100.00 and they do end up lost quite often.

After reading these and countless other testimonials across the internet, I decided not to tempt fate and send off my class ring after all. While it seems that you actually do receive a check for your gold it will be for a disappointing amount and you will have to act very quickly if you ever want to see your jewelry again. Like Cash4Gold themselves point out, you’re better off going to a pawn shop and saving al the frustration involved with the process.

I sent a package of gold to SGUK or scrap gold uk on 9th October 2009. They made me pay £4.95 to post it special delivery and unlike most never sent me an envelope pre-paid.

The royal mail track and trace website showed my package as signed for on 9th October. No cheque arrived so I rang them. They said that they never received my package.

One of three things has happened:

1. they signed for the packet and then stole my gold without paying me.

2. the postman stole it.

3. the postman delivered it to the wrong building and someone else stole it.

So, either sguk are a dodgy company or the post service cannot be relied upon to securely deliver valuable items. The royal mail has checked my claim and states that the packet was correctly delivered and signed for so wont pay the claim. sguk say they didn’t get the packet. I am out of pocket £410 and nobody wants to take responsibility.

BEWARE the special delivery is not the cast iron guarantee you think it is and if the post office can show you any old mickey mouse signature then that’s it! Surely all the postman needs to do is steal the packet and scribble ronald regan on the slip and he takes home an extra weeks wages!!!

The whole thing stinks, you are relying on the honesty of not only the person delivering but the company receiving the package as well.

I want to share a story, I learned the hard way and hope to help others. This is also an update to my guide about scammers and PayPal. After selling a gold coin (180148426395) I learned of this scam/rip-off setup. Here’s how the scam works. This guy stole a credit card account and registered as that person with eBay. He even used the correct address on the account because eBay requires that the registration and credit card billing address match.

When the auction ended I did get this address, but he quickly emailed me to ask me to please send the coin to Latvia. Saying that he was ONLY the financial intermediary and would get his commission if I sent the coin to the “real” buyer. I thought I could cover myself by asking for “proof” in the form of emails from both parties stating their instructions. I DO know that I should only ship to confirmed addresses..but I wanted to be accommodating. WRONG MOVE!! Now I have no seller protection! The real credit card user has his account cleared up, PayPal has their fees, and I have -O- !! Don’t fall for this. If a buyer asks for favors, DON’T DO IT!! This scammer has also used other id’s and other stolen credit card accounts. I found out another id was snejkeprysd15.

That seller was also asked to send the gold to Latvia, luckily he didn’t send it! The pattern seems to involve gold and Latvia. If you sell gold, be aware of buyers with a low feedback score.
They sometimes manipulate feedback to make them look legitimate as in the case of snejkeprysd15. But when it comes to sending the items to a 3rd party..DON’T DO IT!

I do feel that eBay and PayPal have work to do to protect sellers. I don’t have the answers, but I have learned a big lesson. I hope my experience will be a lesson for others too! If this helps you in any way, please take a second to vote. Thanks~

I don’t watch much broadcast TV, and when I do I skip as many commercials as possible, but even I have seen the incessant televised advertisements for a company called Cash4Gold, and I’m sure most of you have, too (they even had a Super Bowl ad). The company is being heavily promoted online as well.

The sell sounds great on the surface: You pack up all your old jewelry that you’ll never wear again into an envelope and send it, insured, to Cash4Gold. They melt it down and cut you a check for the value of the gold. End of process. It sounds better than going to a pawn shop — the process is simple and requires no personal interaction with an appraiser — so what could go wrong?

A little online sleuthing finds that I’m not the only one who figures that if Cash4Gold has this much money to spend on TV ads, someone’s getting the short end of the stick, and it’s probably the people sending in their family heirlooms to be melted into ingots. The folks at Cockeyed.com put Cash4Gold to the test, rounding up a bunch of old rings, necklaces, and earrings, and taking them to a regular pawn shop to be appraised. The offer: $198 for the lot. They then sent the items to Cash4Gold and waited for a check in the mail. It arrived within a few days as promised… in the amount of 60 bucks. (You don’t have to accept the check; the deal isn’t done until you cash it.)

That price alone is practically criminal, but that’s where the truly slimy part of the operation begins. First, if you call Cash4Gold and ask for your stuff back, you abruptly get a better offer: In the case of the above experiment, the offer was a whopping $178. That’s a better deal, but still not market rate, though the caller was told that Cash4Gold could “manipulate the numbers on their end” to make it appear that more product was sent than was in reality. Bizarre, but it’s really the only way Cash4Gold can cover its behind to convince you the original offer wasn’t a wholesale ripoff.

