Friday, Jan 22, 2010
ScamYourGold
Times: Office of Fair Trading investigates the bling buyers
"The inquiry has emerged after a report by Which? Money, the consumer group magazine, described the gold buyers as offering “shockingly bad value”.
On average, the postal gold buyers offered only about 6 per cent of the retail price for gold, while high street retailers, such as jewellers and pawnbrokers, paid about 25 per cent."
Worse than I thought 6% !!!!
Posted by mountain goat @ 12:57 PM (599 views) Add Comment
7 Comments
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2. rumble said...
Serves the idiots right. They haven't even bothered to check high st prices. "Do your homework!"
3. holyroller said...
You have to wonder why people would sell gold jewellery like this after seem some tacky advert on TV, maybe these are the same people who after selling their bling they take up the offer of a loan with the apr of over 2000% that they advertise on the children's TV channels that my kids watch.
4. hpwatcher said...
When you talk about the scrap value of gold, you have to discount the production process completely i.e. all the effort that went into making it. Most jewelry is made of about 9 carat, which isn't of particularly high value.
5. holyroller said...
@hpwatcher, a very valid point. Although people would still be wise to do a little research before parting with jewellery.
6. debtfree said...
It's a bit like BTL, who would pay for such a rabbit hutch in a block of flats...they must be stupid.
Just like those who get sucked into these cash4gold ads.
What does make you laugh, is that someone who is actually in the possession of the gold doesn't know what it's worth... I mean, come on, at least know what you're holding.
7. hpwatcher said...
Although people would still be wise to do a little research before parting with jewellery.
Yes, rather than sell for scrap, sell as jewellery.