The Truth About Cash For Gold
A Brief Tutorial On the Cash For Gold Industry
(Updated for 2014)
Over the past several years, the Cash for Gold industry has been on a roller coaster ride. From humble beginnings as a side business for jewelers or a staple of pawn shops on the seedier parts of town, by 2009, the concept of selling gold for cash expanded to gold buyers on seemingly every street corner and shopping mall to hundreds of gold buying sites on the internet.
The new “Gold Rush” brought about a great deal of marketing hype from larger players, including a notorious company that went as far as advertising during the Superbowl using B-list celebrities.
As the popularity of Cash for Gold grew, so did the appearance of scammers and fly by night companies. The worst of them held “hotel events” or sponsored “gold parties”.
In more populated areas, “sign spinners” became a familiar sight, as “We Buy Gold” stores popped up like mushrooms, paying pennies on the dollar to unsuspecting clients.
As the public, thanks to many media reports and government warnings, became more aware of the “bad apples” in the business, the buyers started disappearing as fast as the appeared. The Superbowl advertiser filed for bankruptcy amid multiple fraud charges, the “We Buy Gold” shops and their sign spinners closed and reopened as other businesses such as “e-cigarette” shops, “hotel events” dwindled down to just a few hardcore wheeler-dealers, and gold parties became a thing of the past. The overwhelming majority of the online buyers folded as well.
The businesses that have survived have lasted either because of heavy online advertising and high profit margins due to paying extremely low prices, or, strong ethics, superior customer service and a reputation for paying well.
At the Silver and Gold Exchange, we take pride in the fact that we have survived and thrived throughout the changes in this industry. Being in operation since 2007 and being a Better Business Bureau A+ Rated buyer with a record of ZERO complaints..EVER! We have always posted the prices we pay on a live price chart on our website and also have a Best Price Guarantee so customers can be assured that they are receiving the most cah for gold possible.
If you would like to sell your gold, fill in the Ready to Sell form to receive your packing slip. After that, all it takes is a trip to the post office to get cash for gold.