Did YOU "˜Mail In' Your Gold? If So, You Were Ripped Off!… DON'T "˜Mail In' Your Gold!!!

Submitted by SadInAmerica on Sun, 03/14/2010 - 2:57pm.

"What's with all these ads to sell my gold jewelry?" writes a reader "Will I get a good deal on that?"…  The short answer… No!  In general, the mail-order gold people are paying about 10-25 cents on the dollar. ~ Bryon King

We're seeing monetary psychology at work here. It's the feel of cash in hand. We have relatively unsophisticated people sending in "old" jewelry, and they don't know what they have. The mail-order gold buyers are sending back a check, and the crinkle of that check makes people think they got a good deal.

Don't sell your goods to the mail-order crowd, unless you want to get taken to the cleaners. If you sell your old disco chains at a reputable jewelry store, you're likely to get a reasonable deal for the gold content [up to 75 cents on the dollar], as well as for any precious stones.

We're living in tough economic times. There are a lot of people who are desperate for immediate cash. So they send in their "old" gold and such. But the process we're seeing is a classic case of valuable goods flowing from weak hands to strong ones.

Bryon King - March 12, 2010 - source TheDailyReckoning

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Submitted by SadInAmerica on Sun, 03/14/2010 - 2:57pm.