New To Selling Gold? Make Sure You're Getting The Best Deal With These Tips
Posted on: 28 March 2016
While some people may put their money into stocks, others tend to deal with gold. If you are interested in selling gold, here are a few tips that will help minimize your chances of getting the short end of the stick in your gold dealings:
1. Be Familiar with the Current Value of Gold.
Before you go to sell your gold, make sure that you are familiar with how much gold is currently going for. The market is always changing, which means that price for gold fluctuates constantly. You can keep an eye on the current market price for gold so that you are prepared. Keep an eye out for those gold buyers who are out to rip you off and will try to offer you a low-ball price for your gold.
2. Do Your Research on the Buyer.
Before you decide to sell to a certain buyer or even a jewelry store, make sure to look them up on the Better Business Bureau's website. A review on the BBB's website will provide basic information about the business and/or buyer. It will also list complaints, if any, as well as if those complaints have been resolved or if they are still open. If there are open complaints, or they have a bad rating with the BBB, or they aren't even listed on the BBB's website, it's a good idea to go with another buyer to make sure you're selling to someone who is legitimate. Consider selling your gold to a company like Maine Pawn Shop.
3. Make Sure You Actually Read the Fine Print.
It is common for people to use mail-away gold buying and selling services. If you decide to do this, make sure you take the time to read the terms and conditions listed on the website. Don't just skim over it. Take the time to read every word. When you skim, you may miss something important. Pay special attention to:
- how long it will take to receive an official offer from the buyer
- how many days you will have to officially accept or deny the offer
- how long it takes for you to be reimbursed for the items (if you accept the buyer's offer) or to receive your items back (if your deny the offer)
- how many days the buyer will keep the gold prior to actually melting it down
In addition, you will want to ensure that you mail the items with insurance, take several photographs of your gold items and make copies of all relevant filings, paperwork and correspondence.
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