FORT LAUDERDALE, Fla., Dec. 16, 2008/PRNewswire via COMTEX/ Gold sellers should be certain the company buying their gold has reputable practices.
As many realize the value of unwanted gold, platinum and sterling silver, some have been victims of deceptive practices costing them time and money.
Honesty and superior customer service is an art practiced by GoldFellow®, the trusted online gold buyer. While some gold buyers have numerous complaints against them on the Better Business Bureau’s Website www.bbb.org, GoldFellow® has no complaints and enjoys an “A+” rating.
“GoldFellow® was created to provide customers a safe, competitive and easy method to sell unwanted gold, platinum and sterling silver,” said Michael Gusky, founder of GoldFellow®, and a 30-year gold industry veteran who sold his jewelry manufacturing company to billionaire Warren Buffett’s Berkshire-Hathaway in 2007. “We pride ourselves on being the most responsive to gold sellers and offering some of the best prices and practices in the industry.”
Gusky strongly recommends consumers read gold buyers’ websites and comparing prices and practices before selling their unwanted gold.
Following are examples of tricky tactics which, Gusky warns, are used by some gold buyers:
#1 Tactic:
Bait and Switch – Some gold buyers only post prices they pay for large amounts of gold – but don’t say there’s a penalty for selling smaller quantities.
#2 Tactic:
False Statements of Insurance – Some companies provide mailers claiming they’re insured. Putting gold in an envelope and mailing it is neither secure nor fully insured.
#3 Tactic:
No Real-Time Tracking – Many gold buyers claim your package is track-able but only provide a first-class postage paid mailing envelope. These are not track-able.
#4 Tactic:
Cat and Mouse Payments – Some gold buyers send a check without first allowing you to reject their offer. Then they have your gold and you have a check you’re unhappy with. To get items back, you must return their check and wait for them to return your gold. This can take as much as 30 days. In the meantime, you don’t have your cash.
#5 Tactic:
Inadequate Customer Service – Many gold buyers use outside call centers and only want to collect your personal information.
#6 Tactic:
Changing Quotes – It’s common for some big names in the industry to provide an initial low quote or low payment by “surprise” check, and double or triple the offer when the seller objects.
#7 Tactic:
Difficult Returns – When sellers disagree with offers and request their gold be returned, some gold buyers don’t return items quickly and may even charge a fee for processing and shipping back the returns.
#8 Tactic:
Slow Processing – Many in the industry are unable to process jewelry within the 24-48 hour time frame they advertise.
#9 Tactic:
Dishonest Use of Industry Association Logos – Many companies display association logos, such as the Better Business Bureau and Jewelers Vigilance Committee, on their websites – even when they are members in poor standing.
#10 Tactic:
Fudging the Weights:
Some companies say customers’ gold weighs less than it does so they can profit by appearing to pay higher incremental prices.
According to GoldFellow’s® website, the company differs from other gold buyers by providing every customer with free FedEx® shipping and insuring each package for up to $1,000. Its online payment schedule is updated daily and, unlike many competitors, GoldFellow® customers must see and accept their offers before they are paid.
GoldFellow® is committed to providing consumers with a safe and easy way to get the most money for their unwanted gold, platinum and sterling silver. And GoldFellow® delivers payments for gold and other precious metals fast – within 24 hours of customer quote acceptance.