Trading gold for cash seems like a good idea. After all who, woman or man, doesn’t have a piece or two of worn-out or ugly jewelry that they never wear? Trading it for cash certainly seems like a better idea than leaving it to sit in a box to get tangled or broken.
Unfortunately, with the sudden popularity of investing in gold, and selling off old gold pieces, a lot of shady, fly-by-night businesses have opened up to help unwitting patrons unload their unwanted gold… without getting anything in return. Like any other business transaction, it’s important to protect yourself when selling gold.
For starters, find customer testimonials on a third-party website or publication about the company you’re selling to. If a website offering to buy gold doesn’t have any reviews, avoid it. Some gold sellers have been suckered by unscrupulous places, mailing in their gold only to be told it was “lost” in the mail, and receiving no payment for it. If possible, sell your old jewelry to a brick-and-mortar business, like a jewelry store.
Secondly, have your jewelry assessed for purity before selling. Testing it yourself is well and good, but having results from a certified laboratory can help if a dealer tries to claim your gold is worth less than it is.
Thirdly, keep up-to-date on fluctuating stock prices for gold. Knowing the state of the market can help you recognize what is and isn’t a fair price.
Knowledge is power, and being savvy about selling your old gold can go a long way toward protecting you and your money.