Due to the many scams out there, you will need to identify some of the facts about your gold that you’re planning to sell. The first thing that has to be done by the seller is to know your product that you are planning to sell to the buyer, and that includes facts such as your golds value, established local buyers, several offers, and a license check.
One way to get a really good idea of your golds value is to find out it’s weight and purity, and this can be done by having an estimate your items weight minus any stones and other metallic areas. The next step that you will need to do after you’ve discovered the purity of your golds karat is to divide the number by the percentage of pure gold which is 24. The next step is to search online to find your gold’s estimate with the weight and purity numbers, and this will all be based off of the current price of gold which you can get online at many different sites such as kitco.com.
The last step is to get multiple offers from different buyers, and ask the jewelers how are they calculating the price based off of new or old prices. Keep in mind that different types of gold buyer will offer very different prices. For example, a pawn shop will offer very low prices whereas a specialist cash for gold store will, if they are reputable, give out much higher prices.
It’s important to always write down what dealers tell you over the phone, so you will not get low balled when you go in to their establishments or get you payments in the mail.
So, to summarize, avoiding cash for gold scams is something that you can do and the main ones are:-
- Buyer gives you below market value for your previous metals
- Buyer does not weigh you precious metals correctly
- Buyer does not test the quality of your gold correctly – pays for 14K gold when it really is 18K gold
- Buyer does not inform the seller that the precious gems have value
The way to combat this is to find a gold buyer that has an excellent reputation and you can do this checking them out online.Read More