Do you have pieces of gold that you don’t want anymore? How about gold coins? Having gold can mean having ready cash whenever you need it. Finding where to sell is not that much of a problem these days. It seems there’s a shop on every street offering cash for your gold. You don’t even have to leave your house to find a company offering cash for gold. You can find them all over the internet. They are all ready to give you money for your gold.
Before you hand over that gold you need to find out a little about how the industry works. The price of gold might be easier to find but it takes a little bit more than just the daily gold price.
#1. How long have they been in the business of buying gold?
Since the price of gold started going up, gold buyers have been springing up everywhere. They set up kiosks in malls, conduct business from game stores and nail salons. Now how can you trust a company that has not been in the business long enough? You should choose a company that has been around long enough to have developed a good reputation. Besides, how do you expect the nail technician to have extensive experience and knowledge of precious metals like gold?
#2. Do they have customer testimonials?
If you want to know whether you are choosing a reputable buyer who will give you a fair price, you should look for customer reviews. Check Yelp and Google reviews to learn the experiences of customers who have dealt with the cash for gold buyer.
#3. What do they base the value of the gold on?
The buyer should be able to explain what the price is based on. A reputable buyer will test the purity of your gold, weigh it and give you a price based on the day’s spot price. Do not sell to a buyer who simply gives you a price on sight without giving you any real reason.
#4. Will the final price include the value of gemstones or diamonds?
A gold buyer is often more uninterested in the gold and not in anything else that comes with it. If you have gold jewellery with diamonds, you should determine their karats before you sell the jewellery. It might be better to have them removed if you are not going to get any compensation for them.
#5. Are you required to provide any information when selling gold?
A reputable gold buyer will make a photocopy of your identification and have you sign something that says you are the owner of the gold you are selling. This is to ensure that buyers aren’t buying stolen goods. A reputable gold buyer will have such safeguards in place.
These questions should help you make the right decisions. The important thing to do is your homework, watch the gold markets and sell when the price is at its highest.