As bad as that is, it’s far worse if you opted for the company’s “Fast Cash” option. Here, that original offer ($60) is wired into your bank account within 24 hours of them receiving the booty. It sure is fast, but it’s not much cash — and you don’t have the option of declining the offer at all. You’re stuck with a pittance for your valuable gold items. (It’s also worth noting that a publicist working for Cash4Gold later offered Cockeyed cash (allegedly without Cash4Gold’s involvement) for removing its expose from the web…)

Update: More test results on Cash4Gold and other online gold buyers here from Channel 10 San Diego.

Update 2: Cash4Gold’s PR agency has requested the removal of this post, calling it defamatory. I have amended certain language in this post to clarify the source of some of the content within.

When the U.S. dollar falls in value, the price of gold and silver can usually be expected to rise. And with the dollar in free-fall as it is at the time of this writing, the trend is proceeding true to form, with gold just recently blowing past $800 an ounce. But when the gold and silver markets turn bullish and enthusiasm among investors accordingly rises, watch out! Amid every new “gold rush,” you can also expect a fresh assortment of corresponding scams to appear. The last major bull market for gold and silver, the 1970′s, saw scam artists abound; and this time around – especially with the proliferation of the Internet – will likely be more of the same. And although much more elaborate safeguards are doubtless in place today, the ingenuity of the modern scam artist should in no way be taken lightly or scoffed at. As the epidemic of identity theft continues to teach us, the more restrictive the means of security taken, the more ingenious the hackers, crooks, and scammers show themselves to be.

The best scams, by their very nature, are likely to seem to be good ideas, great opportunities, and pushed by exceedingly polished and professional-looking and sounding individuals. After all, would you really seriously consider buying gold through a website in which the text resembled one of those “You’ve just won the Foreign Lottery!” spam emails, where every other word is misspelled and the punctuation so bad that even a five-year-old would think it utterly ridiculous? Of course you wouldn’t. It actually takes surprisingly little money to put up a very clean, very professional, and very bogus site for the sole purpose of extracting funds from unsuspecting would-be investors. By staying alert and using just a reasonable amount of common sense, you should be able to avoid these pitfalls without too much difficulty.

One of the more common schemes that you may run into (either by website or an unsolicited phone call) is the offer to sell you an amount of gold and store it for you as well – for an additional contracted fee, of course. And because taking physical delivery of and storing gold bullion – especially large quantities of it – can be a major undertaking itself, the arrangement would seem to the inexperienced investor to not only be convenient but also prudent. But alas, the gold – if it’s even actually purchased for the investor in the first place – and the investors’ money disappear into thin air, likely never to be seen or heard from again.

How can you protect yourself? Simply make certain that the entity you’re doing business with has a long and verifiable track record of buying and selling gold. Your safest bet would be to deal only with a well-established Wall Street firm that’s thoroughly regulated and insured. One of the best ways to do this is to check that the company is a member of the Industry Council for Tangible Assets, or ICTA. Most of the leading gold dealers belong to this organization. And although in no way a regulatory body itself, ICTA can verify a dealer’s membership history, which can help you to establish their claims of longevity. Also, inquire with the Better Business Bureau (BBB) about any reported grievances against the company and the manner in which they were handled.

Cash4Gold.com
United States

Cash4Gold.com is a big Scam! A few months ago, I saw the commercials and without doing my research, sent some of my wife’s gold pieces she didn’t want anymore because we were short on cash for bills. I expected around 1000$ for that gold, understanding that I would get pay for the Scrap Value, even though the jewelry was not broken.
I got a check for 79.21$!! I tried to use their Guarantee and get the gold pieces back, and was unsuccessful! It was impossible to get a hold of them. I drove 3 hours to their address listed on their website and found what seemed to be an empty warehouse! Someone needs to stop them.
Submit your complaints about Cash4Gold to this site and all sites out there, I also sent mine to www.CashforGoldScams.com and www.ScamShield.com and looking for others… the more the better !

THE GOLD PARTY SCAMS HOW THEY DO IT 4-29-2008

THE PURPOSE OF THIS LETTER IS TO EXPLAIN WITH NUMBERS HOW YOU CAN BE CHEATED AT THESE
GOLD PARTIES WHICH ARE GOING ON AT HOMES, RELIGIOUS PLACES, SCHOOLS.

FIRST LET’S AGREE ON ONE SIMPLE THING ” NO BODY DOES BUSINESS TO LOSE”.

I WILL START WITH SIMPLE NUMERICAL VALUES.

