With the price of gold reaching nearly $1000 again, many people are taking a serious look at their jewelry box. There are countless ads on radio and television promoting companies that buy gold. Typically, these companies will purchase anything made of gold since they are going to refine it. The concept is simple; you may have broken, mismatched, or unneeded gold jewelry that can be melted down by a refiner and you get paid cash. We have received quite a few e-mails from people asking the best method to sell their gold. How do they find a reputable company that they can trust? How can they make sure they are receiving top dollar?
1. Deal With A Local Jeweler or Gold Dealer
Many of the biggest buyers of gold jewelry are companies that advertise on national radio, television, and the Internet (see YouTube video below). In order to sell your gold, you have to send it to them by mail or UPS. Most companies will send you a mailing package to send your jewelry in. Many of these firms have very good reputations, but others do not. As with any other business transaction, if you have a problem it is much easier to resolve with a local business rather than one across the country.
2. Shop Around For The Best Price
To be sure that you are getting top dollar for your gold, I would suggest getting bids from at least three local gold buyers. This is the only way you can be sure you are getting a fair price. Even if a long-distance company offers you a higher price I would still opt to do business with a local company.
Funny Ad With Ed McMahon (what has he not been a pitch man for?)
3. Stay Away From Transient Gold Buyers as well
The latest craze are traveling gold buyers that set up in hotels, usually over just a single weekend. Many of these buyers are legitimate, but some are running scams. Those that are scam artists will take in hundreds of thousands of dollars in gold and pay the sellers by check. The checks end up being no good and people are left with no recourse as the company leaves town by Monday morning. Regardless of where you sell your gold, I would request a cash payment. There are countless stories reported daily about gold buying scams. Man Accused In Cash For Gold Scam.
These Videos Shows Why You Are Better Off Selling To A Local Jeweler
While researching this story, I learned a lot about the gold selling process that I was very unfamiliar with. The central theme of all the articles I read was to deal with a local company and to get multiple bids. I was really shocked after watching the Cash For Gold exposé in the above YouTube videos. It appears that some of these mail away refiners have justifiably earned their bad reputation.
Have you sold gold for cash? Use the comment section below to let us know what your experience was.
Helping you make the most of God’s money!