Friday, September 16, 2011
We’ve all heard the saying - ”Buyer beware,” but in today’s precious metals industry, the term “Seller beware,” is by far more appropriate.
“The predators are out in full force,” said KMG Gold founder and president, Michael Gupton. “And unfortunately it’s because they can get away with it. They feed of the fact that today’s consumer is not aware of the options available.”
With the recent upswing in the price of gold and silver, more and more people are turning to gold buyers to sell their unwanted and scrap gold jewelery and coins. Jewelers, pawnshops and even “traveling roadshows” as Gupton calls them have all entered the market in an effort to grab a piece of the action.
“They are nothing short of predators,” Gupton claims when asked about these roadshows. “Don’t do it. They come to the outskirts of town because they are unlicensed and can’t do business in the city. They grab your stuff with an almost insulting offer and leave as fast as they can.”
Gupton has owned and operated KMG Gold, a local refiner and recycling operation in Winnipeg since 2007. He has been committed to educating the public on the precious metals industry and the tragic environment al effects of mining.
“All you have to do ask questions and check out their web sites, “said Gupton. “ When they state they ‘probably’ pay out the highest rates that should be an immediate red flag. The other thing is ‘they arrange’ to refine and recycle used jewelery. What does that mean? It means they probably send it to us or another refinery. They are just middlemen.”
Michael Gupton founded KMG Gold in 2007 with his wife Karen, hence the name “KMG”, and has since proven himself a leading voice in the gold recycling industry by advocating for consumer interests, by publishing a wide variety of information and resources on the KMG Gold website. KMG Gold was awarded the Manitoba Chapter of the 2010 Better Business Bureau TORCH AWARD for Torch Award for Marketplace Excellence demonstrating ethics and integrity in the marketplace. BBB Torch Award winners build trust, advertise honestly, tell the truth, remain transparent, honour their promises, and display integrity in all of their marketplace activities.