1- ONE TROY OUNCE = 31.103 GRAMS
2- 1 DWT = 1.5551 GRAMS ( THIS IS KNOWN ALSO AS PENNY WEIGHT )
3- PURE GOLD IS 24 KARAT OR 999.9 PURITY.
4- 21 KARAT GOLD IS 0.875 PURE OR 21/24= 0.875
5- 18 KARAT GOLD IS 0.750 PURE OR 18/24= 0.750
6- 14 KARAT GOLD IS 0.585 PURE OR 14/24= 0.585
7- 10 KARAT GOLD IS 0.417 PURE OR 10/24= 0.417

THE DAILY PRICE OF GOLD WE SEE ON THE NEWS EVERY DAY IS FOR ONE TROY OUNCE . IF YOU DIVIDE THAT PRICE BY 31.103 GRAMS YOU WILL FIND THE PRICE BY ONE GRAM OF 24 KT GOLD.

FOR EXAMPLE :TODAY’S PRICE $880 PER OUNCE DIVIDE BY 31.103, THIS GIVES 880/31.103=$28.29 A GRAM
FOR 21KT , THE PRICE IS $28.29X 0.875=$24.75 A GRAM.
FOR 18KT , THE PRICE IS $28.29X0.750 =$21.21 A GRAM
FOR 14KT , THE PRICE IS $28.29X.585 =$16.54 A GRAM
FOR 10KT , THE PRICE IS $28.29X.417 =$11.79 A GRAM

SOME OF THE GOLD COMES WITH CUBIC ZIRCON OR OTHER SYNTHETIC STONES, AND SOME ARE NOT
EXACTLY ACCURATE IN KARAT. AFTER MELTING WHAT WE BUY WE NORMALLY LOSE FEW GRAMS ,
AND 0.5 POINT IN KARAT WEIGHT.

WHEN WE SELL THE SCRAP GOLD , WE GET 93% OF THE DAILY PRICE OF GOLD AT THE TIME OF SALE,
SIMPLY BECAUSE THE REFINERY WANTS TO MAKE SOME PERCENTAGE .

NOW, WE WILL SHOW IN NUMBERS HOW PEOPLE GET CHEATED !!

IF WE TAKE ONE GRAM OF 21KT AND SELL IT AT TODAY’S PRICE…
$24.75 X93/100=$23.01 PER GRAM

TODAY WE PAY OUR CUSTOMERS $19.50 PER GRAM.

THE PROFIT PER GRAM IS : $23.01- $19.5=$3.51. WE HAVE TO PAY TAXES AT THE END OF THE YEAR ON ALL OF OUR PROFITS.

THE PROFIT PERCENTAGE PER GRAM=3.51/23.01=0.152 OR 15.2%

HERE IS THE SCAM………… IF THOSE PEOPLE SPONSORING THE PARTIES AND PAY WITH CASH, PAY
10% COMMISSION TO THE HOST AND 5% TO THE PERSON REFERRING THE HOST TO THESE PEOPLE, AND TO PAY THEIR EMPLOYEES WHOM ARE DOING THE ACTUAL BUYING THE NUMBERS WILL SHOW
A DEFINITE LOSS EVERY TIME EVERY PARTY, THIS IS IMPOSSIBLE………

IN ORDER TO MAKE A PROFIT THESE PEOPLE MUST CHEAT ON THE WEIGHT, THEY BUY YOUR GOLD BY DWT OR PENNY WEIGHT WHICH IS EQUAL TO 1.555 GRAMS, THEY PAY YOU FOR 1 GRAM (ONE GRAM),
THIS MEANS THEY CHEATED YOU OUT OF ALMOST 1/3 OF YOUR MONEY.

THE SECOND WAY IS TO CHEAT ON THE KARAT, BY TELLING YOU THAT YOUR GOLD IS LESS KARAT THEN IT ACTUALLY IS, SOME OF THE PEOPLE WHOM ALREADY WENT TO THESE PARTIES WILL HAVE TOLD US THAT THIS HAS BEEN DONE TO THEM INCLUDING MY OWN DAUGHTER.

THE THIRD WAY IS TO PUT ALL THE DIFFERENT KARATS TOGETHER ON THE SCALE AND PAY YOU FOR
LOWER KARAT PRICE.

THE FOURTH WAY IS TO OFFER YOU AN AMOUNT OF CASH FOR YOUR GOLD LOWER THEN ACTUAL VALUE AND SEE IF YOU WILL ACCEPT IT.

