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Cash for Gold: An Old Scam
There's no doubt you've seen the commercials. Maybe they've even caused you to think about that electric bill that's overdue and the old jewelry you've been saving for a reason you've never been sure of. On the commercial, getting cash for gold appears to be so easy. They even offer to pay for shipping and promise you a check with a quick turnaround.
If you've been tempted by these commercials, you're not alone. Cash for gold companies pray on peoples' need for money for pressing financial issues. Not only are their commercials targeted to those who are in financial hardship, some companies will bank on the fact that consumers don't know the value of their jewelry, and are more interested in getting the quick payment than getting fair compensation. The cash for gold scam doesn't lie in being opportunistic towards people in need, but involves not providing a fair value for the items submitted to them.
When put to the test by consumer advocates and investigators, some cash for gold companies have proven to be extremely unreliable. While there are legitimate cash for gold companies out there who will pay you what your jewelry is really worth, others will attempt to pay you only a small fraction of that price. The difficulty is knowing who will be fair and who won't from the outset.
The only way to be sure is to be cautious and shop around. It's best to get quotes from several cash for gold buyers, not just one, as this allows you to contrast and compare the quotes. This will make it apparent who is attempting to pay you less than you deserve for your jewelry items. Also, know the value of your items. If you do, then you can't have the wool pulled over your eyes when it comes to payment. Cash for gold doesn't have to be a scam, but if you go into it without shopping around and knowing your items' value, you're setting yourself up to be taken advantage of.
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