Trusted Gold Buyers

How To Identify Potential Cash For Gold Scams

How To Identify Potential Cash For Gold Scams

Two circumstances have given rise to a number of “cash for gold” scams. First, the economy has slowed. Millions of people have lost their jobs, and millions more are barely making ends meet. Bills are piling up. As a result, they are more motivated than ever to earn extra funds. One of quickest and easiest ways to do that is to turn their old jewelry and scrap gold into cash.

The second circumstance involves the recent price of gold. Though the price per troy ounce has pulled back slightly, it recently hit a historic high. This has encouraged people to dig through their dresser drawers and garages, looking for broken gold chains, watches, earrings, and other pieces they own, but no longer wear.

The economy and the recent high price of gold have dovetailed to produce throngs of people who are interested in selling their gold items online. The problem is, these same circumstances have given birth to countless scams. Many will simply disappear after you mail your pieces to them for evaluation.

We’ll help you avoid these unsavory “buyers” below. The following tips will help you identify potential frauds before you take the first step.

Shipping, Insurance, And Tracking Numbers

A trustworthy, reliable buyer will be willing to pay the shipping costs associated with mailing your items to them. Some will even provide a postage-paid mailing kit to make the process as smooth as possible for you. If you’re working with a potential buyer that is unwilling to pay for shipping, think twice before sending your gold bracelets, pendants, and other jewelry.

Likewise, reputable buyers will offer to insure the items you send to them. Even if they’re only offering $100 or $200 of coverage, it is a sign of trust and reliability. You’ll find that many companies will offer more. Avoid those that offer none.

You’ll also want to have a way to track your items once you ship them. Ask the buyer for a tracking number. Without one, you’ll have no way to know the location of your package, or whether you’ll see your pieces again. If the buyer has provided a postage-paid mailing kit, the kit should already include a tracking number.

Ideally, you should also be able to create a personal account on the buyer’s website to support clear communication throughout the selling process. Fraudulent buyers will not provide this feature.

Does The Price Make Sense?

Don’t be tempted by prices that seem artificially high. This is a common tactic used by “cash for gold” scams in order to lure potential sellers. For example, if the spot price per troy ounce is currently $1,200, these unsavory outfits might offer $1,150. This is an indication the buyer is untrustworthy.

Realize that gold buyers need to make a profit in order to sustain their businesses. Most of them sell the gold items they buy to refiners or other dealers. They need a large margin (much larger than $50 an ounce) to make their business model viable.

Always ask yourself: does the price I’m being offered for my gold jewelery and scrap gold make sense given the current price per troy ounce? If not, avoid the buyer.

Who Can You Trust?

To be sure, if you have never sold gold online, your first transaction will represent a step of faith. Until you work with a trustworthy buyer, there’s no way to be certain you’ll be treated fairly. That said, you can improve your chances of enjoying a smooth, rewarding transaction by following a few guidelines.

First, determine how much your gold pieces are worth based on current market prices. Second, work directly with a refiner rather than a broker; doing so eliminates the middleman and increases your profit. Third, trust experience. If a company has only been in the gold-buying business for a few years, be wary. By contrast, there are a few refiners who have decades of experience to offer. Fourth, call the buyer. Most reputable companies will list a phone number on their website.

Once you work with an honest, dependable buyer for the first time, you’ll be able to sell your gold pieces in the future with confidence. The suggestions above will prove invaluable for taking that critical, first step.

Tags: Cash For Gold, Sell Gold

Several Questions About Selling Gold To An Online Gold Buyer

Several Questions About Selling Gold To An Online Gold Buyerr

Suppose you own several pieces of gold jewelry that you no longer wear. Broken bracelets litter the bottom of your dresser drawer; old class rings from high school are packed in a storage box in your garage; an engagement ring from a broken promise made a generation ago is nestled in a small box, carrying memories that are best forgotten.

These pieces of gold jewelry are lying around, collecting dust. They serve no useful purpose other than to remind you of the past. What if you could sell these items to an online buyer for a competitive price that exceeds that which you would receive from a local pawnshop?

Selling gold online has become explosively popular over the last two years. The price per troy ounce has hit historic highs, motivating thousands of people to look for old, broken jewelry tucked away in storage. Necklaces, pendants, earrings, and even gold fillings and other dental work can be easily sold online for cash. We’ll help you get started in the right direction by answering a few common questions about selling your gold to an online buyer.

Is It Safe To Sell Gold Online?

This depends entirely on the company to whom you’re sending your items. There has been a stunning influx of new buyers in the gold market as prices have soared. In fact, you may have seen recent television commercials encouraging people to sell their scrap gold.

The problem is, many of these buyers are unethical. Some will wait a week and a half before sending the check they had promised to you. Others will claim they never received your package of gold pieces in the first place.

Working with a trustworthy buyer guarantees the safety of your gold belongings. They’ll offer insurance on the package you send them; they’ll allow you to track the entire process through their website; if you accept their offer, they’ll mail a check to you within one business day.