THE FIFTH WAY IS TO CONVINCE YOU THAT THE KARAT STAMPED ON YOU GOLD IS NOT CORRECT,
BECAUSE OTHER COUNTRIES MAY HAVE A STAMP ON THE YOUR GOLD THAT YOU DO NOT UNDERSTAND, HE CAN THEN TELL YOU THAT YOUR GOLD IS NOT THE KARAT YOU THOUGHT IT WAS.

ONE OF THESE GOLD COLLECTORS WHO IS CALLING HIMSELF
( REFINER) DOES NOT HAVE EVEN AN ACTUAL ADDRESS FOR HIS REFINERY,AND DOES NOT REFINE ANYTHING, HE SELLS $500,000.00/WEEK TO THE SAME REFINERY WHERE WE SELL OUR GOLD, WE RECEIVE 93% FOR OUR SCRAP, HE RECEIVES
92% FOR HIS GOLD BECAUSE HE WANTS CASH FOR HIS GOLD.

FINALLY, WE LIVE IN THE COMMUNITY THAT WE ARE DOING BUSINESS IN JEWELERS, WE ARE LIKE LOTS OF HONEST JEWELERS IN YOUR COMMUNITY,WE SUPPORT LOCAL SCHOOLS, LOCAL RELIGIOUS AND NON PROFIT ORGANIZATIONS, WE ARE HERE TO STAY, NOT TO CHEAT, AND RUN WE PAY OUR TAXES LIKE ALL OF YOU DO.

MY ADVISE TO ALL CUSTOMERS, BEFORE YOU SELL YOUR GOLD AT THESE PARTIES, WEIGH YOU GOLD AT YOU JEWELER, DIVIDE YOUR GOLD INTO BAGS ACCORDING TO KARAT WEIGHT, AND ASK FOR THEIR PRICES , THEN COMPARE BETWEEN THE TWO.

In the time of crisis a lot of people try to cash their possessions in order to pay their bills. There are companies out there who try to take advantage of the situation and scam people off their money. Cashing your jewelry may lead you to a lot of trouble. This is how it works:

1. The company receives your refiner’s pack (jewelry) for appraisal.
2. They appraise it by hand (no specialized equipment is used, no experts involved)
3. They send you a check with a 100% Satisfaction Guarantee.

The catch is that the check is mailed to you very late and you can get your jewelry back or refund only if you contact the company within 10 days from when your check is dated (This begins with the time it takes for the accounts payables department to issue the check and also including the transit time for you to receive your check in the mail). The check is usually dated within 24 hrs of receiving your jewelry, but it is sent out a few days later. You usually receive your check around the 7th, 8th, or 9th business day so you may have only 1-2 days or none to ask for refund. If you try to contact company representatives, it is nearly impossible to get in touch with anyone. After the ten-day period has lapsed, you will be told that the item is already melted or it is no longer available for return.
The company insures your package for up to $100. If your jewelry is worth more than that, it often happens to get lost in mail. If you call the company to check on the status of your items, they will that you should have added extra insurance on your items.

Cash4gold – admin @ 2:36 am

Company information:

Cash4Gold
California
United States

Sent package full of good jewelry was told a month later it was lost in the mail and to file a complaint which was a joke. Company is a scam and liars. Everyone should read the Better Business Bereau this company gets a D- rating there must be a good reason why. Also a former employee says this company is a scam. Everyone please read all complaints about this company there are alot!!!

Company information:

cash4gold
Mississippi
United States

I just lost me a parcel to Princess Narobi in one of them ghananese check cashing scams and I wanted to try and git my money back so I sent in all them useless gold watches my grandaddy lef me and my gold teeth that done falled out and also my mommas weddin ring and Uncle Arlins rodeo buckle which was cuvured in 10k gold. I sent this here cash4gold the baggie with gold in it and I waited for a rally long time and all I got was 6.32$ in a chek that the bank sayz they cant cash. I been screwed so long I can see backwerds walking forwerds. I think the goverment should shut these peeple down fir good.

Cash4gold
United States
www.cash4gold.com

Cash4Gold is a BIG FRAUD, THEY ARE ISSUING FAKE CHECKS and they sent me one, here’s my story: I sent some gold jewelry to Cash4Gold on the first week of April 2008, which I estimated to be worth more than $100. More than a week after, they sent me a check in the amount $7.93 which was pretty disappointing but I somehow managed to just accept and decided to deposit it to my bank.

