Sellers Beware: Consumers May Get Gouged On Price of Gold
Posted by Leisa Amorosa on Saturday, October 29, 2011 Under: Economic Crisis
Reuters.com (excerpts): Fort Lauderdale, FL - As cash-strapped customers sell their gold to pay for everyday necessities, complaints against gold dealers have risen. The biggest offenders, according to a recent tally on the Better Business Bureau's website, BBB.org, are cash for gold buying companies advertising heavily to buy unwanted gold jewelry on cable television channels. One company had 369 complaints in the previous 36 months. The complaints range from pricing discrepancies and misleading advertising to customer service issues and claims for lost shipments. "Not every internet gold buyer is dishonest," says Michael H. Gusky, whose company, GoldFellow.com, has no complaints against it after serving more than 60,000 customers. "GoldFellow.com," according to Gusky, "was created to provide customers a safe, competitive and easy method to sell unwanted gold, sterling silver, and platinum." A 30+ year gold jewelry industry veteran, Gusky attributes his company's success and rapid growth to a higher level of trust achieved through his company's transparent business practices and higher payments. "The owners of GoldFellow are the most honest and ethical dealers I have ever had the pleasure to do business with," says Carla Stern, who first tried to sell her unwanted jewelry to two other internet gold buyers. "GoldFellow paid me $1,800 for the same package I had sent to a highly advertised on TV and internet dealer, who tried to pay me only $310."
Gusky has a theory for why his pricing is so much higher than the competition's. "We could spend millions on television like the competition - or we could put the cash in our customer's pockets. We prefer to pay the customer higher prices," he says. Consumers report the primary obstacle in selling unwanted jewelry is confusion about their gold's true value. Lack of knowledge about the weight of their gold and unfamiliar terms like pennyweights (dwt), grams and troy ounces confuse and intimidate many seeking a buyer for their gold. "Our new interactive tool is a virtual show and tell," said Mary Hamilton, a customer support manager who has worked for Gusky since 1987. "It gives people selling gold an opportunity to view hundreds of photos, maybe find items similar or identical to something they own and see the actual dollar amount paid to an individual seller for that particular piece of gold jewelry." According to the company's website, www.GoldFellow.com, the company's competitive differences include providing every customer with free FedEx shipping and insuring each package for $1,000. It's complete online payment schedule is updated daily and, unlike many competitors, GoldFellow customers must see and accept their cash for gold offer before they are paid. "Don't take my word for it," says Gusky, "do your homework. Ask how much you will be paid for one pennyweight of 14 karat gold jewelry. Ask if you will be notified of your value before you are paid," he suggests, "and for goodness sake, never agree to drop your valuables in a regular mailbox. There's no record or proof that it has been mailed - and it's not insured, although many of our competitors would like you to believe otherwise." Gusky and his wife Robin, who is also active in the company, made their reputation during 30 years in the gold jewelry business. Their company grew to be the largest karat gold jewelry manufacturer in America, culminating with a sale to Warren Buffett's, Berkshire Hathaway in 2007.
Commentary: The current price of gold is 1,742.90 per oz. (goldprice.org). Of course, you won't be able to sell your jewelry for quite that much, but at least if you shop around and use wisdom in selling your gold, you can get the safest, best price for your gold. I think it's a great idea to sell off the gold if you need some money. Let's face it, we aren't taking it with us and times are hard. Even though gold is going up at an astronomical rate, I think selling gold for the immediate need is a much better deal than buying gold as a long-term investment. I'm sure you are taken aback by that comment, unless you already know what the Bible says is coming very soon. "They will cast their silver in the streets and their gold will be removed: their silver and their gold will not be able to deliver them in the day of the wrath of the Lord. They will not satisfy their souls, neither fill their bowels (with food), because it is the stumblingblock of their iniquity (in other words, gold [money] was their idol, to the extent it became sin, and it will not help them in the end)" Ezekiel 7:19. Those who are sensitive to the Spirit of God and know Bible prophecy realize we are living in the last days before the return of Jesus. If you know God's Word, or frequent this site, you understand that end times prophecy is being fulfilled right before our eyes, and much of the focus is on the Middle East. A day will come soon, after God's people have been taken from the earth, that people will only buy and sell with a mark, most likely an RFID chip. "No man can buy or sell, except those who have the mark, the name of the beast (Antichrist), or the number of his name" Revelation 13:17. The government has confiscated gold in the past and they will do it again, according to the prophecy of Ezekiel 7:19. Gold was confiscated in 1933 by Executive Order 6102, signed by Franklin D. Roosevelt. The order criminalized the possession of monetary gold by any individual, partnership, association or corporation. The possession of gold or silver coin, bullion or currency, was forbidden by law, punishable by a $10,000.00 fine, ten years imprisonment, or both. The excuse they used to confiscate gold and silver from US citizens is irrelevant, because the underlying purpose was to steal the true wealth of the people and replace it with worthless paper. Who do you suppose got all of that gold and silver? I think you're smart enough to figure that out.
