As many people have seen the tv commercial and/or the radio commercials time and time again promising to "cut out the middle man" and "offer top dollar" for your unwanted gold or precious metals. But the many investigations have pretty much turned up that this is just a major scam to be avoided at all costs.
Here are some news footage from News Channel 5 WPTZ
WPTZ News Investigates Cash4Gold Part 1
WPTZ News Investigates Cash4Gold Part 2
Also a previous employee of Cash4Gold speaks out about the shady practices, lies, and how the overall scam is done.
Excert from http://www.complaintsboard.com/complaints/cash4gold-c117648.html
If you accept the offer, the deal is done, and you are told that the call is recorded (which most of the time, the record button does not work, or the box if full.)It’s just a way to make your feel binded by a verbal contract. IF you do not accept the deal, you have to return your check, and it takes sometimes up to a month to receive your items back after we receive the check.
For those who do get in touch with us within the allotted time frame, we already know what you are calling about. Customers want their items returned, because there
check amount is so insultingly LOW. The first thing a Rep will
ask you is "HOW MUCH WERE YOU EXPECTING TO GET BACK?" This way we can know how much to "BONUS" you.
You can read the entire article by a former employee of Cash4Gold again at:
The website cockeyed.com also wrote an article exposes the fraud that is cash4gold, You can find the original article here: http://cockeyed.com/citizen/goldkit/cheat.shtml
The interesting part, is cash4gold then contacted the writer of the article on cockeyed.com in hopes to have him retract his article. Here is what happened since the author also wrote a followup article after being contacted by cash4gold:
So you can see they are scurrying around trying to preserve their reputation and to prolong this scam as long as they can especially taking advantage of the poor in this economic downturn we have taken.
But use common sense, when gold is going for over $700 per ounce, and even pawn shops pay more than these guys, be smart and don't waste your gold and items by mailing them to this major scam company. And hopefully they won't be around long to keep preying on people.