How to turn your pot of gold into a pot of cash - Cincinnati News, FOX19-WXIX TV

How to turn your pot of gold into a pot of cash

CINCINNATI, OH (FOX19) -

Everyone is talking about gold.  Whether its buying gold or trading in jewelry you haven't worn in years. Everybody wants your gold and if you trade it in that could mean a lot of cash in your pocket. The only problem, if you do trade in your gold, how do you know if you are getting a good deal? 

We went to Jon Saylor the founder of J.S. Gold and Coin and asked him to help us with an experiment.  Taking a bag of gold items, we went undercover to four different cash for gold places all in different parts of town.

The same jewelry, the same day.  Our first offer was for $1,610.00.    Before leaving, we got a promise that the store would match any other offers we received on that bag of gold jewelry.

At our second store, we had a higher offer of $1,780.00.  This offer was well over 100 dollars higher than the last place.  At our third store, the offer was even better at $1,827.00.  At our fourth store, our best offer of the day.  The same bag of gold jewelry now received an offer of $2,076.00.

What a difference.  Our lowest price was $466 dollars less than our best offer.

So what we learned was that not all stores will give you the same price.  Still, we decided to take our experiment one step further. 

With a quick Google search of the terms "cash for gold" you can find a full page of companies offering to give us the very best price for gold jewelry.  All the sites look pretty much the same.  Make the same promises and all of them make it very easy to do business.

Just enter your information and you can even print a free Fed-ex shipping label. 

The two sites we put to the test were Cash for Gold USA.com.. and Gold-Cash.com.

Before sending the gold, we had it appraised by J.S. Gold.  We're told the value of the bag was $1,104.80.

The way each company handled our package was different.  Our first response was from Gold-Cash.com.  They got back to me right away by emailing an offer of $433.38.  Once I got the offer, I simply sent a return email and typed the word "deny" in the subject line.  Turns out, Gold-Cash thought I deserved a second offer.  One day later I received a new offer on the same gold.  An email, saying that in order to ensure my 100 percent satisfaction, I was offered $520.00.  After I turned down that offer, one day later I got a final offer of $670 dollars.

So how did the second company do?  Cash for Gold USA.com doesn't send an online offer.  They simply assess the value of your gold and mail you a check.  If you like the offer, you cash the check.  If you don't, you can send it back and get your gold.  So how was our offer?  The check for $1,104.00 worth of gold was a whopping $325.40.  But, as part of their promise, Cash for Gold USA.com guarantees that if the price of gold changes within 30 days of you sending your gold, they will send you the increase in price.  We got a second check, this time for a whole $22 dollars.

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