Cash4Gold Goes On Tour – Consumerist Waits For The Live Album

Load up the VW bus and all of your valuables, everyone! Cash4Gold is on tour! Yes, they hold in-person gold-buying events in hotels—Sean ran across this one in Tyson’s Corner/Falls Church, Virginia. In case you trust them enough to give you a fair price on your jewelry, but not enough to send that jewelry through the mail.

Have you, or has anyone you know, been to one of these events? I trust the atmosphere is sketchier than a pawn shop, as opposed to more like Antiques Roadshow.

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  1. Fujikopez says:

    I don’t know if this was actually Cash4Gold, but I have friends who work for a similar venture–basically they buy gold (and maybe precious stones, I can’t remember, but emphasis on gold) in different cities for a week at a time. It’s based out of Minnesota.

    Basically, they take out ads in newspapers and TV, that they will be at (X) from (Y) to (Z) and they will buy your gold. People go in and are processed like so: Person A gets a rough idea of what you have. They put you down the chute to Person B, who is an “expert” in whatever item you brought (coins, jewelry, teeth (seriously), etc.). Person B tells you that your items are worth $ABC. Sometimes Person B is a real professional and relatively ethical, extracting a profit but not an exorbitant one. Sometimes Person B is basically a scammer, ripping people off. My friend told us a story (sorry, I can’t remember specifics) that a family brought in some gold coins that were found in a relative’s attic, which were worth several hundreds of thousands of dollars, and they got roughly $30K for it. The family didn’t know any better. Anyway, Person B writes up a report. Person A comes back and sends you to person C, who takes your items. You are then sent to Person D, who gives you the cash. These events, obviously, are quite profitable, and surprisingly (to me anyway) extremely popular, often standing-room-only in the waiting areas (which are hotels and event centers, typically). They travel from city to city in a caravan of semi trucks, loaded to the gills with gold. I asked about security, and was told that there is very little if any guarding the gold and cash (although I really don’t know much about the security, I just got the jist that it was very…lacking).

    I would never, ever go to fly-by-night gold purchaser. I hate throwing money and gold away.

    • bohemian says:

      @Fujikopez: There was an operation, possible the one in the first post at our local mall over the winter. After they left town they made the news. Not only were they offering people a fraction of the value, the checks bounced. They were not paying people cash.

      The traveling “spa sale” is in town this weekend. I am sure the traveling electronics & fake designer clothes sale will make an appearance soon.

      • Fujikopez says:

        @bohemian: Well, I was informed the operation my friends work with pays cash, not checks. So it must be a different company.

    • econobiker says:

      @Fujikopez: I wonder if someone could go and distribute latest info on gold prices at these places.

      As for the family thing that is pretty sad but that is what the uninformed get. Research, research, research.

      (If you want a similar sad case look for the story on the Lost Cobra Daytona race car. In the end of a long twisted path of ownership [including weirdo Phil Spector], a poor trailer dwelling lady was given about $1.2 million for a car that probably would have gotten $4-5 million at auction and she blew it all on vacations and church donations only to have the IRS – yep she forgot about them- come after her later along with a lawsuit for the ownership which was proved that she really didn’t own the car. Sad.)

      The question to always ask is “If this guy is ready to give me $XXXXXXX for this item, what could I get with doing some research and auction action?”

      • Fujikopez says:

        @econobiker: Yeah, I felt bad for the family, then I realized they were really really stupid to just trust a travelling goldbuyer blindly.

      • Preyfar says:

        @golddog: My personal thought is they setup these events and seminars to lure people in, trade in their goods… and then the next week they’re gone. With the Cash4Gold mail-in system (as much as I hate it) people still have the chance to get their gold returned to them if they refuse to accept Cash4Gold’s offer. Here, people are given instant gratification to trade in their gold (y halo thar, cash!) and by the time they can experience buyer’s regret… Cash4Gold is gone.

  2. dragonfire81 says:

    Cash4Gold is like the Gamestop of the jewelry market, they make profit by giving you as little as possible for your merchandise and somehow convincing you it’s a good deal.

    • Marc Melton says:

      @dragonfire81: They give more than their competitors if you use their trad-in promotions.

    • Shadowfire says:

      @dragonfire81: No it isn’t… Gamestop deals in products whose value is largely subjective. Gold has a certain market value.

      • trujunglist says:

        @Shadowfire:

        I’m not sure what you mean by subjective. Gamestop sets their prices for trade-ins according to how much profit they can make by reselling the game (typically about 150-200%). They obviously get those values by examining the generally accepted value for those items, aka the market value.
        In other words.. yeah.. it’s exactly the same.

