Gold bug: Experts warn consumers to be wary when they sell - Oct. 15, 2009

CNN ARTICLE HIGHLIGHTS GoldFellow.com

:Gold bug: Experts warn consumers to be wary when they sell - Oct. 15, 2009

Gold Selling Secrets Revealed

With gold at historic highs, more people are interested in how to get the most cash for gold. Debunking myths, marketing claims and double-talk about selling gold is a company mission at GoldFellow.com, according to Michael H. Gusky, company founder and 30 plus year industry veteran.

“The more a person knows about the value of their gold, the more likely they are to find an honest buyer and get the highest prices for their valuables,” says Gusky. “So, let’s talk about gold.”

One of the most confusing areas for consumers, explains Gusky, is the value of karat gold versus the gold price in the news. Fourteen karat gold, the most popular karat gold sold in the United States accounts for 80 percent of all the unwanted or scrap gold sold, according to refining industry insiders. But, unlike the higher 22 karat gold popular in the Far East which is 91.6 percent pure, 14 karat gold contains only 58.3 percent gold. So, when 99.995 percent pure gold is selling for $1,000 per troy ounce, one troy ounce of 14 karat “new” gold is valued at 58.3 percent of $1,000 or $583.00.

“The higher the karat,” explains Gusky, “the higher the amount of gold in the jewelry. For instance, 10 karat gold contains 41.6 percent gold while 18 karat gold contains 75 percent gold. The rest are other metals alloyed with the gold for color and strength.”

Another area most confusing to consumers according to Mary Hamilton, customer service manager at GoldFellow.com is weight.

“There are two basic units of measurement used to buy old gold,” Hamilton says, “grams and pennyweights. One troy ounce contains 31.105 grams or 20 pennyweights. In either case they are both equal to a troy ounce, but the calculations are sometimes confusing.”

GoldFellow® prefers to use pennyweight, Hamilton says, because it's easier for consumers to understand dividing a troy ounce by 20.

In the gold buying world like anything else, pricing varies. According to Gusky, smaller gold buyers like some pawn shops, jewelry stores, gold party buyers and Internet sites are actually middle-men taking an unnessesary percentage of the consumer’s money.   Jair Garcia, CPA and GoldFellow company controller offers gold sellers the following advice.  "Be carefull of unsubstantiated prices.  It's very difficult for consumers to validate high price claims made by most buyers.  In our case, we decided to hire an independent accounting firm to audit our pricing compared to our competitors and publish the report for potential customers to see for themselves".

"You need a lot of cash to be a gold buyer,” Gusky explains. “For most small buyers, cash is always short. Gold prices are so high today it forces these smaller buyers to sell fast if they hope to buy more gold the next day. Naturally, they're scared the price will drop, so they pay consumers below the market prices to cover themselves" he maintains.

But, the largest operations including GoldFellow.com recover 99.95% of the pure gold from old gold jewelry. Gusky says GoldFellow® hedges all their purchases and isn't concerned about the market price rising or falling during the refining process.

"We protect ourselves contractually by promising to deliver our refined gold on the futures market 30 days from the day we bought it at the earlier fixed price we paid the consumer, explains Gusky. “We set our price every morning based on the London Gold Price and we honor that price for everyone, even if it drops lower during the day.”

Unlike smaller companies, GoldFellow®’s sophisticated hedging strategy removes all market fluctuations from the equation, allowing the company to pay customers the higher prices the company says consumers deserve.

More Consumer Gold Sellers Get Bad Deals: Rip-offs are Rampant

Frequently taken in by television ads placed by some gold buyers using tricky tactics, cash-strapped consumers selling gold are complaining in droves to the Better Business Bureau. The biggest offenders, according to a recent tally on the Better Business Bureau's website, BBB.org and other consumer-oriented web sites, are companies advertising heavily to buy unwanted gold jewelry on both network and cable television channels.

On BBB.org, one company had 275 complaints in the previous 36 months. Another had 96. The complaints range from pricing discrepancies and misleading advertising to customer service issues. Many of the companies that advertise heavily also pay consumers the lowest gold prices in the industry when selling gold jewelry, according to some complaints.

