4 Things You Must Consider Before Selling Gold For Cash

Things have become so difficult for many people that they have resorted to selling gold for cash

. Now, if the gold were from a gold mine, then it would have been excusable and even welcome. However, these are usually jewellery pieces they had before the recession and now they have to sell them just to make ends meet. For most of these people, selling gold for cash is a completely new terrain. As a result, there have been many reported cases of people gullibly sending their gold jewellery to fake companies dealing in gold, only to find that these people are scammers.

If you are new to the business but really wish to sell your gold without having to go through what many of these people have been through, here are some tips that you should consider and look out for before even attempting the trade.

1. Their Pay rates

After researching the Internet or the yellow pages and having found a few companies, visit their websites or call up their offices to ask for their rates. This is essential in ensuring that you will be getting a good deal for your gold. If you call the office and get the voicemail, leave a message. If they call you back, check to see if their rates are good enough. If the rates seem too low, scrap that company from your list and if it is too high, do the same. In the case of the latter, they are likely to be scammers looking for an opportunity to defraud someone.

2. Check if the Rates Quoted are Unusually High

A quick search on the Internet using the word "reviews" or "rates per ounce" after the gold dealer's company name should give you all the results you need. If for example, a gold dealing company goes by the name XYZ Enterprises, then your search queries should be "XYZ enterprises rates per ounce of gold" or "XYZ Enterprises Reviews". These quotes, rates and reviews will give you an idea of their rates and what people think about them. While the rates may be appealing, follow what people are saying about the company. If three or more people say that the company is fraudulent, you better believe it.

3. Look for an Independent Review

A solid company knows the benefits of an independent review carried out by either an authority or an independent study when verifying their claims. So be on the lookout for these too. Independent studies are cheap to carry out and when the gold dealer has a good reputation, it usually means they are likely to have an independent body understudy their claims and make their conclusions based on what they find.

4. Are your Jewelleries Insured?

This is very crucial. Find out if they insure your gold as soon as you send it in and as soon as they receive it. If they do not, then you don't want to deal with them.

Selling gold for cash is easy if you carry out all of these tips and get satisfactory results.

by: Lawrence White

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