The “cash for gold” craze has gone on for the last couple of years. I’m sure you’ve seen the gold buyers in the mall or advertising in you mail. Let me reveal what is really going on here…
Since the price of pure gold is around $1,600 an ounce, people just like you, have been selling their gold jewelry and coins so they can cash in.
Almost everyone is shocked when they take their gold into one of these “cash for gold” places because they are offered far less than what they thought their gold was worth.
There are two things going on here: The price of gold is based on pure gold. However, your jewelry isn’t pure gold. It might be 10k, 14k or on the high-end – 18k. That means your jewelry might only be 50% gold. The rest is in other alloys that make gold more sturdy (pure gold is very soft and not good by itself for jewelry).
The second thing going on is that these “cash for gold” places are only offering you 40% – 60% of what your gold is worth…
That’s right! They are only offering you 40% – 60% of what your gold is worth!
The reason is simple. They are in business, like everyone that is in business, to make money.
They want to give you the least amount of money they have to give you to get your gold.
They don’t want to offer you a number just to find out that you would have taken less if they had offered less.
Now, I know what you’re thinking, “But they guarantee to pay the most for my goal!”
Unfortunately, more often than not, they tell you that to get you in the door.
Why We Can Pay So Much More Than The Other Guys:
The reason that we can pay so much more than everyone else is because for us, we treat gold as our “loss leader.” This means that we are willing to make much less money when we buy your gold because we are eager to make you a long time client of ours.
We can afford to make gold our loss leader because unlike the other guys that want to buy your gold, we have multiple streams of revenue. Our business is not dependent on buying your gold.
We encourage you to take your gold to one of these “cash for gold” shops, get a quote from them, and then bring your gold to us. You will see exactly what I mean when I tell you that we will pay you top dollar for your gold.
When You Shouldn’t Sell Your Gold:
There is one serious drawback to selling your gold. Once you sell it, your asset- your gold- is gone.
Because we are a licensed pawnbroker, we can offer you a loan against your gold. So let’s say you needed $350. To get that $350 you planned to sell your gold to one of these cash for gold shops. If you do that, you might get the $350 you need, but you are guaranteed to lose the asset – your gold.
With us, we can give you a pawn loan using your gold as our security (this is called collateral) that you will pay back the loan.
We can give you the $350 that you need. If you decide to pay us back the $350 in the first 30 days, all you pay us is the $350 that we lent you plus $11.50. That’s it! Now you get your gold back and if you need money in the future, you can come in and do it again.
But let’s say that you need the $350 for longer than 30 days. No problem!
Keep the money. Make no payments for 90 days. Then you have a couple of options. You can then come back in and get your gold back (this is called redeeming) by paying us back the $350 plus the $11.50 I mentioned earlier plus $25 in interest.
Bam! You’ve got your gold back. Should you need a loan in the future, you can bring us back your gold and do it again!
However, let’s say you still can’t afford to pay the $350 back. no problem. Just come in and pay the $11.50 and the $25 in interest, and we will roll your loan over for another 90 days (again – no payment for another 90 days!).
Either way you decide to go, sell us your gold or get a loan against your gold, you will be very happy that you did it with us!