ABC Action News has done a little investigative reporting on many of the different places offering cash for gold and I was shocked at what the results were. Gold has a standard set price each day. Today it happens to be $1,400.32 per an ounce. I would assume that the places that bought gold had a standard percent they would offer based on the weight of your gold. It seems like easy math, but as you will see in the video there are many scam companies trying to give you even less than half of what some other places will offer. Of course I wouldn’t expect to get the full $1,400.32 an ounce because of all of the hands the gold will go through before it is finally cast into something useful again, but I do expect to see some consistency. There is no question that it pays to do a little homework before you make a decision on where you want to sell your gold.
In case you are not familiar with the process here is how it works for your gold to get to the refiners then back to a manufacturer. You sell your gold to someone at a gold party or at a store that buys gold. They sell your gold to a company that buys scrap metal and then it is sold to the refiner. Then the refiner sells it to a manufacture where it is cast into another piece of jewelry. The manufacturer sells it to the jewelry store then to the consumer. Many people are involved and each person wants to make their cut.