With a rough economy like it is today, many folks turn to alternative ways of making money.  One of these ways is selling gold for cash.  Consumers think that with the price of gold as high as it is today that selling off their old gold jewelry is a good idea.  Unfortunately, it is not that easy to get the actual value of your gold items.  There are many companies out there that take advantage of people in that situation.  They either offer you much less than what your gold is really worth or some even taken to a whole other level and actually claim that your scrap gold is not real gold and charge you to send it back (even if you pay some don’t actually send it back).  And those are only a couple of the things that some online gold buyers try to scam you with.  In the following article we will explain some of the ways that you can avoid these cash for gold scams and actually sell to a reputable gold refiner.

The very first thing you should do, before anything else, is to find out how much your gold is actually worth. You can do this in several ways: the first being following our how to find your gold’s value guide and the second, and probably easier way, being to go to a jeweler and see what they determine your gold is worth. Just make sure that you know that the price can and does change daily as the actual spot price of gold changes all the time.  You can find that price on the right side of this page.

Researching Cash For Gold Companies

Once you know the value of your gold, one of the first things that you should always check for when looking into a gold refiner or dealer is to see how long they have been in business.  Has it been more than five years?  Ten years?  Generally companies that have been buying gold for that long have built up a reputation that they wish to maintain.  Which means that they more than likely don’t make a habit out of ripping off their customers.  And if they do you can usually find out  with a quick Google search or a trip to the Better Business Bureau’s (BBB) website.  Which brings us to the next point.

Another important factor when researching cash for gold companies is whether or not they are BBB accredited.  You probably only want to deal with a business that has a BBB rating of over a B-. Anything lower than that means they have built up in few complaints that have not been responded to. Also you should always be wary of any company that is not accredited at all.  Usually most legitimate gold refiners will go through the trouble of getting accredited.

The next step is to go to the company’s website and check out their buying and selling gold policies.  See how much they pay out and how they go about handling your gold (check out their insurance policies too). While you’re there write down their address (do they even have one listed?)  and discover whether or not it is a real address and not just a P.O. Box.  Also that is a good time to get a phone number and call with any questions you might have.  Just be aware that they might try to sell you with a high-pressure sales pitch right off the bat, so don’t give in and make sure that you get all the information that you need.  While you’re on the phone, it is the perfect time to see what their first offer might be. Don’t accept or even think about any offer under 80% of the spot price of gold.  There is no reason to, there are plenty of gold refiner’s willing to pay 90% or more.

If you can always deal with gold refiners who own their own refinery.  Any company that does not has to sell to a refiner themselves and in turn payout less so that they can turn a profit.  Also it is a great way to avoid many con artists as most of them don’t actually own their own refinery – they just act as middlemen.  Selling to a gold refiner who owns their own gold refinery is also the only way to get the most cash for your gold.

Finally you need to understand that you are not required to take any gold refiner’s or gold dealer’s first offer.  If you’re not happy with it and you know that your gold is worth more, call them up and see if they will give you a better offer.  They may even slide you up on their pay scale to the next rank to get your business.  If they will not raise their offer or you are just not happy with it, you can always request for them to send your gold back.

If you will just follow this advice and do your due diligence, you can sell your gold for cash and not get ripped off by one of the many unscrupulous companies just waiting for that next sucker. There are many legitimate companies out there that have been doing business for years and have no problem buying your gold for a price that is fair for both parties.

Tagged as: avoiding cash for gold scams, bbb, Better Business Bureau, cash for gold, cash for gold scams, gold, price of gold, reputable gold refiner, sell gold, sell your gold, selling gold for cash, spot price of gold

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