Take advantage of the Market

The price of gold has risen dramatically in the past several months, and many people are taking advantage of this by selling gold to make some extra cash. If you’re want to take advantage of the value laying around in old jewelry, gold fillings and even scraps of gold or silver from repairs or broken and damaged jewelry, this is a good time to do it.

As with any transaction, your goal should be to get the best price possible without being taken advantage of.

Beware Gold and Silver Buying Scams

If you have a gold silver coin necklace or pendant, then it is likely a good item to consider selling if you happen to need extra cash. Gold necklaces are often worth a lot, and there are many online and mail-in companies that will offer to "buy your gold jewelry" and "turn your gold into cash." Be very careful, as these offers are often scams that give you pennies on the dollar for your valuables. Even worse, once the gold leaves your hands, it's very hard to get it back, and these firms employ all sorts of methods to trick you into selling your gold for less than it is worth.

Unfortunately, many unwary people have been caught by these schemes. In fact, former employees of some companies have openly admitted the scams, as well as the dishonest methods often used to pressure customers into practically giving items away. This isn't to say that all these companies are dishonest, or all the offers you hear on TV are scams, but be sure to do your research first.

If you want to sell gold or silver, you will find no shortage of buyers. Unfortunately, as the price of precious metals has gone up, so have the number of dishonest buyers. Even worse, some of these dealers who want you to sell to them are operating full-blown scams or rip-offs, where you get only a fraction of your items' value when you sell to them.

Pawnshops aren’t the answer

It is usually difficult to get a decent price when you sell your gold locally to a pawnshop or at the "parties" or "fairs" held in someone's living room or a hotel conference room. The best places to sell are online dealers, but since you will also find the worst dealers online as well, you need a way to tell the difference.

Here are some things to look for if you choose to sell online.

Check the company's record with the Better Business Bureau or the Federal Trade Commission. There are some companies advertising out there, who want you to sell precious metals or gemstones to them, who have had dozens or even hundreds of complaints lodged against them. These complaints range from slow payments, to payments not being made at the posted rate, to payments not being made at all.

Beware of a hidden deadlines

Some companies will tell you that you have a set time period to change your mind, and that if you choose to not sell to them, your items will be returned once you bring or send the check back. Be careful, though; it is not uncommon for these items to never be regained, usually because the company claims notice or the returned check was not received during the allotted time period.

Familiarize yourself with the current price of gold or silver

Troy ounces are used to describe the weight of precious metals and gemstones. The price for gold is based on troy ounces, and if you know what the going price is, you can knowledgeably compare the price being offered by each precious metals buyer. You’ll get slightly less than the market price, since the buyer will be melting and reselling it or forming it into ingots, but it shouldn’t be so far below that you feel you’re being cheated. At Gold & Silver Buyers, we are committed to offering the industry’s best prices.

Selling Gold to a Reputable Business

How do you determine the companies with whom you should be dealing? Here are five simple rules to keep in mind:

1. Here’s a simple fact -- the longer a company has been in business, the more likely it is you’ll get a good price. Larger, more established companies deal in volume purchasing, so they can afford to offer a higher price and give you outstanding service.
2. The company should also have a physical location that you can visit. With a bricks and mortar location that customers can contact or visit, you have some added protection in the event there’s a problem selling gold. If the company doesn’t have anything but a post office box and website, steer clear. They could be accepting jewelry from customers, selling the gold, and not reimbursing people. Bottom line, look for companies with physical locations, even if you want to do business through the mail.
3. Look for a company that has been in business for at least ten years.
4. Choose a company that purchases all types of gold and silver, because your jewelry is likely of different types. For instance, 18-karat gold is different from 10-karat gold, and the price will vary accordingly.
5. Some buyers will only purchase gold that is fourteen karat or higher. Unfortunately, this may leave you with some items they won’t buy. School class rings, for example, are often 10 karat gold. If you want to be able to sell all of your items, even things like gold fillings, look for a company that will purchase gold from eight karat on up to 24-karat gold.

Don’t Be Forced Into Selling your Items

Be sure to review a company’s policies on returns as well as right of refusal when selling your items. It is important to check to see if the company will return your item if you decline the price that is quoted. Remember:

• A trustworthy company won’t force you into selling an item if you don’t want to sell.
• The best companies will evaluate your items, and then quote you a price that you can either accept or turn down. If you turn it down, it shouldn’t cost you anything to have your item returned to you.

Know the company’s policy regarding precious stones

If you’re selling jewelry that has precious stones mounted in it, look for a company that will also reimburse you for your gemstones. It sounds strange, but some companies only want the metal and will simply dispose of precious stones or sell them, with you receiving no compensation. Any reputable company’s website will state clearly whether they purchase diamonds, gems and other metals such as sterling silver or platinum, and if or how they will compensate you for these items.