You've decided to sell some old jewelry or gold coins you've had forever, and you want to sell to the best gold buyer you can find. Congratulations! We've put together some great tips for finding an honest gold buyer who will give you the best possible price for your old jewelry, gold watches and other scrap metal.
1. Don't sell to a middleman. If a gold buyer doesn't say that their company is an actual metals refinery, you're probably talking to a middleman. There's nothing wrong with a middleman, except that he has to buy your gold for less than it's really worth in order to turn a profit himself. He will offer you a low figure so that he can then mark it up before reselling the gold to an actual refinery. Many refineries have their own gold buyers, and these will give you the highest price possible because they are being direct from you. You should expect to get approximately 90% of the current value for the gold from a gold buyer for a refinery.
2. Make sure your gold is protected when it is enroute to the gold buyer. Visit a few websites and read the instructions carefully. Some gold buyers will only insure the gold you send in for up the $ 100; after that, it is your responsibility to ensure it. This isn't fair to the customer and can cost you a lot if the package is lost in the mail. A really good gold buyer has the resources to insure your gold for its full value. Look for a company that insures packages for up to at least $ 20,000. They should offer this coverage for free and send you the appropriate packaging to send your gold to them. This will help guarantee a timely delivery and protection for your gold jewelry until it is either purchased by the gold buyer or returned to you.
3. Read the fine print! We can't stress this enough. Some companies that buy gold aren't honest or will take advantage of you by putting severe limitations in the fine print. For instance, some companies have a clause that says once you send in the gold, you have to accept whatever price they offer as payment in full for your gold. This gives them the right to buy your gold at a low price because, once you've mailed it in, you've essentially agreed to accept any offer they make!
A reputable gold buyer doesn't play this kind of game. Instead, he will provide you with a price by phone before paying you. You will then have the option to accept the price offered, or have your gold jewelry returned to you free of charge. If a company is good at what they do and offering a fair price, they are willing to give you the option.
4. Be certain that the company is operating in accordance with the law. Ask if they are licensed to purchase scrap gold and if they have an AML program to prevent money laundering and other dishonest acts. Also check to see if they are a member of the Better Business Bureau & how many, if any, complaints are against them.
5. Find you how and when the gold buyer will pay you. The best companies can make payment the same day of receiving your gold and confirming the price with you. If a company tells you it will take a few weeks to pay you, something is wrong. Once they have your gold, they should pay as quickly as possible.
How they will pay you is also important. If they say they can only send you a check in the mail, be leery. Most established companies today, including those that buy gold, are willing to use a variety of methods to make payments. Ask if you can be paid by check, money gram, PayPal or even a direct deposit into your checking account. The more options they give you, the better their service will be.
Finally, go with your instincts. Call customer service or email the company with any questions you might have. The more helpful the gold buyer is, the better you'll do when selling your gold.