After about 1 month, the check did NOT clear and my bank returned the check to me in the mail informing me that “this is not a check” as the routing number written on the bottom of the check is unverifiable and NOT in the correct format. They advised me to call the issuing bank and verify if the check is valid and if Cash4Gold ( I told them the account# in the check) has an account with them. For the puny amount amount of $7.93, I was still hoping that this would be a valid check BUT the person I was talking to CONFIRMED that Cash4Gold’s account number written on the check is “NON-EXISTENT”, and the routing number in tech check is NOT their routing number. So that person confirmed that the check is INDEED FAKE.

I still have the check with me as proof. I’M ALSO REPORTING THIS TO THE FTC, FBI, BBB, & USPS (for using the mail system to operate fraud). If you have been victimized by this company and you still have the check that they issued to you then please keep it as proof and please report them to the FTC, FBI, BBB & USPS (for using the mail system to operate fraud).

THIS COMPANY SHOULD BE TAKEN DOWN AND BE PROSECUTED FOR FRAUD!

Cash4Gold
United States
www.cash4gold.com

I had a great deal of scrap gold jewelry to sell, and I chose Cash4Gold.com because they advertise the highest prices paid. I shipped them over 20 oz of gold jewelry via overnight mail. There were a lot of stones in the jewelry but I estimate that there must have been at least 8-10 oz of gold.

This company advertises 24 hour turnaround on processing jewelry. They also have a “fast cash” option that allows them to wire the money directly into your bank account within another 24 hours – with the caveat that you lose the right to cancel the transaction within 10 days. I chose this option and based on their advertisement I expected the transaction to be complete within 48 hours of their receipt of my stuff.

They received my items on 7/1. When I had not heard from them on 7/3 I contacted their customer service, who advised me that the jewelry was still being processed (so much for the 24 hours) – then FINALLY they wired money into my account TODAY (7/9) which meant there was an 8-day turnaround. When I checked my bank I was stunned to see that they only paid me $196.64 when a local gold buyer had quoted me somewhere in the neighborhood of $2, 500-$3, 000.

I feel now that not only have I been grossly underpaid for the value of my jewelry but they took 8 days to complete the transaction – on top of that, since I chose the so-called “fast cash” option, I have no recourse of canceling the transaction and getting my gold back. Rip-off!

“Turn your unwanted, broken or mismatched jewelry into cold, hard cash, because if you’re selling, Cash4Gold.com is buying!”

You probably have heard that cheery message blare from your television one late night (see down below). It’s apparently a hot Internet business, and one that is being aggressively guarded by a start-up performing the job.

Green Bullion Financial Services LLC, doing business as Cash4Gold, has sued Money4Gold Holdings Inc., accusing the rival company of copyright infringement and false advertising.

Cash4Gold, launched in 2007, allows people to send in their gold, silver or platinum jewelry and receive money in return. The company is now the largest gold buyer online with over 50,000 transactions per month, the company’s filing stated. Thanks in part to $40 million in equity backing from Highland Capital Partners and General Catalyst Partners, according to PEhub, its advertisements have been ubiquitous on television in recent months.

However, Boca Raton, Fla.-based Money4Gold, launched in 2008, is a “copycat business” that has been deceiving consumers into thinking they are going to Cash4Gold sites but instead going to Money4Gold sites, according to Cash4Gold’s Jan. 6 filing in the federal suit filed in the Southern District Court of Florida.

Pompano Beach, Fla.-based Cash4Gold’s Chief Executive Jeff Aronson said in an emailed statement, “We hope this lawsuit will deliver our message that we intend to vigorously defend the Cash4Gold brand against infringement by any third party. Specifically, where an infringement continues after the Company has demanded that it cease, we will aggressively pursue our legal right to redress and damages against any and all responsible parties.”

Money4Gold President Dan Brauser said he could not comment on the legal case, but described the need for his company’s service. “There’s increasing demand each year [for gold] and stagnant or flat supply from mines… But you’ve got valuable items sitting around and through our service we can help you change that into cash,” Brauser said.

Money4Gold uses spoof Web sites such as FastCash4Gold.net, TheMostCash4Gold.com and others that are designed to make people think they are at Cash4Gold’s site, Cash4Gold alleged. In one example, Money4Gold used a logo “The Most Cash4Gold” that looks similar to Cash4Gold’s logo, a filing said. Money4Gold also used the “As Seen on TV” logo to make people think they are at Cash4Gold’s site, according to the filing.

After filing suit against Money4Gold on Jan. 6, Cash4Gold CEO Jeff Aronson did a Google search for his company on Jan. 16 and found a site Cash4GoldTV.com that directed people to Money4Gold’s sites, Aronson stated in a legal filing.

