How To Sell Scrap Gold Safely

September 8, 2009 | Filed Under Money

Seeing as how the economy is today many people are looking for alternative ways to make extra money. And one way that is gaining popularity quickly is selling gold for cash. People think that they can just take their old gold jewelry and turn it into a big pile of cash but unfortunately it is not that easy to get the actual value of your gold items or even close to retail value. Companies will either offer you much less than what your gold is really worth or just rip you off entirely but “losing your shipment”. And that is just two quick examples, there are many more where they came from. If you want to learn how you can sell scrap gold safely to a real gold and reputable gold refiner keep on reading.

In order to avoid all the con artists and scammers out there today there are a few things that you must understand. And the first of these is that you have to check out each and every company thoroughly before even thinking about dealing with them. This way you will have a much better chance at finding the right dealer or refiner that wont rob or rip you off.

One of the first things that you should check is to see how long the have been in the gold buying business. Anything under 5 years should be reason to check deeper. Check Google or some other search engine for information about the company and see if they have any complaints built about against them. A good place to check also is the Better Business Bureau’s website where you can see their accreditation rating.

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.

After checking out the company, you need to find out how much your gold is worth. Since the price changes daily you will have to get the price from a popular financial site like CNN or Goldprice.org. Some gold refiners will let you enter a contract and lock in that day’s price and some others will just deal with the current day’s price. The formula for figuring out how much different karat’s of gold is worth can be found all over the internet and there are even some calculator’s available.

After finding your company and your gold’s value, the next step is to find out what they will offer you. Some times you can get an offer over the phone but most of the time you will have to actually send in your gold first. This is because they have to check the karats and weight of your items before you can get an accurate price.

Any offer over eighty percent is a pretty good deal but you can get some up to ninety or ninety-five percent. Most scammers or con artists will only offer you around thirty to forty percent so be on the look out for any super low offers.

You want to make a point of avoiding gold refiners that don’t own their own refinery. These companies won’t be able to give you a good price because they have to sell to a gold refiner themselves and so can’t give you as high of a price due to having to turn a profit.

Finally, check and make sure that your gold is insured in route to the company. A legitimate company should provide this for you but if it doesn’t cover the true value of your gold, just call them up and try to work out a deal.

If you follow these pointers in the selling of your scrap gold jewelry 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.

Jack runs a website where he shows people how to sell gold by selling all sorts of scrap gold. If you want to learn how to sell gold jewelry and many other useful tips relating to selling gold, visit his site.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.

Comments

Leave a Reply

About: Work At Home Resource Center

The Work At Home Resource Center was created to be a free online resource for people looking to start a home based business or just earn extra money by working at home.