Selling your gold can be a lucrative opportunity, but there are also many ways to get involved in a scam, or be undersold. When you take your gold to be priced or sold, remember these three warning signs to watch for. You could avoid being taken advantage of or scammed:
Unusual Payment Options
Buyers should be willing to give you a company check, or at least go through a reputable source, such as PayPal. Be wary of any buyer who wants your bank account information. Giving out your private bank account information is a good way to have your personal information compromised, and it should be avoided.
High Pressure Tactics
Parting with sentimental items can be difficult sometimes, and a good buyer shouldn’t pressure you into selling just to make money. Good buyers will understand that it can be a difficult process to part with your valuables and won’t pressure you into making an immediate decision. If you need to walk away from a deal because of high pressure sales tactics, walk away.
Refusal to Weigh Gold in Front of You
Weighing your gold is what determines how much you’ll make from selling your valuables. This should always be done by gold content. 10k gold should be weighed with 10k gold, 24k with 24k. Don’t mix metals, or you’ll end up with a less than desirable payout. Additionally, your gold should always be weighed in front of you. If your potential buyer wants to take your items to the back room to weigh them and won’t allow you to come along, don’t fall for it.
Selling your gold shouldn’t be a difficult process.
As long as buyers are respectful, don’t pressure you, weigh your items in front of you, and don’t ask for your personal bank account information, you should feel good about making the sale. As always, don’t be afraid to get a second opinion. Shopping around can help you see how much your items are really worth! Don’t fall for the scams that are out there. Make sure you’re dealing with an honest buyer when you sell your gold or silver.
This post was written by Steven Madar