Gusky has a theory for why his pricing is so much higher than the competition's. "We could spend millions on television like the competition - or we could put the cash in our customer's pockets. We prefer to pay the customer higher prices," he says. Consumers report the primary obstacle in selling unwanted jewelry is confusion about their gold's true value. Lack of knowledge about the weight of their gold and unfamiliar terms like pennyweights (dwt), grams and troy ounces confuse and intimidate many seeking a buyer for their gold. "Our new interactive tool is a virtual show and tell," said Mary Hamilton, a customer support manager who has worked for Gusky since 1987. "It gives people selling gold an opportunity to view hundreds of photos, maybe find items similar or identical to something they own and see the actual dollar amount paid to an individual seller for that particular piece of gold jewelry." According to the company's website, www.GoldFellow.com, the company's competitive differences include providing every customer with free FedEx shipping and insuring each package for $1,000. It's complete online payment schedule is updated daily and, unlike many competitors, GoldFellow customers must see and accept their cash for gold offer before they are paid. "Don't take my word for it," says Gusky, "do your homework. Ask how much you will be paid for one pennyweight of 14 karat gold jewelry. Ask if you will be notified of your value before you are paid," he suggests, "and for goodness sake, never agree to drop your valuables in a regular mailbox. There's no record or proof that it has been mailed - and it's not insured, although many of our competitors would like you to believe otherwise." Gusky and his wife Robin, who is also active in the company, made their reputation during 30 years in the gold jewelry business. Their company grew to be the largest karat gold jewelry manufacturer in America, culminating with a sale to Warren Buffett's, Berkshire Hathaway in 2007.
Commentary: The current price of gold is 1,742.90 per oz. (goldprice.org). Of course, you won't be able to sell your jewelry for quite that much, but at least if you shop around and use wisdom in selling your gold, you can get the safest, best price for your gold. I think it's a great idea to sell off the gold if you need some money. Let's face it, we aren't taking it with us and times are hard. Even though gold is going up at an astronomical rate, I think selling gold for the immediate need is a much better deal than buying gold as a long-term investment. I'm sure you are taken aback by that comment, unless you already know what the Bible says is coming very soon. "They will cast their silver in the streets and their gold will be removed: their silver and their gold will not be able to deliver them in the day of the wrath of the Lord. They will not satisfy their souls, neither fill their bowels (with food), because it is the stumblingblock of their iniquity (in other words, gold [money] was their idol, to the extent it became sin, and it will not help them in the end)" Ezekiel 7:19. Those who are sensitive to the Spirit of God and know Bible prophecy realize we are living in the last days before the return of Jesus. If you know God's Word, or frequent this site, you understand that end times prophecy is being fulfilled right before our eyes, and much of the focus is on the Middle East. A day will come soon, after God's people have been taken from the earth, that people will only buy and sell with a mark, most likely an RFID chip. "No man can buy or sell, except those who have the mark, the name of the beast (Antichrist), or the number of his name" Revelation 13:17. The government has confiscated gold in the past and they will do it again, according to the prophecy of Ezekiel 7:19. Gold was confiscated in 1933 by Executive Order 6102, signed by Franklin D. Roosevelt. The order criminalized the possession of monetary gold by any individual, partnership, association or corporation. The possession of gold or silver coin, bullion or currency, was forbidden by law, punishable by a $10,000.00 fine, ten years imprisonment, or both. The excuse they used to confiscate gold and silver from US citizens is irrelevant, because the underlying purpose was to steal the true wealth of the people and replace it with worthless paper. Who do you suppose got all of that gold and silver? I think you're smart enough to figure that out.
In : Economic Crisis
Tags: "price of gold" "sell your gold"