Cash for Gold Scams: Avoiding Untrustworthy Dealers

Posted on Sep 17,2014

With the plethora of scammers and hackers and con-men who exist and work in the online marketplace and regular stores, it is understandable that some people might have misgivings about the recent explosion of cash for gold businesses.  Many gold buyers also operate online, which adds another layer of anonymity and insecurity for some.  There are 4 cardinal rules to follow that will ensure you will avoid untrustworthy dealers, whether you are selling online or in person.

(1)    Get your pieces appraised.  There are probably plenty of reputable, trustworthy jewelers in your area who can appraise the pieces that you were hoping to sell. It is best to get more than one opinion on this, as jewelers will all offer different prices for different metals and the value will change according to whether there are any decorations or jewels on the piece(s).  This will give you an idea of what the pieces are worth so that you don’t get cheated on prices offered at another gold buyer.  If you can’t find a reputable local jeweler or you want to do the calculation yourself, try this guide for calculating the value.

(2)    Utilize your resources.  With the internet at your fingertips, there are dozens of resources that list reviews and other important information about various gold buyers, both those that only operate online and those that have brick-and-mortar stores.  There is a great list of reviews here, and the Better Business Bureau should have ratings for most gold buyers.

(3)    Verify contact information.   Especially when selling gold online, you should verify that the company has a physical office and sufficient contact information that you can use in case there are any questions or issues regarding your transaction or the reimbursement.  Some startups use PO boxes, but it is more reliable when they have offices listed.

(4)    Ask questions.  Whether you are unfamiliar with the gold buying process or you are uncomfortable with something that is happening with your transaction, do not hesitate to ask questions and demand answers.  Your comfort is paramount to a fulfilling gold selling experience, regardless of the venue.

The most important rule to follow when you are trying to sell your gold is to put your comfort first.  If your instincts tell you that there is something fishy about the process, the company, or the compensation you are going to receive, ask the necessary questions and ensure you are getting what you are entitled to for your gold pieces.

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