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By Lawrence J. Reaves
When you decide to sell your old gold jewelry, such as broken chains, out-of-style watches, and other pieces, you’ll need to find a buyer. Your options include pawnshops, jewelers, gold parties, and gold-buying companies online.
Pawnshops are unlikely to offer a competitive price. Their business model depends on buying very cheaply. Jewelers are also unlikely to buy your gold jewelry for a reasonable price. In most cases, they will sell your items to a broker or refiner in order to make a quick profit. Gold parties may be fun because of the social atmosphere, but the buyer is there to offer the lowest prices possible.
The last option is to work with an online buyer. This is the best method for selling your gold jewelry. The challenge is that there are several pitfalls along the way that can result in a lower-than-reasonable price, or worse. This article will offer a few helpful suggestions for finding a reputable buyer and enjoying a smooth, hassle-free transaction.
Visit The Buyer’s Website
The buyer’s website should clearly explain the process by which they buy gold. It should give you a good idea regarding what to expect from the moment you ship your items to them. You should also be able to find a phone number with which to call them. Take the time to do so during business hours.
Look For Strange Agreement Details
On the buyer’s site, you’ll occasionally notice odd agreements that obligate you to accept their offer once you mail your gold jewelry to them. Consider such agreements a warning sign and look elsewhere for a buyer. There are plenty of reputable gold-buying companies, so there’s no need to expose yourself to potential problems.
Research Current Prices
A lot of companies that buy gold jewelry will post prices on their website that fail to accurately reflect the current price per troy ounce. Many of them do this intentionally. They hope sellers will be fooled into thinking the market price is lower than it really is. Unfortunately, many new sellers never invest the time to uncover the true price. Instead, they sell their gold pieces for much less than they should.
Visit any major news media site (e.g. CNN.com, NYTimes, etc.) to research prices. That way, you’ll know whether a company’s offer is fair.
Go Straight To The Source
The bull market for gold has brought hundreds of buyers out of the proverbial woodwork. These companies are usually brokers. They offer to buy gold jewelry and scrap gold, and entice sellers with promises of sending a quick check in exchange for their pieces. The problem is, brokers add very little value to the transaction. They are middlemen. They make money by offering sellers a low price for their items, then selling those same items to a refiner. The difference between the two prices represents their profit.
What if you could work directly with the refiner? By removing the broker from the transaction, you’ll receive a higher price for your gold jewelry. Refiners goes through a smelting and assaying process rather than merely reselling your items to another buyer. Once the metal has been refined, it is recycled back into the jewelry trade. For this reason, they can offer a much higher price for your scrap gold than a broker.
Finding a reputable gold-buying company is a simple process. The key is to visit a prospective buyer’s website, call them and ask for clarification if anything is unclear, and do your due diligence. Most importantly, avoid brokers. Work with refiners to receive the best price.
Once you find a dependable buyer, you’ll be able to use them in the future with confidence they’ll treat you fairly. And that goes a long way toward ensuring a problem-free experience.
About the Author: The best online resource for
Money For Gold
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can be found at refinity.com
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