How Much Will I Receive For My Scrap Gold?

The amount you’ll receive will depend on the karatage of your items, the volume of gold you have to sell, and the buyer. The karatage of your gold pieces is a numeric measure of the purity of the gold in each piece. 24 karats is considered pure. 18 karats is 75% pure. 14 karats is 58.53% pure. And so forth. The higher the purity, the higher the value.

Volume is self-explanatory. The more gold content you have to sell, the more money you’ll receive.

Choosing a buyer who will offer a higher price confuses a lot of would-be sellers. Most people make the mistake of thinking all buyers are the same. In reality, there’s a huge difference. Some buyers are dealers who serve as middlemen. They’re essentially brokers who buy your gold jewelry for a low price and sell it to a refiner for a higher price. Refiners also buy gold directly, but few people realize they offer higher prices. Bottom line: work with a refiner to receive the best offer.

What Types Of Gold Pieces Can I Sell?

Anything you own with gold content can be recycled by a refiner. That means they’ll buy those items. This might include earrings, gold coins, wedding rings, eyeglasses, and even dental crowns. You can sell your cufflinks, bracelets, and wristwatches.

If you’re unsure whether a particular item can be sold, ask yourself whether it contains any gold content. If it does, a refiner will buy it.

How Can I Tell If A Buyer Is Reputable?

Experience is a good barometer of trustworthiness. A refiner who has been in the business of buying and smelting gold for twenty years or more has a hard-earned reputation in the field. By contrast, the majority of buyers in the market are new. They lack a reputation, so selling to them involves taking a significant risk.

Also, be wary of any buyer who offers less than 50% of the market price for your gold items. Refiners will usually offer much more.

If you have broken gold chains, bracelets, and other pieces of jewelry gathering dust, consider selling them to an online refiner. Those who have a long history in the industry take their businesses seriously. They’ll do everything possible to ensure the transaction is a pleasant experience for you.

Tags: Buy Gold, Cash For Gold, Money For Gold, Sell Gold

Basics Of Selling Gold Online – Cash For Gold

Basics Of Selling Gold Online – Cash For Gold

A sluggish economy and an uncomfortable job market have motivated many people to begin looking for ways to generate extra cash flow. Some hope to raise funds to catch up on paying bills. Others need money to pay for unexpected car repairs, broken appliances, and other minor emergencies. Still others hope to earn extra cash to pay for a vacation for them and their families. Selling gold online is becoming increasingly popular as a quick and easy solution.

Online buyers will gladly purchase your gold earrings, chains, rings, and other jewelry for a competitive price. The problem is, there are many potential pitfalls that threaten to entangle the unwary. This article will help you avoid them. We’ll describe how to find a trustworthy buyer, and explain the difference between brokers and refiners. You’ll also learn what to expect throughout the entire process.

How To Find A Reputable Buyer

As you likely realize, the price of gold has risen steeply over the last few years. It is currently lingering near historic highs. This has triggered an interesting trend: there has been a massive influx of online buyers who are advertising aggressively to buy your scrap gold. Most of these companies are new and lack an established track record. It’s difficult to know whether they are reputable. It’s important for you to take measures to protect yourself and your gold items from fraud.

First, visit the buyer’s website and look for contact information. There should be a way to contact the company by phone.

Second, look for a track record. The longer, the better. If a buyer has been active in the gold-buying industry for over a decade, that is an indication they are reputable.

Third, determine whether the buyer is a refiner or a broker. The difference between them may seem slight, but is actually more significant than sellers realize.

Brokers Versus Refiners: What’s The Difference?

Most of the buyers that have appeared online over the last three or four years are brokers. These companies advertise heavily to attract sellers. They buy the sellers’ scrap gold items, paying a rate that is competitive with other brokers, but lower than the rate offered by many refiners.

Refiners, on the other hand, buy items containing gold and put them through a complex refining process. Once this process has been completed, the gold is sold to jewelry manufacturers. Many people remain unaware that refiners will purchase gold directly from sellers. What’s more, they’ll offer a higher price per ounce than brokers. Depending on the amount of gold contained in your broaches, bracelets, and class rings, the difference may be hundreds of dollars.

What To Expect While Selling Your Gold Items

A reputable buyer – preferably a refiner – will allow you to create a personal, protected account on their website. This is the platform through which they can communicate an offer to you as quickly as possible. You should be able to print a processing form on which you itemize your inventory (e.g. type of jewelry, etc.) before mailing your items. Many buyers will gladly send you a postage-paid, insured mailing kit in which to send your old scrap gold.

Once the refiner has received your package and assessed each individual piece, they will make an offer. If you accept their offer, they will send a check for payment. The most reputable buyers will mail your check within two or three business days. If you decide to decline the buyer’s offer, they will place each piece back into the package and mail it back to you.

Selling your gold online is a simple, quick method for turning your broken and forgotten scrap gold into cash. But make sure you work with a reputable refiner. That’s the surest way to enjoy a smooth, fair transaction.

Tags: Cash For Gold, Sell Gold, sell gold online