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How To Sell Gold For Cash Without Getting Ripped Off

By Edited May 23, 2016 0 0

With gold at an all-time high now is the time to sell off some of that old gold jewelry you never wear. Wouldn't it be great to pay down some of that overwhelming debt or put some money away in savings as an emergency fund in this trying economic time? In the following article I will explain the easiest way to accomplish this as well as how you can avoid getting ripped off by middlemen and gold refiners.

If you're interested in the prospect of making some extra cash, there are some must know some pointers in the selling of gold if you want to avoid scam artists and rip offs. What you need to know to protect your gold investment and sell for top dollar is to thoroughly check out the companies you will be dealing with.

How long have they been buying gold? It should be at least 10 years or more. It's not that all new gold refiners are scammers but it is a lot safer to assume that a company that has been in business for ten years doesn't make a habit out of ripping off their customers. If that were the case there would be plenty of complaints built up that you could find with a simple search of the company name in Google.

Check the companies' website, their policies for buying and selling of gold and their address. Is it an actual physical address? Post office boxes should throw up the red flag to you. You want a real brick and mortar site if possible. If the company is nearby see if you can visit the refinery or business office.

Do they offer a telephone number to answer your questions? Give them a call and see how they treat their customers. Be careful not to give into any high pressure sales pitch before knowing what you will actually be getting for your gold. This is a good time to see what their first offer might be.

You need to know that you are not being obligated to take what any gold refiner or gold dealer offers you when you send in your gold. And be aware that you will be able to get it back if you don't agree with their price and still be able to sell your gold jewelry to someone else. Some companies do have deadlines though that after a certain date if you don't contact them they will smelt the scrap down anyway so always stay in touch with the company.

Make sure you know the actual current value of gold on the open market (CNN's website has current precious metal values or you can try Goldprice.org for the current spot price of gold). The price of gold changes daily so you may not have the current price on the day that you contact the gold refiner but that is okay the price usually doesn't fluctuate that much day to day.

Ninety percent of the actual value is a good selling price for you if you can manage to find a refiner that offers a price as good as that. Really anything above eighty percent is a decent offer and you should take it if you don't find any higher than that.

Try to avoid any companies that do not refine their own gold because companies that are middle men have to buy at a lower price to be able to resell at a profit. This is also another way to avoid scammers. Most scammers do not have a refinery themselves but sell to someone else. This is also the only way to get top dollar for your gold.

Finally, make sure your gold is insured while in transit to the company and that they return it insured, if their quote is not accepted by you. If you do not buy insurance you can lose everything either by accident or by purposeful fraud. It's worth it to spend the extra couple bucks to make sure that everything goes as planned rather than be out hundreds if anything were to go missing and would leave you unable to sell your gold.

If you follow these pointers that help you sell gold for cash by dealing with reputable dealers and refiners, researching different companies, and accepting only the best offers, you should be well on your way to getting a nice lump sum of cash for your gold. It should also save you headaches in the future as well as lead you to making wise decisions.

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