"We could spend millions of dollars on commercials during the Super Bowl like the competition ─ or we could put the cash in our customer's pockets. We prefer to pay the customer higher prices," says Michael Gusky, whose company, GoldFellow.com, the trusted Internet-based gold buyer, pays some of the highest gold prices in the industry for unwanted jewelry and precious metals.

The company, which has an A rating from the Better Business Bureau, was created to provide consumers a safe, competitive and easy method to sell unwanted gold, sterling silver and platinum, Gusky said.

"The owners of GoldFellow® are the most honest and ethical dealers I have had the pleasure to do business with," said Carla Stern who first tried to sell her unwanted jewelry to two other Internet gold buyers. "GoldFellow® paid me $1800 for the same package I had sent to a highly advertised on TV and Internet dealer, who tried to pay me only $310," explained Stern.

A 30-year gold industry veteran who sold his jewelry manufacturing company to legendary investor Warren Buffett’s Berkshire Hathaway in 2007, Gusky attributes GoldFellow’s® success and rapid growth to a high level of trust achieved through his company's transparent business practices and higher payments.

According to the company's Website, www.goldfellow.com, the company differs from the competition by providing every customer with free FedEx® shipping and insuring each package for $1000. Its complete online payment schedule is updated daily and unlike many competitors, GoldFellow® customers must see and accept their offers before they are paid.

"Don't take my word for it," says Gusky. "Do your homework."

Gusky strongly recommends that gold sellers read gold buyer's websites and compare policies and prices before choosing a gold buyer.

"Ask how much you will be paid for one pennyweight of 14 karat gold jewelry and compare prices. Ask if you will be notified of your value before you're paid," he suggests. "And for goodness sake, never agree to drop your valuables in a regular mailbox. There's no record or proof that it has been mailed ─ and it's not insured although many of our competitors would like you to believe otherwise."

Source: GoldFellow, LLC

Contact: Janis S. Rafkin of GoldFellow, LLC, +1-954-888-9500, x27

Web site: http://www.goldfellow.com/ http://bbb.org/

How to: Find Funds to Remodel Your Home

By Aaron Mirdin

As the housing slump hits contractors’ bottom lines, homeowners are in a great position to negotiate sweetheart deals to remodel their homes – if they can find the cash.

The total money spent on home improvements and maintenance was expected to dip by more than 4 percent to $216.3 billion in 2008, from $226.4 billion in 2007, according to the National Association of Home Builders. The industry group doesn’t expect spending to reach 2007 levels again until 2010.

Often, those who want to renovate their homes look for a source of cash that doesn’t tap into the money they set aside for savings or day-to-day expenses. This is especially true for homeowners who find that the equity they have in their homes has dropped in value due to difficult housing market and economy.

Some have found that the cash they need is waiting for them by selling unwanted gold, platinum and silver jewelry. Selling unwanted gold is likely an option that many people have not considered – even though they probably have lots of it.

From 1975 to 2005, there was a gold jewelry explosion in the United States, according to the World Gold Council. Consumers bought more gold jewelry in those 30 years than during any other time in U.S. history. However, because Americans see their jewelry as a fashion statement, many don’t wear older gold pieces that may be considered out of style.

At the same time, the price of gold has risen dramatically over the past three years. For those interested in realizing its value, they’ll likely find the cash they get for it can fund home renovations and many other luxuries.

To get the highest price, gold sellers must be educated about the gold business, said Michael Gusky, founder of GoldFellow™, the trusted Internet-based gold buyer. Gusky, who sold his gold jewelry manufacturing business to legendary investor Warren Buffett’s Berkshire Hathaway in 2007, says that many people have taken the time to learn about selling their gold – and profited significantly from doing so.

“At GoldFellow™, we have talked with a number of customers hoping to fund home renovations by selling their gold to us,” he said. “We pay higher prices for their gold than most gold buyers, so it actually is possible for some to pay for the renovated kitchen or bathroom they have always wanted.”

Gusky noted that gold sellers should be aware that the prices of gold, platinum and silver change daily, since they are traded as commodities. Buyers of precious metals will melt down objects that contain them for their pure content and sell the refined product to international banks and precious metals dealers. So the price they pay consumers for their gold, for example, will reflect profits for buyers – some of which pay significantly less than others.

