Monday, April 21, 2008


Here is some information about GoldFellow, a scrap gold dealer or merchant. Before you sell gold or any other precious metal or gold jewelry to a scrap gold dealer it is wise to do some due diligence and find out as much about them as possible.

Who are GoldFellow
Michael Gusky is the CEO of GoldFellow and was the founder of a large wholesale gold jewelry manufacturer in the United States,

By acquiring OroAmerica in 2001, CEO Michael Gusky turned this Tamarac-based company into the largest gold jewelry supplier in the US. Aurafin is set at No. 43 on the Top Private Companies list, with approximately $325 million in 2003 sales. It makes more than 5,000 styles of jewelry. And there are diamonds too: the company's gemstone division, Auragem, produces precious and semi-precious gemstone jewelry. Aurafin recently became online jewelry retailer's exclusive vendor of gold jewelry.--GS and then sold the company to Warren Buffet’s Berkshire-Hathaway in 2007.

Customer Service at GoldFellow
GoldFellow will supply the packaging to send your scrap gold or scrap silver or jewelry to them in their specially constructed Pak or, alternatively, will accept FedEx and pay for it provided you have gotten one of their free shipping labels.

They also insure the shipping for up to 500 dollars provided their label is used.

Once your package has arrived GoldFellow will send you an email.

When you start, you create a log in with your email address and a password. You can then log on to their website with your email address and password and see a digital image of your unwanted items and your settlement. You can then click, “accept,” and GoldFellow will process your payment. If you decide not to sell they will begin process of returning your items. You also have the option of changing your payment method at that time.

GoldFellow makes a video of your package and its contents while being opened so should there be any question regarding the accuracy of its contents you can request a copy of the video and GoldFellow will review it with you. They also photograph your items and display the photo along with your settlement in GoldView™.

GoldFellow offer the facility of cash quickly. Sometimes you need cash quickly. Ship the scrap gold or scrap silver by FedEx® Standard Overnight and they will assess the value of your items and wire your payment directly into your bank or brokerage account or make a deposit into your PayPal account, or speed a company check to you by FedEx® Standard Overnight

GoldFellow also offer a 10-day Guarantee
If you choose to be paid by check, you have 10-days to change your mind. Simply let them know you have decided to return their check and they will set your items aside. Once they receive your check they will FedEx you item back to you.

What do GoldFellow Buy
GoldFellow will buy the following:
Broken gold jewelry
Bracelets/ankle bracelets
Men’s rings
Women's rings
School rings
Gold watches
Brooches and pins
Money clips
Key chains
Gold coins
Silver service
Platinum rings also buy silver jewelry, gold nuggets, gold scrap, gold catches and dental gold.

How Much do GoldFellow Pay
How does GoldFellow calculate the value of my gold jewelry?

GoldFellow will calculate the value of your gold jewelry primarily based on these factors:

The price of gold as quoted by the London afternoon fixing on the day of settlement.
The karat content of your gold which is a percentage of 24 karat:10kt is 41.6%; 14kt is 58.3%; 18kt is 75% gold.

The actual weight of your gold items.

Payment amounts are calculated in Pennyweights and all weights and sizes are accepted. It takes 20 Pennyweights to make one ounce of gold so a pennyweight is one twentieth of gold.

Listed on the website is the price of gold they pay. This varies daily as the spot gold price changes.

Listed on website are the up to date scrap goldprices for less than 10 ounces of gold as well as 10 ounces and more. Many scrap gold dealers do not give the under 10 ounces scrap gold price but simply a quote so here at least you get the scrap gold price they will pay you.

You can select one of the following methods of payments for your Settlement on GoldFellow’s CashExpress form:

Company check sent via USPS or via FedEx Overnight shipping with the fee deducted from the payment of your Settlement;

A wire transfer into your bank or brokerage account in accordance with the instructions you have provided GoldFellow and with the fee deducted from the payment of your Settlement.

Direct deposit into your PayPal™ account in accordance with the instructions you provided to GoldFellow or if you don't select a method of payment, then GoldFellow will send you a company check via USPS.

If you selected to be paid by wire transfer or PayPal, you agree to the terms and conditions of immediate payment which includes a waiver of a return period. In other words, once you have been paid by PayPal or Bank Wire you cannot return the payment and claim back the scrap gold or silver.

If you selected to be paid by company check, you will have 10 days from the date on the check to notify us by email or telephone that you wish to decline the settlement and return the check. When your un-cashed check is timely received, we will return your items. GoldFellow™ will ship your items back to you via FedEx® Express Saver, but will only insure the package for the value of your settlement.

How to Sell Gold to GoldFellow
Get a FedEx® shipping envelope big enough for your gold or silver scrap and simply print your pre-paid shipping label, place your valuables in the shipping envelope and drop it off at any FedEx® drop box or FedEx Kinko’s®.

Ensure that your details are included in the envelop along with a description of the item you are sending, your contact details and what payment option you would like.

You can also view your settlement in advance on the website.

GoldFellow takes video of all packages and their contents as they are opened.

GoldFellow will test and weigh your items.

GoldFellow will take a digital photo of your valuables and displays it with your settlement.

GoldFellow will also send you an email when your package is logged into their system and notify you by email or telephone when your settlement is ready to view online in GoldView™.

If you don’t log onto GoldView within 24 hours of notification, GoldFellow will issue your payment by the method you selected on the GoldFellow™ CashExpress form.

Last word on GoldFellow
Michael Gusky states on his website, "I was curious about other companies offering to buy gold jewelry online. Many claim to pay high prices for gold but consumers don’t have any way to verify that claim, so I did an experiment:"

"I sent identical packets of 14K gold charms to six of GoldFellow’s™ competitors. At the time, they should have yielded around $56 each, yet checks ranged from as little as $10.50 to $41 - for the exact same gold! I was so shocked, I gave GoldFellow™ a mission: pay consumers top dollar for their gold, platinum and silver in an honest, transparent environment. That’s our goal."

If you have sold any scrap gold, gold coins, gold jewelry or gold bullion to, please feel free to leave your feedback on the quality of service and payments, including any online complaints and special attention or service given by online.

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