This is kind of a random post but I just thought I would share my recent experience with CashForSilverUSA.com. I guess it is kind of related to trading being that it is silver (big stretch).
Anyway, I had seen their ads on TV where you can get cash for your gold or silver if you just send it in the prepaid envelope. I checked out the website and
they don’t tell you how much you will get for your broken jewelry, just that you will get quick cash for it. So I knew it was going to be a rip off.
However, I got one of their envelopes in the mail and curiosity got the best of me. If nothing else, I could have material for an article or something.
I had this silver ring that I bought a long time ago that was really scratched up and I didn’t wear anymore so I thought that would be a good test. I put the ring into the handy dandy plastic ziplock bag and put that into the prepaid envelope which I dropped in the mail.
At this point, I didn’t know how much the ring weighed but I did know that spot silver was trading at about $11 per ounce. Needless to say, my expectations…well I had no expectations.
About a week later, I go to my PO box and see the check waiting for me. Here we go…
And the grand total was a whopping $1.03! The stub said that the total weight was 5 dwt (pennyweight). A pennyweight is 1/20 of a troy ounce. If silver is trading at $11 a troy ounce, then one pennyweight of silver is $0.55. Therefore, the ring was worth $2.75 at market melt value.
The moral of the story is that I got $0.37 on the dollar. So in conclusion, it WAS easy and they DID pay me promptly but as expected it WAS a rip. I found out later that the local precious metal buyers usually offer about $0.50 on the dollar. Obviously this was such a small amount that I didn’t care either way but it was an interesting experiment.
How am I supposed to buy quality crack at that rate?! I’ll stick to forex, haha.
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