In a down economy many people become interested in selling some of their gold jewelry and other items to raise some much-needed cash, but more often than not they end up being disappointed with the amount of cash they receive from the buyer. Here are a few tips to help you sell your gold for what it’s really worth…
First, never take the first offer you are given. Unscrupulous precious metals dealers abound and they can always tell when they have an inexperienced seller on their hands. Simply ask the buyer how much he is willing to pay you for your item(s), then thank him and leave. Find another gold buyer and repeat the process. If the second quote is pretty close to the first one (within 3 to 5 percent), then you will probably come out OK by simply accepting the highest offer.
These days there are a number of gold buyers advertising on TV and the Internet, and if done the right way dealing with them can pay off handsomely. These “mail order” gold buyers want you to pack up your gold and send it to them, after which they will determine its value and mail you a check. The problem with some of these folks is once they have your item(s) in their hands they can pretty much offer you whatever they wish.
To protect yourself from unscrupulous mail order precious metals dealers, you should always take several close-up photographs of the items and then take them to a local dealer and ask for an appraisal. Then you can mail the items to a far-away dealer and either accept or reject his offer based upon the appraisal amount provided by the local dealer. Oh, and when shipping the items, be sure to insure them for their estimated value!
The price you can expect to receive for your gold items will vary depending on the seller as well as the gold content of the items themselves. But one thing is certain: You’ll always receive less than the price of gold that’s listed in your local newspaper. After all, if the buyer paid you that amount he wouldn’t be able to make any money on the deal, and he like everyone else is entitled to make a fair profit.
The bottom line: Get at least two estimates before selling your gold. And make it three or more if there are large differences between the first two. And whatever you do, be sure to insure your packages if you decide to mail the items to a far-away dealer!
About the author: Glen Murthrop has been in the precious metals business for over 30 years. He has made it his life’s mission to educate the masses and protect them from getting ripped off by unscrupulous gold dealers.