Are there certain commercials that leave you wondering is this thing legit? Those cash for gold commercials have me wondering if this gimmick is for real. I know times are difficult for many folks and folks who are employed are watching their wallets just like those who are unemployed. But is it a wise idea to mail in your jewelry for cash?
Black Enterprise magazine has an interesting column titled Fools Gold. The article mentions folks like Ed McMahon and MC Hammer, who are representing the cash for gold companies such as Cash 4 Gold, Get Gold Cash and Dollars For Gold.
Determining if Cash4Gold is worth its weight
By Renita Burns
Out of all the cash for gold companies shilling on television, Cash4Gold has managed to ascend the ranks from late night informerical-esque advertising to ubiquitous primetime spots featuring Publishers Clearing House pitchman Ed McMahon and too-legit-to-quit rapper MC Hammer – who are both ironically notorious for their financial woes. Promising quick and easy cash for your scrap gold, the company has been a go-to gold buyer for folks seeking to bring in extra money.
There’s something about mailing in gold jewelry for “cold hard cash” that doesn’t sit well with me, especially when there are pawnshops and jewelers in just about every downtown, USA. Well, earlier this month the fine people over at Good Morning America confirmed my suspicions, by conducting their own cash-for-gold test, sending off three packets of jewelry all appraised at $350 to mail-in gold companies. Get Gold Cash offered $206 and later raised its offer to $275. Dollars 4 Gold offered a measly $89.71, claiming some of their pieces were only 10 or 12 karats.
So, what did the Grand Puba of this burgeoning industry offer? A whopping $66.05! When GMA asked for its gold back, an option available to dissatisfied customers they were made another offer of…$137. The company later explained that it reevaluated the packet and one of the pieces could be sold “as-is” instead of being melted down, giving it more value.
The article also provides a link to the National Association of Jewelry Appraisers which can find jewelry appraisers in your area.
You can read the entire article here.