cash for gold

[allen]

Its about time someone decided to do something about this
ripoff company.
There is a class action lawsuit against them and personally id
love to see them get shut down !!
What do you all think ?

 

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[Chug And Red]

I aree shut them down!!! Chug

 

[spartacus53]

I don't know if it's a ripoff, or not to be honest; unless they are cheating on the weight. You have to remember they are a business, and are there to make a profit. Guess what? You are giving them that profit by using them, or companies just like them. I can't think of any company that is in business for the equal exchange of goods, no matter who they are, or what they sell. It would be impossible to stay in business buying a wholesale item for a dollar then reselling it for a dollar.

 

[Tom_in_CA]

Allen, do you have a link to a story about this "lawsuit"?

As spartacus says: they don't pay much per oz., but that's a part of "buyer beware". I mean, sure: If you can get 95% (or whatever) of the current spot melt market value, by going direct to smelters (ie.: avoiding the "middle man"), then you're shopping a little wiser. But if you fall for some glitzy late-night TV ad, that only pays 50% of the day's spot-market-value, how can you sue for that? You are just an unwise shopper, who didn't compare pay-out prices.

So if you have a link, let us know. I know of a few people who saw the TV ads, and sent in gold. They weren't necessarily dis-satisfied, until I told them they didn't get as much as they could have, elsewhere. Doh! So what is illegal about that though?

 

[spartacus53]

Allen, do you have a link to a story about this "lawsuit"?

As spartacus says: they don't pay much per oz., but that's a part of "buyer beware".

So if you have a link, let us know. I know of a few people who saw the TV ads, and sent in gold. They weren't necessarily dis-satisfied, until I told them they didn't get as much as they could have, elsewhere. Doh! So what is illegal about that though?

Good grief, this is the first sensible thing I have ever written. I wonder where others will fall in this discussion. The only way it would be illegal for them to stay in business is if they coerced you into selling.

 

[Old Silver]

False advertisement comes to mind. I think 95%, or more, of companies should be shut down, or at least be bade to tell the truth. Please don't bother asking for a link. It's pretty easy to see what I'm talking about when you watch the commercials.

 

[Treasure_Hunter]

Buyer Beware, in this case Seller Beware.......


Check out these links...

http://www.urbanfrugal.com/2010/03/23/cash-for-gold-lawsuit/

http://consumerist.com/2009/09/the-article-cash4gold-doesnt-want-you-to-read.html

http://consumerist.com/2009/10/cash4gold-hit-with-racketeering-and-fraud-class-action-lawsuit.html

http://www.shoppingblog.com/blog/10200910

 

[mts]

Allen, do you have a link to a story about this "lawsuit"?

As spartacus says: they don't pay much per oz., but that's a part of "buyer beware".

So if you have a link, let us know. I know of a few people who saw the TV ads, and sent in gold. They weren't necessarily dis-satisfied, until I told them they didn't get as much as they could have, elsewhere. Doh! So what is illegal about that though?

Good grief, this is the first sensible thing I have ever written. I wonder where others will fall in this discussion. The only way it would be illegal for them to stay in business is if they coerced you into selling.

I guess you aren't up on the details of the cash for gold scheme so let me enlighten those of you who don't know why they are coming under fire...

They promise high prices but don't deliver them. They take your shipped gold and conveniently "lose it" and you get nothing. They assay your gold content at much lower than it actually is. They charge fees that they don't tell you about up front. This is not just a case of buyer beware. These guys are scammers plain and simple. They commit fraud.

Tell me this... how long would it take for you to call the cops if I told you that I'd pay you $100 for your gold and then turned around and sent you a $10 check in the mail? Or how about if I claimed that I never got your gold and that you were SOL? Do you still think the only way it would be illegal for them to stay in business is if they coerced you into selling? If so, think again.

These guys don't just need to be shut down. They need to do jail time. Shutting down businesses with a slap on the wrist is like sending an illegal alien back over the border. They'll just be back in a week doing the same things.

 

[Tom_in_CA]

Treasure hunter, thanx for the links. I thought they were just a low-paying highly advertised Co. is all.

With all their glitzy commercials, they didn't have to short people "loose" stuff, etc.... Simply paying 50 to 70% (or whatever) would have made them highly profitable. Because let's face it: A lot of people watching those commercials wouldn't know enough to shop their stuff around, and it would simply be a case of people not shopping for better rates.

 

[Old Silver]

Allen, do you have a link to a story about this "lawsuit"?

As spartacus says: they don't pay much per oz., but that's a part of "buyer beware".

So if you have a link, let us know. I know of a few people who saw the TV ads, and sent in gold. They weren't necessarily dis-satisfied, until I told them they didn't get as much as they could have, elsewhere. Doh! So what is illegal about that though?

Good grief, this is the first sensible thing I have ever written. I wonder where others will fall in this discussion. The only way it would be illegal for them to stay in business is if they coerced you into selling.

I guess you aren't up on the details of the cash for gold scheme so let me enlighten those of you who don't know why they are coming under fire...

