Cash For Gold – Is It a Scam_ - Foodica

Cash For Gold – Is It a Scam?

I can be described as very risk averse. When I see all kinds of “money-making ads” in the newspapers, magazines and online, I usually avoid them. I always think that they are some type of scam designed to take away all of your money. When I first heard of the cash for gold idea a few years ago, I lumped it into the “scam” category without even giving it a second thought. I did not know what it was, but it appeared in the classifieds section along with breast enhancement creams and penis enlargement pills, so it was labelled a scam.

Fast forward to 2011 where it seemed as though everybody and their sister was offering cash for gold. If you looked in any of the Barbadian newspapers, you would see a host of ads telling you to bring your old gold jewellery and receive some cash in return. That made me sit up and pay attention because Barbados has a history of being “safe.” Yes, there are criminals and thieves like anywhere else, but advertised scams were a rarity.

Cash For Gold is a “programme” where you sell your unwanted gold for cash. Gold includes gold jewellery such as earrings, chains, bracelets rings etc. If you have any gold nuggets or bars, I’m sure that they would be happily accepted. Barbados Gold Buyers is a local company which buys gold. Their website is loaded with information which also includes some tips for buying gold. They address the fact of theft and always require a valid photo ID and your signature on a a contract which certifies that you are authorised to sell the gold.

I’m not sure if I would ever sell gold jewellery for money. I can’t get the “scam” idea out of my head. Maybe if I was in a tight financial bind, I might consider it. But I would have to see all kinds of documentation from the seller to make sure that they were reputable.

What do you think? Is cash for gold a scam?