Last updated: 18/08/2015 13:38:25
While the Office of Fair Trading (OFT) continue to investigate the business practices of five unamed cash for gold companies in the UK, it is interesting to note that the US Federal Trade Commission (FTC) are looking to introduce new legislation to regulate the online gold buying industry in America.
In the USA, most cash for gold companies operate in a similar fashion to the companies you see advertising on UK television screens. There’s no indication given of what your gold is worth BEFORE you send it off and once you find out what the company is paying you, it can be difficult (sometimes impossible) to reject the offer.
Under new legislation proposed by Representative Anthony Weiner of New York in January 2010, the US online gold buying industry could see some major restructuring to resolve this and other issues. The proposed legislation is called the Fair Deal Act and its main component is the institution of a policy where sellers would have the opportunity to review the offers made by gold buyers before agreeing to the price. Included in this legislation is the provision that the gold buyer must also insure the packages when returning items when the offer was rejected.
Whilst no similar legislation will be introduced in the UK following the OFT investigation, it underlines the need for consumers to do their research and make sure they’re making an informed decision, prior to sending off their gold.
Gold-Traders (UK) Ltd offers an ethical cash for gold service to customers in the UK. We publish our scrap gold prices and update them on a regular basis.
To value your unwanted gold, use our calculator in the right-hand column of this page to select the purity (carat) and the weight (in grams).
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