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Cash for gold firms to be investigated by the OFT

The Office of Fair Trading (OFT) has today announced an investigation into the various cash for gold firms trading in the UK. Since the price of gold hit record highs we are seeing more and more adverts on the TV and in the popular press offering the chance to sell unwanted gold jewellery for cash. However, recently the OFT has received a spate of complaints about the price some customers have received with one rumoured to have been offered just £38.57 for three pieces of new jewellery that cost £729.

While these claims have yet to be verified this relatively new market is unregulated and many consumers are not afforded the protection they would receive in other "investment markets". The OFT has requested information from various companies in the sector as well as confirmation about business practices currently in place. There is also some concern that a number of consumers have complained about their right to reject an offer for their gold which is literally posted to the cash for gold company who will then make an offer and forward a cheque.

It will be interesting to see the kind of mark-up cash for gold companies are able to push through when acquiring gold jewellery from their customers. Those who believe they have received a "fair price" for their unwanted jewellery may well be in for a shock!

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