How does Cash for Gold Work?
Ok… I’m familiar with cash for gold thing but I don’t know how it works.
If these companies want to buy gold so bad where is their incentive to make profit? I assume they resell it for more… so are they just trying to take off with my money?
Thanks!
you send in the gold
they appraise it
they send you 1% of it’s worth
you get screwed
Never do this.
Works for those in that line of business.
And that’s all it works for.
They give you pennies on the dollar for what it’s worth,
and they make big money down the road.
You,
get a little cash.
very little
Your half right.
What typically happens is a refiner will buy scrap gold. They will then melt it down and resell it as pure gold. These companies need to make a profit, run their machines, and what not they don’t give you the full value of the gold.
Companies that give their customers only a small percentage of what the gold is worth have a very bad reputations. Before selling your gold you should know approximately how much it is worth. If offered anything less than 80% its not worth doing.
Good Luck!