Cash4Gold Holdings

In December of last year after having COVID I took around 6-8 high value gold coins into C4G in Richmond as I needed the funds to restart my eBay business after everything went by the wayside while I was ill. I had dealt with C4G several times in the past though mainly purchasing silver bullion off them, I had only sold gold once before to them. I thought I had established a rapport with the operator (Richard) however I would be proven wrong. I made the mistake of telling them I had suffered COVID & what I needed the funds for... I was still very weak and very tired so believing I had a reasonable business relationship with them, I just gave them the coins and they gave me a total which (and I told them this) I wasn't well enough to work out the maths at the time so I would take their word for it. I was never given a receipt with the breakdown of what each coin sold for, just a receipt with the total. It wasn't until I got home and had a week or so to recover I discovered I had been underpaid by over $1000 almost $2000. This was not the end of the saga on that day however...

After going through the whole process of them "evaluating" my coins, I was told that unfortunately they could not pay me cash today (AFTER having to sit around for an hour), I was told I could either take a cheque or I could wait until 4pm when they would EFT me the payment. This was at 1pm in the afternoon. So I was supposed to take their word they would honour their commitment to pay, needless to say I took the cheque however (I believe deliberately) the cheque was incorrectly written, I had to go back to the store a further 2 times in order to get a correctly written cheque. When telling me they could only pay by cheque they told me "more people were selling than buying at the moment" so I believe the reason for the incorrectly written cheque was a stalling tactic to get funds together as they were in a cashflow crunch however the whole situation just felt off.

When I eventually worked out they had underpaid me, I left a negative review on Google (I suggest anyone else with negative experiences do the same) to which I received a response after a month or so. Then after retelling my story to Richard (who was there on the day) I was told yes I was right, I had not been paid anywhere near the spot gold price for my coins and I must be confused as they "don't pay the intrinsic value for coins" (what do they pay for them!?!?). C4G advertise "best prices in Melbourne" however I could have taken my coins to any bullion dealer in Melbourne and gotten a minimum of 95% of the prevailing spot gold price but I would have been lucky to get 80% off C4G. I believe their cashflow situation had as much to do with the price I was paid (underpaid) as it did with the debacle over payment. When Richard contacted me, he unequivocally defended the price they paid, the service they gave and told be if I ever wanted to talk I could contact him.

So people... Beware! If you want to be paid based on the intrinsic value of the coins/bullion or scrap you are selling, this is not the company for you. If you don't mind maybe being paid at 4pm when you are there at lunchtime and don't mind being paid on a sliding scale based on what they can afford, this is the place for you... otherwise, steer clear.