Oct 18, 2012 4:51 am
Selling your valuables can be easy, but it can also be easy to get sucked into a bad deal. So how do you choose the right gold or silver buyer for you? Here are 6 tips to look for when selling your gold or silver:
1. Do your research.
This can’t be emphasized enough. You should know what the current price of gold is when you’re selling. Read reviews on the buyers you plan to visit as well. You can never have too much information.
2. Your items should be tested in front of you.
If your gold buyer tells you that he has to take your items to the back to test them, don’t believe it. Each gold item should be tested for purity right in front of you, so you can be a part of the evaluation process. Your gold is sorted according to its gold content (i.e. 14k or 24k), and it should be weighed on a scale in front of you. The buyer should be able to tell you exactly what price you’re getting per troy ounce or per gram.
3. Watch the scale.
Jewelers value gold by the “troy ounce”, not the ounce. The “troy ounce” is 31.1 grams, and while some buyers pay you according to the weight in grams, others use a system called the pennyweight. There are 20 pennyweights in 1 troy ounce. A reputable buyer should be able to use the weight scale that you are more comfortable with. You want to make sure that your gold is being weighed in pennyweights, but not being calculated for payout by the gram.
4. Read the fine print!
It’s too easy to make a mistake by avoiding the fine print when selling online. Make sure you know the buyer’s policy on insurance if they lose your gold. If you’re selling online, many companies will offer free shipping to send in the gold but very high shipping rates to return your items if you decline their offer.
5. Shop around.
Don’t be afraid to take your valuables to many different places. This will ensure that you’re getting the best value possible for your items. Once you sell your gold, make sure you get a full written receipt from the buyer showing the weight, purity, amount paid, and the buyer’s license number.
6. They should be professional.
When you finally do make it into a shop, you should always expect private and one-on-one service when selling your gold. In addition, every legitimate gold buyer is required by law to get a government issued ID from the seller. If this doesn’t happen, that should be a red flag for you.
Selling your gold doesn’t have to be a stressful experience. If you’re well informed and check that your buyer is reputable, you’ll have no problem getting the best valuable for your gold or silver.
At Global Gold and Silver, we want your experience to be enjoyable. Our friendly staff and great prices, make your visit one that you will remember. We want to build successful and trusting relationships with our customers. Come in or visit us online to learn more about our prices and how we can help you to sell your gold and silver!