I-Team Investigation Follow Up: BBB tips for buying and selling gold

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by Andy Treinen

WHAS11.com

Posted on February 15, 2012 at 5:50 PM

Updated Wednesday, Feb 15 at 9:19 PM

LOUISVILLE, Ky. (WHAS11) -- The calls, e-mails and letters come fairly consistently to the Better Business Bureau from people who feel they got ripped off selling their gold and most of them come from people who have shipped their gold in the mail.

"We get a lot of complaints at the Better Business Bureau about companies that you send gold off to. Sometimes that gold gets lost in the mail, sometimes consumers say they didn't get back what they thought they should," Reanna Smith-Hamblin, Better Business Bureau, said.

As our hidden camera I-Team investigation pointed out Monday - prices are all over the place, even when you sell locally to gold buyers, pawn shops or jewelers.

Smith-Hamblin said before you ever settle on a price you should visit at least three different buyers.

"As a consumer you have the right to walk out, it's your jewelry so you have to make that choice you have to take the responsibility, you need to go around and shop," Smith-Hamblin said.

Beware of buyers who won’t talk about exchange rates over the phone trying instead to lure you into the store. And if you're thinking about buying used, buy diamonds. Jewelers are loaded with used diamonds from people who have essentially given them away because they were attached to gold selling for $1735 an ounce.
 

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