People do all sorts of things when they need extra cash — everything from holding a yard sale to selling their gold. However, you need to be extra careful to avoid scams when you’re in a bind for money because that is when you’re the biggest target. So, take a look at the way these gold companies work so you can sell your gold without getting ripped off or pulled into a scam.
Smart Way To Sell Gold
#1 On-the-Spot Money from Cash-for-Gold Companies
It seems like there are pay-day loan and cash-for-gold shops on every street corner nowadays, which makes it tempting just to go there when you need some fast cash. However, make sure you do your research on the current value of gold before you go in so that you can avoid being scammed. Cash-for gold companies don’t want to pay any more than they have to. But, if you show them what your gold is worth, you’re more likely to get a fair deal.
#2 Gold Coin and Jewelry Appraisal at Pawn Shops and Jewelers
Pawn shops and jewelers are also notorious for buying gold coins and jewelry at below market value. You take your gold jewelry in for a price quote, and usually don’t get anywhere near the value. These shops don’t necessarily have a certified appraiser, either, so it’s really easy to get scammed. Sometimes you’ll find a decent quote, but you’ll have more leverage if you bring in a quote from another place before you go.
#3 Quotes from Mail-in Gold Companies Work
Mail-in cash for gold companies require you to mail them your gold. Then, they give you a quote on the amount they are willing to pay for it. You are given a couple of days to decide, but if you don’t reply in time, your gold is automatically melted down and you are sent a check. That is where a lot of the complaints stem from — people want longer to decide. Yes, the price of gold does go up and down, but you should never be forced into making a quick decision. So, if you’re not comfortable with the high pressure of mail-in gold companies, don’t use them.
#4 Sell Items at Auction Websites Instead
If you don’t trust any of these companies to give you a fair price for your gold jewelry and coins, you can attempt to sell it yourself on an online auction website. That way, at least you get to set the price. Of course, that does mean you have to take the risk on whether someone will buy it or not. Sometimes it’s nice to get a quote from some of these other gold companies so you know what to charge online, too. You can take a look at what gold bullion bars and coins are worth on thewebsite.
Selling your old gold jewelry is a great way to get fast cash, but you have to be careful to avoid scams. A lot of the time you’re better off paying to have it melted down yourself so you know the actual ounce value. Have you ever sold your gold for cash?
Image via Flickr by Ha! Designs – Artbyheather