Gold Kit Review
| by Hal Young
*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.
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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.
GoldKit
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Gold Kit is another gold buyer who advertises heavily on TV so you’ve probably heard of them. They’ve been around for almost 20 years now according to their site. They are a Philadelphia based business.
As you can see here, they are not a BBB accredited business although they did give them an A at the time of this review. They’ve had over 80 complaints in the past 3 years but many were resolved or at least had efforts made for resolution.
GoldKit offers their own gold pack for sending in your gold which contains a pre-addressed shipping label, a special safety bag, and a sturdy envelope. But they only offer $100 in shipping insurance. Otherwise you have to mail your scrap gold yourself and pay for the shipping + insurance. You would think with a name like “Gold Kit” they would offer better insurance with their mailing pack.
Gold Kit’s prices are not listed anywhere on their site – you have to send in your gold before you can even get an estimate. They have a pay scale like many refiners, but instead of needing to send in 1-2 ounces of gold to get the high end of the scale, Gold Kit wants you to send in at least 10 ounces which would be worth more than $10,000.
For our test of this cash for gold company we wanted to get an idea of how much they pay an average customer so we decided to send them a section of a solid 18k gold bracelet along with a 14k toe ring – a total worth at least $374 . We received our mailing pack quickly after it was requested and it worked like intended for small amounts of scrap gold jewelry. The total turnaround time was about 5 days from requesting the kit to getting a check. But the real issue here was the check – $132. We didn’t even bother asking if they would raise their offer and got our scrap gold back.
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