Cash for gold is a very simple concept with a long history that predates the current association with a particular company or industry. Gold is a precious metal which is rare and only occurs naturally. It cannot be manufactured. Gold is fungible with universal value in the marketplace where it can be used to purchase goods and services. The practice of exchanging goods or cash for gold has been documented since ancient times. As early as 1091 B.C., gold was used as currency in China.
Today, cash for gold is often used as a generic term referring to an industry which grew exponentially as gold prices began soaring in early 2008. GoldFellow® has been at the forefront of bringing best practices to the current cash for gold industry by providing free insured FedEx® shipping to all customers wishing to sell gold, a method of seeing and approving the settlement value of the items presented for sale before being paid, and transparent pricing posted daily on the website.
Among its competitors in the cash for gold industry, the company’s steadfast attention to providing a superior customer experience, competitive posted pricing and consumer education has contributed to GoldFellow® maintaining an A+ rating from the Better Business Bureau.
While complaints have skyrocketed against cash for gold companies and some have been the subject of unflattering stories in national media, GoldFellow® continues to provide a superior experience for its many customers.
In an effort to further revolutionize the cash for gold industry, GoldFellow® launched a website feature, the Gold Payments Gallery, to help consumers visualize the actual value of their scrap gold before deciding to sell. The Gold Gallery displays hundreds of photographs of jewelry GoldFellow® purchased along with the item’s weight (in pennyweight or gram), karat and the amount of cash paid for the gold. Now gold sellers, for example, who want to sell a gold necklace can view photos of other gold necklaces to get an idea of value.