They promise high prices but don't deliver them. They take your shipped gold and conveniently "lose it" and you get nothing. They assay your gold content at much lower than it actually is. They charge fees that they don't tell you about up front. This is not just a case of buyer beware. These guys are scammers plain and simple. They commit fraud.

Tell me this... how long would it take for you to call the cops if I told you that I'd pay you $100 for your gold and then turned around and sent you a $10 check in the mail? Or how about if I claimed that I never got your gold and that you were SOL? Do you still think the only way it would be illegal for them to stay in business is if they coerced you into selling? If so, think again.

These guys don't just need to be shut down. They need to do jail time. Shutting down businesses with a slap on the wrist is like sending an illegal alien back over the border. They'll just be back in a week doing the same things.

I agree.

 

[Roadquest]

I like the commercials that say they will "even" except
your unwanted or JUNK gold.

 

[spartacus53]

It looks like "Cash for Gold", stopped their operations now as the website is closed and packages will be returned. The good news is that there is another site that will happily take your gold, maybe try them

http://goldstashforcash.com/

Yes it is wrong that they ripoff people who send gold in good faith, but you should be a better consumer and read the fine print. I know I wouldn't send anything of value through the mail without some insurance, and I would let the insurance company do my fighting. I would just submit my claim.

I wonder if the same people who send their gold to companies like these are also replying to the Nigerians I know I got my 15 million check and I am living the good life.

Remember this, "If it sounds to good to be true, it usually is".

 

[Treasure_Hunter]

Treasure hunter, thanx for the links. I thought they were just a low-paying highly advertised Co. is all.

With all their glitzy commercials, they didn't have to short people "loose" stuff, etc.... Simply paying 50 to 70% (or whatever) would have made them highly profitable. Because let's face it: A lot of people watching those commercials wouldn't know enough to shop their stuff around, and it would simply be a case of people not shopping for better rates.

My pleasure Tom...

I know several who have used Midwest Refineries and been very happy with them, personally I will be using JewelerDave from Treasurenet here for my gold cash in when I am ready.....I would rather use an honest TreasureNet member......

 

[mts]

I'm surprised people havent started on craigslist saying 'will pick up unwanted gold'....i've even seen ads on craigslist for people wanting to pick up any and all junk, but even though you're giving it away they want you to pay them something...--deleted--s

Those types of posts just get flagged and removed. I've tried posting ads saying that I was willing to pay good money for silver coins and they just get removed by folks who think I'm a cash for gold scheme. Of course, I'm not. But they don't care. On CL you can post all day long that you are looking to buy old beat up refrigerators, cars, and collectibles. But if you mention buying gold or silver you get flagged immediately. Go figure.

 

[mts]

......... I know I wouldn't send anything of value through the mail without some insurance, and I would let the insurance company do my fighting. I would just submit my claim.
.......

If I remember correctly that was part of the scam. The cash for gold folks would send you an envelope where the insurance was provided by THEM. However, if they never receive the item then they wouldn't insure it for the full value of what it could be worth because nobody really knows what it was worth. So there was some sort of maximum value that they would insure. Of course, if you sent them $5000 worth of gold and they only covered up to $100 worth with their insurance plan then guess what happened to that package... you guessed it. It disappeared and you got a check for $100. People thought they were being covered by insurance but found out that it was all just a scam to keep from having to pay people. If you send these types of places anything make sure you use your own insurance.

All of these gold companies are ripoff artists. But cash for gold are actually criminals and deserve to do serious time for their offenses.

 

[Old Silver]

It looks like "Cash for Gold", stopped their operations now as the website is closed and packages will be returned. The good news is that there is another site that will happily take your gold, maybe try them

http://goldstashforcash.com/

Yes it is wrong that they ripoff people who send gold in good faith, but you should be a better consumer and read the fine print. I know I wouldn't send anything of value through the mail without some insurance, and I would let the insurance company do my fighting. I would just submit my claim.

I wonder if the same people who send their gold to companies like these are also replying to the Nigerians I know I got my 15 million check and I am living the good life.

Remember this, "If it sounds to good to be true, it usually is".

That's right, just let crooks go ahead and do whatever they want. If people could get away from thinking like that, maybe we could do something about the schemers and scammers and false advertisers. But no, just blame the general public.

 

[allen]

I saw the article on one of our local newscast,
they sent some gold in and was really ripped
off by this company.

 

[Mark S.]

Aw Shucks! I have been carrying that envelope around in my car for awhile. I just kept forgetting to mail it. It kept getting buried on the back seat.

Now I will not get any money for those lead tire weights, old corroded rusted bolts and chunks of heavy whatsits! Dang I waited too long. There was about three lbs in that envelope!

 

[Woodland Detectors]

The good guys.....


Always win!

 

[spartacus53]

That's right, just let crooks go ahead and do whatever they want. If people could get away from thinking like that, maybe we could do something about the schemers and scammers and false advertisers. But no, just blame the general public.

I hate to be the bearer of bad news, but crime has been around for a while now. It is in every facet of your life and you just have to be aware in all situations. I never said companies like that shouldn't be prosecuted either, I believe I was quite to the contrary. We have thousands of rubes in this country and I can't help educate all of them

Treasure_Hunter said it best

Buyer Beware, in this case Seller Beware.......