Gold Buyers of USA Takes on Pawn Shops

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Gold Buyers of USA on Tuesday launched a secure mail-in system to sell your gold and jewelry, with video reel of the testing process. Some customers hesitate to mail gold, despite $25,000 USPS insurance.

Pawn Shop

Pawn Shop

Many people still run down to their local pawn shop and sell their jewelry for a quarter of its value, or less...

Gold and Silver Exchange launched a new nationwide website on Tuesday, Gold Buyers of USA, entering direct competition with local pawn shops across the country.

“With gold and silver prices through the roof, many people still run down to their local pawn shop and sell their jewelry for a quarter of its value, or less,” founder David Castle said Tuesday. "We're out to change that."

With Gold Buyers of USA’s secure online seller’s portal, anyone can mail in jewelry and other valuables for an appraisal and offer, make counteroffers, or reject offers and request a return shipment.

“I’ve been in business for over 30 years,” said Castle. “We pay based on the latest spot prices, and send packages back if people think our offer is too low. Gold buying can be done fairly.”

Still, in spite of Gold Buyers of USA’s video reel showing customers the opening and subsequent testing process of each package, as well as Better Business Bureau affiliation, and testimonials, some hesitate to send valuables by mail.

“I don’t think mailing my [jewelry] would be safe,” said Meghan, 36. “I might never see it again.”

This concern is shared by many. But not by David Castle.

“We run all shipments through the U.S. Postal Service, insured, with secure tracking both ways,” said Castle. “If a shipment gets lost or stolen, it is insured for $25,000 by the U.S. Postal Service.”

The downside of a mail in system?

Not directly instant. Selling jewelry to Gold Buyers of USA is a process that usually takes one week from start to finish, according to Castle. Local pawn shops may still be the best option for people in need of instant cash, while they generally offer vastly lower prices.

Either way, Gold Buyers of USA is giving pawn shops a run for their money.

Gold enthusiasts interested in learning more about Gold Buyers of USA’s new system can visit their website, Gold Buyers of USA is a division of Gold and Silver Exchange in Albuquerque, New Mexico.

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Hans J. Guenther, Public Relations Director
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