Money4Gold went public through a reverse merger in July 2008 and took in $2.4 million in private placement, Brauser said. The company, which trades over the counter, partners with a precious metals refining company to melt down the metal, while Cash4Gold has its own refining facility in Florida.

Here’s a video of one of their commercials. If you haven’t it yet, you’ll be introduced to it during the Super Bowl. Apparently MC Hammer and Ed McMahon are featured in it. We guess that’s where much of its venture backing is going.

Ripoff Report Verified Safe

Rip-off Report Investigation:
EDitor’s UPDATE: Positive Rating and Recognition has been given to Cash4Gold and Albar Precious Metal Refining for its Commitment to Excellence in customer service.

Our findings were that normally complaints were due to the perceived value of the jewelry rather than the actual value according to the market at the time. The complaints that have been filed are not removable due to Rip-off Report policy. Rip-off Report was able to determine that Cash4Gold has made concentrated efforts in order to communicate clearly with its customers as well as resolving any customer satisfaction issues promptly. Selling gold online is a convenience that includes risk. The Rip-off report is confident with Cash4Gold’s guarantee. If you are not satisfied with the offer for your gold within 10 days, the will send back your jewelry. This is a very high standard for the industry.

Cash4Gold the world’s largest online buyer and refiner of precious metal puts into action a new tracking and Inventory control software to help minimize mistakes and increase control over their customers merchandise.

Cash4Gold executives recognizes that legitimate complaints posted on Rip-off Report are issues that need to be addressed and if handled correctly can be valuable learning opportunities. With the feedback generated by Rip-off Report’s Investigation. Jeff Aronson CEO of cash4Gold said ‘We are only as strong as our weakest link running a company of this size and volume you must adapt to your customers needs’ Well cash4Gold has they have spent an estimated $350,000 on new state of the art computer tracking systems that now track our packages from all over the country. Executives say packages can now be pulled up at a touch of a finger, we had to one employee said it would take all day to find a customer’s merchandise and mistakes could happen, now with a touch of a button we can tell you where the material is in the process system in a matter of seconds. ‘No one else in this industry has these types of security controls to ensure proper material handling’ said Howard Mofshin President of Cash4Gold.

Because of our investigation and the sincere efforts put forth by Cash4gold, Rip-off Report is proud to give Cash4Gold a positive rating. All in all, the company implemented strategic changes to its Tracking systems, enlarged there customer service group and has a precious metal refinery 2nd to none, the only in their field. I repeat, they actually refine and assay their own material we checked and have no choice but to recommend Cash4Gold as the ‘leaders in their field’ They are not a Rip-off!

Cash 4 Gold has been the recipient of a few complaints over the last year. Working with the Rip-off Report Investigation, they researched each claim and are working through the resolution process. Executives at cash4Gold proved to Rip-off Report that they are processing over 30,000 thousand packs of gold per month. When dealing with that kind of volume mistakes will happen but Cash4Gold is truly doing their best to correct as many of those as they can implementing new procedures daily. They truly have separated themselves from the rest of the industry.

Cash4Gold is part of Albar Precious Metal Refining, Inc. one of the industry’s most respected refiners and has consistently received an A Rating from the Better Business Bureau for seven straight years. Opened in 2001 and managed by a team of professionals with over 60 years in the industry, Cash4Gold/Albar has achieved a national reputation for growth by making Entrepreneur Magazine’s “Hot 500″ list for 2007 of fastest growing companies and is the only refinery ever to be listed in the prestigious Inc. Magazine
list of the Fastest Growing Companies in America, having achieved a ranking of #129 in 2006. Thousands of customers have been paid millions of dollars by Cash4Gold and the company’s services can be seen on national television spots and heard on The Howard Stern Radio Program.

Read more about Cash4Gold’s Commitment to Excellence and Total Consumer Satisfaction and why consumers looking to get cash for gold should feel safe, confident and secure when doing business with any member of Rip-off Report’s Corporate Advocacy Business Remediation & Customer Satisfaction Program. ..yes, a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. The Corporate Advocacy Program works for consumers like no other.

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NOW TO THE ORIGINAL REPORT THAT WAS FILED
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The ads promised immediate return of my gold jewelry if I wasn’t satisfied with the amount of the check. I sent 4 gold rings, three with diamonds, one with an amethyst. I was sent a check for $36.24. I immediately put the check back in the mail with a note that I was not happy with such a ridiculously small amount and wanted my rings back. I received the same check back with a letter stating that they received it 11 days after they mailed their check and my gold had already been processed. It was not clear in their advertising that the 10 days started when they mailed the check and not when I got it! Even so, I doubt that it took that check 5 days to get to Pennsylvania from Florida and six days to get back!

