There is an interesting nugget in this
profile of cash4gold:
Next up are storefront locations in
unnamed “major retail chains,’’ Aronson said. The brick-and-mortar outlets will
be a first for the company.
Which brings up something I have been wondering. We all know
tons of gold has been traded in for cash in the last few years. It’s one of the
things that have kept jewelers afloat.
But at some point, I would guess, just about every consumer who has unwanted gold lying around
will have traded it in already. It doesn’t seem like the kind of trend that
could go on indefinitely.
So I’m curious if people have noticed it slowing down.
I think the idea of a national trade-in chain is intriguing,
but cashgold, despite having amazing name recognition (if only from the
frequent parodies of its commercials), also has a controversial
Yet brick-and-mortar jewelers aren’t helping themselves by
getting into situations
The [New Jersey] Office of Weights
and Measures has slapped 1,600 summonses for violations on 49 gold-buying establishments
Attorney General Paula Dow said
some of the stores defrauded their customers by shortweighing the gold and thus
paying them less than their true value.
Buying “scrap” has become so important to this industry–we
really need to develop standards to make sure it’s done fairly or
ethically. Or else, once
again, the government will do it for us.
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine