Check for Credentials
All gold-buying businesses have to be licensed by the state. Stay away from businesses that have only been around a few months, are set up in a motel, or share a building with any other business.
Read Better Business Bureau complaints.
Make sure to check the Better Business Bureau for complaints against a company before you deal with them. They receive about 500 complaints against these types of dealers every year. One of these companies is the well-known Cash4Gold, which has flooded daytime TV channels with commercials. After getting nationwide coverage in the 2009 Super Bowl, the BBB has received more than 350 complaints in the past three years. Most complaints claim that sellers got a lot less for gold than it was worth.
Get an appraisal for fancy jewelry.
Any antique or intricately made jewelry should be appraised before selling. Most gold buyers are only interested in paying by metal weight and some of your pieces are worth a lot of money to the right dealer. Some jewelry is signed by the gold or silversmith that created it. This can make a $20 silver bracelet worth well over $600. Antiques that were created during certain art movements can be worth even more. Unless you acquired your gold recently and know that it is not a work of art, you should definitely get it appraised first.
Comparison shop before you sell.
It is worth your while to get estimates from a few gold buyers before committing to a price. How much each dealer offers is based on what his or her plans are for your scrap metal. The fewer people are involved in the company, the fewer people have to be paid and the better your offer probably is. A home gold buying party pays about half the price of gold because of all the people involved in the operation. Kiosks generally pay about 60 percent because of the high cost of rent.
What to do before mailing your gold.
Read what the company’s policy on items lost in the mail. You will want to make sure that it is protected against loss and get the value of your gold appraised before you send it in. Most mail-in companies only pay about 20 percent of your gold’s market value. Only use these services if you do not have access to a jewelry store that buys gold and silver regularly. Otherwise, you might as well go sell at a pawnshop. Be realistic about what your items are worth. Fourteen karats is 58.5 percent gold, for example.





