“Gold sellers need to do their homework,” Gusky said. “Compare prices and policies of gold buyers”

Gusky provides helpful industry insights into selling jewelry and information about the benefit of the jewelry industry. To know more about GoldFellow™, selling gold jewelry and gold selling today, visit www.goldfellow.com.

Get Cash Fast for Valentine’s Day by Selling Unwanted Gold Jewelry

Roses are red
Violets are blue.
I’m selling your old gold to GoldFellow™,
‘cause I’m so over you.

Sound familiar? If not, it should: Most consumers have gold, platinum and silver jewelry they never wear because it was a gift from an ex-lover or spouse.

They can get cash for gold that they no longer want quickly and be paid top dollar within 24 hours of their accepting a deal with GoldFellow.com, the trusted gold buyer.

More and more consumers recently have been sending their ex’s wedding bands, engagement rings, heart necklaces, charms, bracelets, lockets and other old gold jewelry that no longer has sentimental value to GoldFellow™, which pays better and faster for gold than most other gold buyers. By emptying their jewelry boxes of unwanted gold and selling it to a trusted gold buyer, consumers often tell GoldFellow™ officials they have the money for vacations, gifts and other luxuries.

Testimonials of the company’s growing long list of satisfied customers – including those disappointed by other gold buyers' tactics - can be found on its Website www.GoldFellow.com

"We could spend millions in promotions, like the competition – or we can put the cash in our customers’ pockets. We prefer to pay our customers higher prices," says Michael Gusky, whose company, GoldFellow.com has a A rating from the Better Business Bureau, while other gold buyers have consumer complaints listed against them on the BBB’s Website at http://www.bbb.org/.

Gusky created GoldFellow.com to provide consumers with a safe, competitive and easy method to sell unwanted gold, sterling silver and platinum.

A 30-year gold industry veteran who sold his gold jewelry manufacturing company to Warren Buffett’s Berkshire Hathaway in 2007, Gusky attributes GoldFellow’s™ success and rapid growth to a higher level of trust achieved through his company’s transparent business practices and higher cash for gold payments.

According to the company’s Web site, www.goldfellow.com, GoldFellow’s™ competitive differences include providing every customer with free FedEx® shipping and insuring each package for $1,000. Its complete online payment schedule is updated daily and, unlike many competitors, GoldFellow™ customers must see and accept their offer before they are paid.

“We pride ourselves on being the most responsive to gold sellers and offering some of the best prices and practices in the industry,” says Gusky, who strongly recommends reading a gold buyer's Website and comparing policies and pricing before choosing where to sell their gold.

"Ask how much you will be paid for one pennyweight of 14 karat gold jewelry and compare prices. Ask if you will be notified of your cash value for your gold before you're paid," he suggests. "And for goodness sake, never agree to drop your valuables in a regular mailbox. There's no record or proof that it has been mailed - and it's not insured although many of our competitors would like you to believe otherwise."

CONTACT DETAILS:

GoldFellow, LLC
Buyers of Gold, Platinum and Silver
GoldFellow.com
17120 Royal Palm Boulevard, Suite 3
Weston, FL 33326
1-877- MY OLD GOLD
1-877-696-5346

Media Contact: Janis S. Rafkin
(954) 888-9500 x27

Funding Longer Vacations

Vacationers choosing longer trips generally combine their personal interests with regional exploration, according to a report by Research and Markets - and these trips cost more than short ones. Wealthy travelers are a major driver of the longer vacation market, the study said, but lower wage earners also participate – taking fewer long vacations but spending more on each trip.

Funding a vacation of at least a week or more in an economic downturn can be challenging. Often, would-be vacationers look for a source of cash that doesn’t tap into the money they set aside for savings or day-to-day expenses.

Some have found that the cash they need is waiting for them by selling unwanted gold, platinum and silver. Selling unwanted gold is likely an option that many people have not considered – even though they probably have lots of it.

From 1975 to 2005, there was a gold jewelry explosion in the United States, according to the World Gold Council. Consumers bought more gold jewelry in those 30 years than during any other time in U.S. history. However, because Americans see their jewelry as a fashion statement, many don’t wear older gold pieces that may be considered out of style.

