5 Expensive Mistakes Made by First-Time Gold Sellers

Gold prices continue to increase day by day and because of that a lot of people are selling their scrap gold and old gold jewelry. Unfortunately, many of those who are selling their gold jewelry and other valuable items are making costly blunders. As a result, they are receiving very less money for their gold than is possible. Here, we’ll describe five expensive mistakes you should avoid in order to sell your pieces for the highest possible price.

1 – Selling Their Items To A Local Buyer

First mistake that people make while selling their gold items is that they try to sell them to a local dealer but the best option is to sell gold for cash. You should sell items such as scrap gold, cufflinks and pendants to an online buyer. These companies operate without any geographic constraints and thus you will receive a more generous offer.

2 – Neglecting To Research The Buyer

Before you choose the company to which you’ll sell your pieces, visit their website to learn more about them. Not all buyers are the same. Some are reputable while others are dishonest. Some disappear overnight while some are reliable. if the company disappears with your gold jewelry and other precious items overnight then an attractive offer will mean very little.

The buyer’s website should contain a wealth of information regarding their experience, security measures, evaluation procedures, and tracking system. There should be a customer service phone number to call. There should also be a detailed description of the selling process so you’ll know exactly what to expect. Lastly, the buyer’s site should explain how long it takes them to mail a check to you once you accept their offer.

3 – Neglecting To Calculate The Value Of Their Gold

Unless you know how much your gold wedding bands, pins, and necklaces are worth, there is no way to know whether you are getting a fair price. Look for the current price of gold online or in the newspaper. Then, use that price to calculate the value of your items based on their karatage (for pieces of jewelry) or content (for coins, scrap, etc.). That way, when a buyer makes an offer for your items, you’ll know whether it is fair.

It’s worth noting that a lot of companies will offer to buy your scrap gold items for a far lower price than is reasonable. They do this in hopes you are unaware of their value. Do your research in advance.

4 –Selling Their Items To A Middleman

The majority of companies that buy scrap gold are middlemen. They entice consumers with the promise of a fast check and a fair price, and then make a low offer for their items. Their profit comes from selling the items to a refiner for a higher price.

Most people are unaware they can sell their broken gold bracelets, money clips, and even old dental work directly to the refiner. Doing so results in a more generous offer since the middleman (i.e. the broker) has been removed from the transaction.

It has never been easier to sell gold jewelry and other pieces containing the precious metal. With the price per troy ounce near its all-time high, doing so is almost irresistible. But avoid the mistakes above to attract a reasonable offer from a reputable buyer.