Broken Gold Offers Below Fair Market Prices for Gold

In our latest review of cash for gold Web sites, we reviewed Broken Gold. They claim to be the No.1 gold buying Web site in America. We’re heard this one before and decided to take a look to see if this was true.

The Broken Gold Web site is easy to use and it provides a lot of great information including an entire web page with article listings to teach the average person about gold, gold refining and other aspects of the industry.

With the current market conditions, this can be very beneficial to the average consumer.

In addition, the Broken Gold Web site states that they pay an average of five percent more than other gold recycling businesses. However, we’ve learned that some customers walk away, disappointed with the amount they have received for their gold.

For this business, the process is straightforward. A customer requests a Broken Gold kit. Upon receiving it, they place their items in the envelope and send it back. Broken Gold will appraise your gold according to their graduated scale and then send you a check.

Sounds like business as usual, right?

As with many companies, you have 10 days from the date on the check to accept or decline the offer and receive your items back if you are not unhappy. If you choose to receive your money via the faster route with a direct deposit, you will forfeit your ability to dispute the amount you were paid.

This is the risk you have to take to receive a quick payment.

After our review, we found Broken Gold offers an easy service for turning your gold into cash; however, the amount they pay for your gold could be better.

 

Even though 1800GoldKit appears to look just like your typical cash for gold operation that are both online and offline, there are some major differences between this company and the standards that other companies practice. 1800GoldKit claims that they have been operational for over twenty years. However, if you need to contact the company, you will notice that there is no direct mailing address or direct phone number listed on the site. All inquires need to be made by emailing the company or by calling a toll free number to complain about the gold prices that you were offered for your products.

 

Usually whenever a gold seller (customer) does not accept the offer that was given to them by a gold buyer, they will have ten days from the date shown on their settlement checks to file a dispute against the company that is offering to purchase their items from them. Some companies will work their return policies in a different fashion than others. For example, there are some gold buyers that will require that the check that was mailed to the consumer arrives in their office within ten days.

 

Adding into the fact that the postal service, and other outside interferences could cause a normal individual to surpass the ten day mark, this practice seems illogical. If the same check has to be in the companies hands within ten days in order for the dispute to be legitimate, these companies are not giving consumers ample time to meet the service agreements that they signed.

 

What Makes 1800GoldKit’s Return Policy Bad?

 

1800GoldKit is trying to take the whole mailing factor out of the equation. In fact, before they send out a check for the items that they are interested in purchasing, they will send out an online settlement offer to their consumers instead. From the time that the offer is sent out, consumers will have twenty four hours to accept or reject the offer.

 

If a consumer fails to respond to the settlement offer within twenty four hours, 1800GoldKit will assume that the settlement that was offered was sufficient and send out a check to the customer for the money that they quoted them. The problem with this twenty four hour virtual settlement offer is there are a lot of people that forget to check their emails on a consistent daily basis. This means if a consumer does not check their accounts regularly or have constant access to a computer, they could end up forced to accept a lowball settlement amount for their items.

 

It seems as though 1800GoldKit is trying their best to avoid the chances of an individual returning a check to their offices. The online settlement offer option was originally designed to accommodate consumers, but in the end it looks like the only individuals that it accommodates are the people that own 1800GoldKit.