Selling Gold By Mail Doesn’t Pay

Combine a tarnished economy, high gold prices and tons of advertising and you’ve got the makings of a new gold rush: gold rushing from the hands of those who have it to those who buy it.

“People are in a bad situation. They’re finding jewelry that they don’t wear anymore, broken jewelry, something they may have inherited from their family, and it’s coming in. A lot of it is coming in.”
-Richard L. Scheinman, Pawn Shop Manager

But before you part with the family jewels, know this: the price you get for your gold will vary wildly depending on who you sell it to.

We recently did a test with one 18 carat gold chain. First we divided it into equal parts.

We took it to a local pawn shop, where they weighed each part, tested it and verified it was 18 carat.

Then we took three identical pieces and sent them to three internet dealers: Cash4Gold.com, TurnGold2Cash.com, and GoldKit.com.

How much should we expect to get? Well, here’s what Cash4Gold.com told us when we did their story back in 2008:

“You could see prices anywhere from 50% of spot to 80% of spot based on how much again that you’re sending in.”
-Howie Mofshin, Cash4Gold.com

Based on that, each of our pieces of the gold necklace should be worth about $50 when we mail them in… And that’s what the pawn shop said they’d give us.

But our online offers? $37 from TurnGold2Cash.com, $11 from Cash4Gold.com, and from GoldKit.com? A measly $5.

Bottom line? It’s ridiculous to send your gold to any company that’s not going to give you the best deal. So the more you need the money, the more careful you need to be.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
7 Reasons You Should Not Claim Social Security Early

The sooner you claim your Social Security retirement benefits, the more you — and perhaps also your spouse — stand to lose. Here are the stakes.

8 Secrets of an Expert Thrift Store Shopper

Here’s how a veteran thrift shopper scores the best deals — and turns a profit from them.

14 Service Providers Most Likely to Lower Your Bill If You Ask

With these companies, it might be easier than you think to negotiate your monthly bill down.

Small Splurges That Make It Feel Like You’re Living Large

Cutting costs is the shortest path to financial freedom. However, there are times when a little spending can produce big returns.

2-Minute Money Strategy: How Should I Invest My Retirement Savings?

If retirement is on the horizon, you can’t afford to take too much risk, but you also need to make as much as possible. Here are your options.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

10 Useless Purchases You Need to Stop Making

You might as well flush your money down the loo if you spend it on these things.

7 Social Security Rules Everyone Should Know by Now

Confusion over Social Security is a shame, considering how many of us will need this money badly.

If You Find This Thrift Shopping, Buy It

They don’t make coffee makers like this anymore.

What a $15 Minimum Wage Means for Social Security

A federal minimum-wage hike could affect the Social Security system dramatically.

7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

Is Writing a Check Still Safe?

Every time you pay by check, you hand your bank account numbers to a stranger.

The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

10 Deep Discounts Available on Amazon This Friday

These items are all steeply discounted — but the deals won’t last long.

8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

6 Ways to Protect Your Retirement Accounts From Hackers

Imagine having $245,000 stolen from your retirement account — and not being reimbursed.

9 Shopping Mistakes to Avoid at Costco

Are you missing out on serious savings at your favorite warehouse club?

13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

This Is the Most Dependable Car Brand in the U.S.

This brand’s vehicles are least likely to give drivers repair headaches, according to J.D. Power.

7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

7 Hidden Sections of Amazon Every Shopper Should Know

These little-known departments of Amazon are gold mines for deal-seekers and impulse shoppers alike.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.