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Is cash for gold worth it?
Published Wednesday, March 17, 2010 5:58PM MDT
With the economy down and gold prices up many are tempted by the television adds offering cash for old gold jewelry.
It's that advertisement that hooked Kaitlyn Code.
She sent an old gold coin into Dollars 4 Gold but never heard back.
"I tried all the phone numbers from their television ads, to the numbers they gave me in their information packet, it was impossible to get a hold of them," says Code.
Code filed complaints with the Better Business Bureau and the Competition Bureau.
The company eventually phoned her and said they had sent a cheque to her, two weeks earlier, for $127.
Code told them to cancel the cheque and return her gold.
When Code received her gold back she took it to Calgary Coin for a second opinion about its value. She was told the gold contained within the coin is worth $288.05.
"The reality is there's many places that buy gold and silver and you don't have to mail your stuff away and take all those risks to sell it," says Robert Kokotailo, the owner of Calgary Coin.
Kokotailo says there are between 20 and 30 businesses in Calgary that will buy gold.
To make sure you are doing business with a legitimate buyer, ask to see the company's Second Hand Dealers licence which is issued from the city.