The letter was obviously a form letter, since it had my name and address at the top but was addressed to someone named Charissa – not my name! So obviously I am not the only person to whom this is being done. Also obviously they melt jewelry down the minute they receive it.

I called to complain and was immediately offered $108 if it would make me happier. I said I really just wanted my rings back but was told that was not possible. I ended up accepting the $108 since it was better than $36, but it was fairly obvious that they have a major scam going. How many people just accept their ridiculously small checks and chalk it up to a bad experience? I’m sure the gold in those rings was worth significantly more than I ended up getting for it. The original cost of the rings totaled over $1,200.

I’m chalking this one up to my own stupidity in not checking out this and similar sites before sending anything there, but I’d like to help others avoid my mistake.

Ticked Off
B Town, Pennsylvania
U.S.A.

Deb of Hopkinton, RI March 16, 2009

I weighed and insured my package before shipping. Items included one 24 kt gold 1 gram ingot (they called it a ‘charm’) as well as several 18 kt pieces and one 21 kt bracelet. Items weighed in at 7.5 oz.

I got a check in the mail 3 weeks later for less than $120. When I phoned to say ‘send my items back; they’re worth more than that to me’, the receptionist asked, how much were you expecting to get? ‘A lot more than that’. She asked me to wait a moment, then came back on the line and told me that she wasn’t surprised I expected more based on the weight of the package. She offered me about $325 for everything. I told her it still wasn’t enough and to return my items.

There really wasn’t any but it took me more than a month after the phone call asking for the return of my items to actually receive them. The promise of prompt cash or prompt return is a crock.

i have gotten ripped-off for money and jewelry.

WHAT I GOT: Cash4Gold paid me a TOTAL of $138.74. The silver quarters worth $10 = Cash4Gold paid me ONLY $3.16. I would have gotten more value if I dropped those silver coins in a vending machine to buy junk food. This is an OUTRAGE!

WHAT I SENT:

• 1 0.39 cts marquis-cut diamond ring (my engagement ring)
• 1 gold wedding band with little diamonds (my husband’s)
• 1 gold bracelet
• 7 gold earrings
• 1 white gold earring with little diamonds
• 2 gold pendants
• 1 gold ring
• 40 silver quarters ($10)I was fooled by Cash4Gold. Enticed by their tv commercials, unemployed and needed cash to buy gifts for my family for Christmas ’08, I shipped my gold jewelry and silver quarters to Cash4Gold. Lured with FAST CASH option ($4.99 fee) where $ would be wire transferred to my checking account, I signed the fast cash form. There was a CATCH: choosing FAST CASH voided the 10 day return policy meaning I would get stuck to whatever amount they would give me. HUGE MISTAKE!!!The sad thing is I trusted them to be fair in appraising and paying me a fair price. Of course, I did not expect to get near the amount I paid for those jewelry, which is $1,000+, but I expected MORE THAN $138.74. Since I waived the 10-day return policy in favor of fast cash, I’VE BEEN HAD. Basically, Cash4Gold gave me 1/10th of the money I paid for those jewelry. TOTAL RIP OFF! Cash4Gold had a Super Bowl commercial…WOW! Do you know how Cash4Gold could afford the Super Bowl commercial??? Because of FOOLS like me! BEWARE!!! I am angry. I am humiliated. Please learn from my mistakes. See photos of Cash4Gold purchase invoice and jewelry on my blog: http://h0dgep0dge-c.blogspot.com/2009/02/receipt-from-cash4gold-rip-off.html

I sent so many items that it would be impossible for me to itemize them (which, in retrospect, I probably should have done). However, I have lost many expensive rings, bracelets, necklaces and pendants, plus several pairs of my husband’s cuff links, and I have not been compensated. Whenever I go online to the Cash4Gold website, it says my package is still in transit. I have been ripped off and I am not happy about it!

He did push the mute button a few times, and i told him to take me off mute. and he hung up on me.. i am so scarred i want my stuff back.. next time i will read all the scam reports before doing business over the internet…

This is the biggest rip-off. Every time I see the commercial on tv I get sick at my stomach, especially when the woman says I sent my jewelry and took a trip of a life time. I sent at least 20 items to them and didn’t even get a measly $100. My sister had 2 rings just like 2 I had in my jewelry that was sent to cash 4 gold, she took hers to someone local and received $110 for the 2. She received more for her 2 rings than I did for over 20 items.

