Have you said "Bye bye lovely gold, hello tiny little cheque"?

14 October 2009

Picture 5 In these trying times, more and more desperate punters are looking to raise extra cash by flogging their unwanted gold items. But it’s becoming an increasingly murky business and the angry sound of dissatisfied customers’ voices is becoming harder to ignore.

Recently we featured Cash4Gold, one of the major players in the growing flog-your-gold-by-post industry. Not only have they attempted to sue a whistleblower who revealed some of their dubious business policies, they have also tried to buy the silence of a dissenting writer who alleged that it is standard practice for Cash4Gold to offer just one third of the actual value of gold items submitted by their customers. (It should be pointed out though that Bitterwallet's silence cannot be bought, although we'll be happy to take a good hard look at any sensible offers.)

Now, the similarly-named Money4Gold are in the spotlight - the spotlight of shite that is. The Moneywatch site featured them a couple of weeks ago and since then, the gripes from pissed-off gold-sellers have steadily mounted up.

Testimonials included…

“The pieces I sent had been evaluated at just over 300 pounds for insurance purposes. I sent it off and within a few days received my cheque for 25 pounds!”

“I eventually got through to a human being on their phone line Wednesday last week – was told that a manager would phone me back within two days!!! well surprise surprise – no one has phoned yet.”

“I also looked at their address on Google Maps and it is a derelict-looking building in the middle of countryside. Be warned.”

Over on MSE, another poster says…

“I recently sent off over 100 grams of gold to Money4Gold using their Goldpak and got a cheque for £108!!! I sent it back immediately and sold the gold on my local market for £650!!”

So, does anyone actually use these distance-buying gold merchants and more to the point, has anyone been satisfied by their service? Anyone at all?

The message seems to be; people – don’t sell your gold to these companies. Instead, give it to Bitterwallet, and we GUARANTEE we’ll send you an exclusive signed pencil drawing of a drunken goblin in return.

TOPICS:   Complaints

19 comments

  • Martin
    I sometimes wonder if companies like this exist as a kind of commercial 'survival of the fittest'. Sending off gold in the post... via Royal Mail... without agreeing on a price... after hearing about the service on an extremely shifty-looking daytime TV advert. There's a reason you're in debt already, Cash4Gold customers. You're morons.
  • EYEPHONE
    Martin, I nearly choked on my apple reading your comment. Well said sir. Hear-Hear!!
  • MrRobin
    Perhaps you could do a post on calculating the market value of your gold... The formula is V = P x R x W x C / 746 Where V is the value in £ P is the price of gold in $ (e.g 1000) R is the exchange rate to £ (e.g. 0.6) W is the weight in grams (e.g. 100) C is the carat weight of the gold (e.g. 9) V = 1000 x 6 x 100 x 9 / 746 = £756
  • F.D. A.
    "survival of the fittest" .... I guess these are the same viewers that scoff junk food all day and started the credit crunch crisis by taking on too much debt.
  • Fools G.
    I say these idiots who send gold to these obvious rip-off merchants get exactly that, a second ass hole to feel twice the burn after a curry and maybe then will they consider some common sense selling. Same goes for the recent pop ups we buy your mobile degenerates.
  • Dave T.
    "There’s a reason you’re in debt already, Cash4Gold customers. You’re morons." LOL
  • scribbles
    My father in law sent some gold to one of these companies and was offered £190. He told them to fuck off and return his stuff to him. He eventually got £550 locally for the same stuff. Scamming bastards. The lesson is to sell your gold to a reputable dealer and leave these snidey thieving cnuts to their own devices.
  • kev
    people who use these con-artists are complete idiots. almost any antique dealer will give you 70%ish of true value
  • Chris H.
    Obviously these people are there to make a profit, if they make a profit off morons (which they must do to fund the TV ads) then so be it.
  • Code601
    I got 30pence for a bar of mcvities GOLD
  • Ian
    After seeing an advert for one of these oufits, and before reading this article, I could have told you that they would pay much much less than market value. It is obvious. I bet we buy any car are the same. Give you a shit price because you are desperate and/or retarded.
  • Joff
    These companies appeal to people that are out for taking the easy route to get a few quid. Of those above that said they got more at local markets/gold dealers, why on earth didn't you try there first? If you're selling your car, try a local garage instead of WeBuyAnyCar. If you're selling your home, try a local estate agent rather than companies that "GUARANTEE TO BUY YOUR HOME". Of course they guarantee to buy it, I would too... for a quid. A fool and their money...
  • iCock
    Get the koontz to send you the freepost envelope, then pop a brick in it and shove it in a post box. If enough of us do that they'll surely get sick of paying Mr Postie for all those bricks!
  • Jase
    Joff...For the people on here who have actually used these post gold merchants, it was probably all just so they could find out the price discrepancy and post it on websites like this. Afterall, if you're unhappy with the quote they'll send it back...and I'm sure the people on here are careful enough not to have their next weekly food shop depend on the sale of some scrap gold.
  • Emma
    Got a spam email from money4golduk today - was in my spam folder. Gotta love unsolicited mail, eh?
  • Steve B.
    Here's a cunning plan to bring them down from within. Step 1) Rob a gold shop Step 2) Order a free G-Pak Step 3) Post it to them Step 4) Call the police impersonating a gold shop owner (whatever they sound like) complaining of being robbed Step 5) Tip off the police pointing out you suspect your 'friend' has sent lots of stolen gold to Cash4Gold Step 6) Collect cheque (of course) Step 7) Watch them crumble for handling stolen goods. You can't develop that sort of genius. It's just with you or it isn't.
  • What B.
    [...] we warned you of the perils of flogging your unwanted gold off to shifty online nugget-buying nuggets. Today, the other end of the precious metal market has [...]
  • Rita
    Hi, I tried out: http://www.sellmygold.org.uk/ a while back and today I got a cheque for £560. I know there are alot of ads at the moment for these companies but they seem to work. Handy with Xmas coming up too. Thanks.
  • sell g.
    I've some old precious metal jewelry and I want to market it for cash. Previous questions/ answers have said that you should market right to a refiner. Is there anywhere in the Boston area where this is possible? How do I know they are giving me a fair price?

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