These reviews are based on our personal experiences with the individual cash for gold companies and our rating reflects our feelings regarding our transactions with them. Your experience with the gold refiner/dealer may fare better or worse. But we always try to give the most accurate representation of what you are likely to find.
It is always a good idea to do your own research and find the company that works for you. We do these reviews because it is important for anyone looking to sell their gold to understand that very few online gold buyers will actually give you what your gold is worth. You would be surprised how many cash for gold businesses payout less than half the current price of gold. And not everyone has the time to properly look through and research the hundreds of gold buyers that are out there today. We hope these reviews will give you an idea of what to expect and will help you to make a wise decision.
CashForGoldUSA
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Cash For Gold USA is another relatively new gold buyer that claims to pay more than all their competitors. They are run by CJ Environmental who also owns Cash For Silver USA. CJ Environmental has been around for 5 years now and they buy both gold and silver as the names imply. Cash For Gold USA has a C- rating with the BBB with over 30 complaints filed in the last 3 years.
We’ve had several readers request that we review this company so we decided to approach this company like we have with all the previous that we’ve reviewed – we filled out the request for a gold kit on their site. I have to say they do have one of the better gold packs out there: they offer overnight FedEx shipping insured up to $1000. You have to go to their FedEx gold pack page though or otherwise you get their standard USPS gold pack.
Cash For Gold USA does list their payout on their site unlike many gold refiners, but there is one important caveat: it only shows what they pay for amounts between 10 troy ounces and 50 troy ounces. To put that in perspective, if you mailed 1 troy ounce of 24k gold today it would be worth around $1200. Multiply that by 10-50 times and you see that almost no one is going to have that much gold to send in. That makes their payscale completely useless to the average seller. And of course if you go under their minimum amount they are going to pay you less … a lot less.
But to be fair we still needed to test how much they would pay for a relatively small amount of gold (around an ounce or less) which is what most people send in. We mailed them a 18k gold bracelet worth approximately $598 in one of their FedEx insured GoldPaks. It took about 4 days for them to receive and process our shipment after which they sent us their offer of $358.89. Approximately 60% of the spot price of gold is not what we consider acceptable so we requested our gold back. Instead we sent it to Empire Gold Buyers where we know that they pay 90% – 96% of the spot price of gold (a $200+ difference for us).
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