I was furious, but by the time I learned I had been had it was too late to do anything, and I bet I would never have got my jewelry back if I had called in time. A couple of weeks ago I seen on the news that this business had recently received an F from the BBB. Imagine that. One person had claimed they wanted to give him about $800 less than what he could get somewhere else.

The only reason I sent my jewelry items there was because they said you get more for your gold, because they don’t use a middle man, and everything else they were saying. All LIES. Had I taken my jewelry somewhere else I’m almost sure I could have received close to $1000 instead I received $84.00 for more than 20 pieces of jewelry.

Gold has been around for centuries, ever since the first gold coins were made by King Croesus of Lydia around 560 B.C.

I wonder how old King Croesus would have felt about selling his precious currency to an outfit like “Cash4Gold.com.”

These guys are priceless and I certainly don’t want to give them any publicity – at least any publicity that helps them fleece consumers. Cash4Gold should be given a wide berth. Someone who claims to be a former employee, writing on the consumer activism board ComplaintsBoard.com, has penned a vicious screed against Cash4Gold, claiming that the company taught him from day one how to scam customers looking to sell their gold.

While the entire letter makes for fascinating reading, some of the insider’s comments are both frightening and damning. Worse, there are plenty of potential gold scammers out on the marketplace, and we need to weed them out.

Here’s what I’m talking about. A recent expose by Channel 10 News in San Diego unveiled the ridiculously low prices people can expect to get from “cash for gold” companies. In the sting, the news station purchased four gold rings for $58 apiece, and then shipped them off to three popular gold and jewelry buyers: www.GoldKit.com, www.Cash4Gold.com and www.GetGoldCash.com. Channel 10 then sold the last ring to a San Diego pawnshop.

Here is how it shook out:

* GoldKit.com sent the Channel 10 News I-Team a check for $2.80. * Cash4Gold.com sent two checks — one for $2.92 and another for $4.99 (presumably an “upgrade” from the first offer). * GetGoldCash.com paid $7.63 for the ring. * The pawnshop did the best, paying out $18.50 for the ring on an afternoon where gold was trading at about $9 per gram.

The local buyback had the best payout. The pawnshop paid out $18.50 for the ring on an afternoon when gold was valued at over $9 a gram.

Another consumer watchdog organization, Cockeyed.com ran a bit of a reverse scam on Cash4Gold.com, rounding up some gold jewelry and hauling to down to a pawn shop, where it was appraised for $198. But when Cockeyed.com shipped off the goods to Cash4Gold.com, the check came back for the princely sum of $60.

I’d stay away from these guys. The scary thing is that they’re not alone. Plenty of unscrupulous scam artists are popping up on the precious metals landscape, peddling “can’t miss” deals and promising quick and easy money by buying and selling gold.

How can you tell the scammers from the reputable gold dealers? Use these tips before you deal:

Know who you’re dealing with. There are a lot of fly-by-night gold dealers out there, but there are a lot of good guys, too. So if you’re looking to buy or sell gold, you’ve got to do your homework. So check out a company you like, ask how long has it been in existence, how long the owner has been at the helm, and see if he or she belongs to any professional organizations (a very good sign as professional groups usually adhere to uniform, higher standards).

Know what gold buyers are expecting. Companies like Cash4Gold are in the scrap gold market. Basically, they take your scrap gold, melt it down, and sell it to dealers and other institutional buyers. So if you want to sell your gold and jewelry, know what the “spot price” is for your gold. You’ll have to weigh your gold first, measure it in grams, and calculate the expected value.

Don’t expect to get full price. Buying new gold is a lot like buying a new car. The value goes down when you take it out of the store parking lot.

Buy direct from Uncle Sam. Buy from eBay (Stock Quote: EBAY) if you like, or from a reputable dealer, but it’s best to buy gold coins directly from the U.S. Mint. They offer a pretty good deal on American Eagle gold bullion coins.

Buying gold on eBay? No doubt about it, eBay is one of the easiest and most popular ways to buy and sell gold. If you’re a buyer, make sure to check out the seller’s feedback rating. Aim to only do business with gold sellers that have more than 1,000 positive ratings – that’s a pretty fair track record. Also, look for repeat sales – always the sign of a happy customer.

If you feel like you’ve been burned on a gold deal, don’t get mad – get even. Start by contacting the dealer right away with your complaint, and then register your complaint with the Federal Trade Commission. The FTC also has a good primer on trading in rare coins.

On Monday, I’ll follow up with Part II of Heavy Metal, with an emphasis on how to invest in gold in today’s volatile markets.

Brian O’Connell contributed to this article.