Seller Beware: How to Find a Golden Offer

Source:

"From pawn shops to online buyers, gold sellers are making expensive blunders."

With the high price of gold capturing headlines on major news websites, a growing number of people are selling their old gold jewelry and scrap gold.

Unfortunately, many of those who are selling their gold jewelry and other precious metal items are making costly blunders. Below are five expensive mistakes you should avoid.
  1. Selling Items to a Local Buyer: These include pawnshops, jewelers, or gold parties to which you have been invited. The problem with each of these options is that these buyers must be able to make a profit by selling your items to others. In order for them to do so, they must pay as little as possible for them. A much better option is to sell your gold to an online buyer. You'll receive a more generous offer since these companies tend to operate without geographic constraints.
  2. Neglecting to Research the Buyer: Before you choose the company to which you'll sell your pieces, visit their website to learn more about them. An attractive offer will mean very little if the company disappears with your gold jewelry and other items.
  3. Neglecting to Calculate the Value: Look for the current price of gold online. Then, use that price to calculate the value of your items based on their karatage (for pieces of jewelry) or content (for coins, scrap, etc.).
  4. Choosing the First Buyer Confronted: It's a good idea to solicit offers from more than one company. Offers can vary dramatically.
  5. Selling Items to a Middleman: The majority of companies that buy scrap gold entice make their profit from selling the items to a refiner for a higher price. Most people are unaware they can sell their gold directly to the refiner.

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