        • anduin says:

          @trujunglist: ‘
          well gold is gold, it always has a market value whereas games from 10 years ago are not worth their market price today. Gold fluctuates but it usually goes up more than it goes down over time. Sure theres exceptions to games but overall thats the way it goes. There is a comparison that could still be made, gamestop IS a glorified pawn shop

  3. golddog says:

    Awesome! Now people can get screwed close to home without all the hassles of sending in the Refiners Return Pack. If you’re lucky, maybe the Travelling Oil Painting people or Amway will be in the Alpine Room next to Cash4Gold – make a day of it!

  4. RideMyDiscoStick?_GitEmSteveDave says:

    You see, it’s scamminess like this that makes people not take them serious. That’s why for MY business venture to help people earn cash for unwanted treasures, Cash4BowlingBalls, I promise not to do anything like this.
    So that old bowling ball given to you on your anniversary by your Ex, the one that has been sitting on your bureau in the jewelery box? Well rather than let it sit there and remind you of them, you can send it to me in our provided Refiners Sack, and my expert appraisers will examine it and we will cut you a check!

    What do I plan to do w/all of these bowling balls? Sorry, that’s a trade secret, and if you really want to know, you can invest. ;)

  5. lehrdude says:

    Is this anything like the “Cash for Old Cell Phones and Other Electronics With Dead Batteries” that many stores seem to be running now?

  6. Shadowfire says:

    We saw a Cash4Gold kiosk set up in a mall in south Jersey… I laughed a little as I threw up in my mouth.

  7. HiPwr says:

    Maybe the next step for Cash4Gold is to load up vans with runaway/misfit teenagers and send them across the country soliciting door-to-door.

  8. SadSam says:

    I do have some scrap gold that I would like to get rid off, jewelry that is out of style, broken, etc. So how does one get a fair price for it?

    • econobiker says:

      @SadSam: Some jewlery and pawn shops buy gold too. You take it to them and they will weigh it and give you a price. Sometimes they will trade up higher than outright buy it – in case you have a purchase in mind.

    • Blueskylaw says:

      @SadSam:

      You can also send it to a refiner who will melt and purify it to a bar of investment grade gold .999+ pure.

      Thats assuming you want to hold it as an investment and don’t need the money.

    • labeled says:

      @SadSam: I used to be a jeweler (though not full designer – I didn’t cast my own items) and ended up with a TON of scrap & dust over time. (I always thought that the ppl that pan for gold as a hobby would’ve had a fit if they ever went through my vacuum cleaner bag.)

      Anyway, I followed a few scrap buyers on eBay, and finally contacted one who offered consistently high prices & had spotless feedback. He offered almost 95% value, and the transaction was painless. But as with all things eBay, caveat emptor – when I say spotless feedback, I mean YEARS of spotless FB, not a week or a month’s worth.

    • Winteridge2 says:

      @SadSam: How to make money on your gold? Here is one from one of my ancestors, who allegedly fell for it: First you melt down your gold, see, then dig a hole in the ground, preferably on your own property. Load that melted gold in a shotgun shell, then blast it into the hole. After that, all you need is to find a buyer for your gold mine. See, none of these get-rich gold scams are new.

  9. Ananelle says:

    I’m surprised they would go to Tyson’s Corner… It’s kind of an area with money. Lots of money. I would think Cash4Gold would go to less affluent areas. Anyone agree?

    • invisiblenemies says:

      @Ananelle: Yeah, I was a bit surprised to see that as well. They would probably have more luck down on V street.

    • Fujikopez says:

      @Ananelle: Well, times are tight and rich people tend to acquire lots of useless gold jewelry.

    • labeled says:

      @Ananelle: I mentioned above that I sold a ton of scrap a few years ago, and my mom followed suit by going through her jewelry box – 60yrs = a lot of misc. broken chains and a couple of mysteriously tacky nugget pendants. IME, I think most people are fairly clueless as to what to do with that stuff – socio-economic lines be damned.

    • stevejust says:

      @Ananelle: I stay at Westins alot. If some Cash4Gold people showed up at my hotel lurking about the lobby, I’d have a contiption fit.

  10. greenunicorns says:

    dude buying gold is against the license agreement! good luck getting your account banned!

  11. Winteridge2 says:

    Last month they were offering TOP DOLLAR for our gold thru the mail, and now they offer 20% more. How can they pay more than top dollar?

  12. H3ion says:

    The hotels in the Tysons Corner area (see the sign in the photo) must run shlock conventions. Besides the Cash4gold they run $10 watch extravaganzas, genuine Indian pottery and jewelry (can’t tell if they mean India Indian or Native American), genuine oil paintings and the like. And admission is always free.

  13. AvenueOfTheStrongest says:

    I can’t understand why anyone would use Cash4Gold. You’d be better off visiting local pawnshops and comparing how much they’ll give you. You’ll still get ripped off but at least you can choose to accept or reject the price.