At the same time, the price of gold has risen dramatically over the past three years. For those interested in realizing its value, they’ll likely find the cash they get for it can fund vacations and many other luxuries.

To get the highest price, gold sellers must be educated about the gold business, said Mike Gusky, founder of GoldFellow™, the trusted Internet-based gold buyer. Gusky, who sold his gold manufacturing business to legendary investor Warren Buffett’s Berkshire Hathaway in 2007, says that many people have taken the time to learn about selling their gold – and profited significantly from doing so.

“We have found at GoldFellow™ that many people wanting to pay for vacations have sold their gold to us because we pay higher prices for their gold than most gold buyers,” he said. “Them Selling gold often makes it possible for them to take the cruise or pay for the European trip they have always dreamed of taking.”

Gusky noted that gold sellers should be aware that the prices of gold, platinum and silver change daily, since they are traded as commodities. Buyers of precious metals will melt down objects that contain them for their pure content and sell the refined product to international banks and precious metals dealers. So the price they pay consumers for their gold, for example, will reflect profits for buyers – some of which pay significantly less than others.

“Gold sellers need to do their homework,” Gusky said. “Compare prices and policies of gold buyers.”

Gusky provides helpful industry insights into selling jewelry and information about the benefit of the jewelry industry. To know more about GoldFellow™, selling gold jewelry and gold selling today, visit www.goldfellow.com.

Clean Out Your Old Gold For Cash Fast Money From GoldFellow

Consumers trying to pay holiday bills and have more money in the New Year can get cash fast for their gold to GoldFellow™, the trusted buyers of gold

By resolving to clean out their jewelry boxes and sending their unwanted gold to GoldFellow,™ they can get cash back fast via the company’s trusted delivery system.

According to GoldFellow’s™ Web site, http://www.goldfellow.com/, the company differs from other online gold buyers by providing every customer with free FedEx® shipping and insuring each package for up to $1,000. Its online payment schedule is updated daily and, unlike many competitors, GoldFellow™ customers must see and accept their offers before they are paid.

Honesty and superior customer service is an art practiced by GoldFellow.com, the trusted online gold buyer. While some gold buyers have numerous complaints against them on the Better Business Bureau’s Website www.bbb.org, GoldFellow™ has no complaints and enjoys an “A” rating. And, while many consumers complain of their treatment by some gold buyers, there is much praise for GoldFellow™ on the Internet and beyond.

“GoldFellow™ was created to provide customers a safe, competitive and easy method to sell unwanted gold, platinum and sterling silver,” said Michael Gusky, founder of GoldFellow™, and a 30-year gold industry veteran who sold his jewelry manufacturing company to billionaire Warren Buffett’s Berkshire-Hathaway in 2007. “We pride ourselves on being the most responsive to gold sellers and offering some of the best prices and practices in the industry.”

Gusky strongly recommends consumers read online gold buyers’ Websites and compare prices and practices before selling their unwanted gold for cash.

"Don't take my word for it, do your homework. Ask how much you will be paid for one pennyweight of 14 karat gold jewelry and compare prices. Ask if you will be notified of your value before you're paid," he suggests. "And for goodness sake, never agree to drop your valuables in a regular mailbox. There's no record or proof that it has been mailed - and it's not insured although many of our competitors would like you to believe otherwise."

Gusky attributes his company's success and rapid growth to a higher level of trust achieved through his company’s transparent business practices and higher payments. He has a theory for why his pricing is so much higher than the competition’s.

"We could spend millions on television, like the competition – or we could put the cash in our customer's pockets. We prefer to pay the customer higher prices," Gusky says.

GoldFellow™ is committed to providing consumers with a safe and easy way to get the most money for their unwanted gold, platinum and sterling silver. And GoldFellow™ delivers cash for gold payments fast – within 24 hours of customer quote acceptance.

CONTACT DETAILS:

GoldFellow, LLC, Buyers of Gold, Platinum and Silver

www.GoldFellow.com

17120 Royal Palm Boulevard, Suite 3

Weston, FL 33326

1-877-MY OLD GOLD

1-877-696-5346 – Media contact: Janis Rafkin

(954) 888-9500 x27