How To Avoid Falling For A Cash For Gold Scam

And Find A Reputable Gold Buyer Who Will Give You The Very Highest Prices

How To Avoid Falling For A Cash For Gold Scam

Unfortunately, there are still plenty of cash for gold scam artists and fraudsters out there and we sometimes get phone calls from people who have had an unfortunate experience.

It is all too easy to be parted from your previous metals and valuable jewelry be these scam artists who have various methods they use to coerce you into selling your gold or jewelry.

You should be aware of these common tricks that buyers use, although there are other ones too.

Continue Reading To Protect Yourself

Theft Scam

In this scam, a customer has used the online calculator to receive an estimate for their gold, which is sufficiently good to persuade them to send their broken chain to the online gold buying company.

The company then telephones the customer but offers a substantially lower price fro the gold, which the customer naturally refuses. The customer then demands their gold back and it is sent back, although it weighs a little bit less than it did before sending it to the gold buying company. The reason for this is that the gold company has carried out a common, but underhand practice.

Many firms cut off several of the chain links and keep them for themselves, because they know that they cannot actually make money from the chain so feel they may as well get something out of the transaction. The company makes some profit on the links they have stolen, and one problem is that this practice is very difficult to prove.

To protect yourself, you should take photograph of the link chain, etch a unique or distinctive mark on each end of the chain and weigh the chain and indicate the weight.

Under Valuing And Under Weighing

Many disreputable gold buyers use the ignorance of their customers to their advantage; in other words if you do not have any idea what the purity or weight of your gold is, the buyer will simply undervalue your gold, assuming that you wont question the valuation. This is a cash for gold scam that is widely used, and of course you can protect yourself from it by knowing that your necklace is made from 18 carat gold, and not letting anyone try to tell you otherwise.

You may find that your items are weighed incorrectly too, and this cash for gold scam is very similar to having your gold items undervalued. The profits that can be made by a dishonest gold dealer are quite substantial; it is easy to make a profit of almost $900 by under weighing by only one gram on a nine carat piece, and repeating the practice with 100 customers.

Processing And Refining Fees Not Disclosed

Adding refining charges that were not disclosed to customers is another underhand and dishonest cash for gold scam, especially among those dealers who claim to offer the best prices. Some dealers also quote the spot price or the live price on their online calculator, which differs from the rate that you will receive for your unwanted gold.

You Should Research Gold Buyers

There are some signs of a cash for gold scam or clues that will alert you to the fact that a gold buyer is disreputable. You should avoid doing business with a dealer that nobody seems to have heard of, despite the fact that they have testimonials from satisfied customers on their website.

Be wary of reviews that sound too good to be true that are posted on a forum, and be wary of a high valuation for your gold, or of celebrity endorsements.

The best approach is to thoroughly research any prospective buyer and spend some time talking to them on the phone. Ask them all the questions you have and get them to give you prices for example items.

Doing this you will quickly find out who is just trying to make a quick buck from you and who will deal with your fairly.

Next: See Where To Get The Best Prices For Your Gold Jewelry

There Are Reputable Gold Buyers Out There

If you want to us a gold buyer that guarantees your satisfaction, you are in luck.

How about using a buyer who will better any other buyers offer?

How about using a buyer who is so certain they pay the most that they will send a $20 gift certification to any customer who rejects their payment amount?

All you need to do is visit http://www.cashgoldexchange.com and request a gold pack.

Of course, we would love you to call and chat with is first on (877) 747-0202 so you can get any questions answered and assure yourself we are your best choice.

Cash Gold Exchange

5065 Hollywood Blvd #104

Los Angeles, CA 90027