[OPINION] The “Cash For Gold” Scam

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Are those “cash for gold” offers a scam? Yes, even if you get an honest weight from a transient dealer. When you buy gold jewelry the price is based on three parts: the cost of the gold, the cost of the labor or workmanship, and the cost or mark-up by the seller. When you sell for the price of the gold alone you lose the value of the other costs. Gold has a stable value, unlike goods that decay. Before you sell gold jewelry you should get two or more estimates as to its value, at least one from an established seller.

If the state legislature wanted to punish those buyers who cheat they should force them to return the item to the original seller or give a cash equivalent in addition to any fines.

Ronald A. Sobieraj
Perth Amboy


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