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Differences Between Gold Buying Companies

Saturday, December 4th

Differences Between Gold Buying Companies

Like any company you deal with, policies and customer service can differ greatly from place to place. With gold being an expensive commodity, finding the right company to work with is important. One would think that selling gold would be straight forward given the listed price on the stock market each day. Unfortunately that's not the case with most gold selling transactions.

  • Gold brokers are in the business to buy gold, have it melted down, and then sell it to the next guy. The true value of your gold is simply determined by the karat value; for example 10, 14 or 24 karat gold. The next factor used to determine the value of your gold is the weight. But, most brokers don't give you the full market value as their objective it to turn a profit. Unfortunately, it's not as simple as calling the company and asking them what today's gold rate is. Most are hesitant to provide any details but will give you a quote once they've see the gold in person.
  • Better Business Bureau rating is another way to differentiate gold buying companies. You can easily see if customers have walked away satisfied or not by the current rating of the company. Legitimate companies are willing to work with you to correct any issue while fly-by-night organizations put profit before service.
  • Insurance plays an important role in transporting your jewelry to and from a company. Most companies willing to buy your unwanted gold provide you an insured envelope and will ship your valuables for free. When you send off an expensive gold piece you want to be sure you will receive compensation should something occur in transit. Also, if you aren't satisfied with the quote you'll want your jewelry returned in an insured envelope for the same reasons. Some companies will insure the delivery for a few hundred dollars and some will go much higher.
  • Communication is also a big part of the gold selling process. Companies that give you email notifications or online access to keep you in the loop of the arrival, analysis and quote process will make you feel at ease. Others that simply cut a check and mail it are going to bring more stress.
  • Policies vary greatly among gold selling companies. Many provide a quote that you can accept or reject online or via email while others simply send a check and give you a certain number of days to return to get your items back. Many times the policy is centered around how you've asked to be paid. If you've asked to be paid via wire you may be opting out of any return policy.

It's important that when you sell your gold you feel confident your valuables are in good hands. Finding a company with customer friendly policies and abundant communication will provide the best results.

The Best Sites to Sell Gold Compare Sites to Sell Gold Compare Sites to Sell Gold Reviews What are the best Sites to Sell Gold Best Sites to Sell Gold Reviews

Sites to Sell Gold FAQ

It's just as the name suggests: you send in your gold items and get money in return! If you've got broken jewelry lying around, hand-me-down watches that no one knows who they used to belong to, or even gold teeth (!) that were removed, you can exchange them for cash.
It's surprisingly simple. Once you've selected a cash-for-gold service that you like, you'll provide your information and either get a shipping kit or print off a label. Package up your gold items, send them in, and wait for an offer from the company. If you accept their offer, you get paid; some services use PayPal while others send a check in the mail. Otherwise, you can request that they return your items and try your luck with another service.
That depends on several factors, the biggest being the going market rate for gold. Don't expect to get rich off of a few pieces of Great-Grandma's broken jewelry you found in a box somewhere. But, it can be a way to get a nice bit of pocket change, especially if they're items no one is wearing anyway.
Yes! Many cash-for-gold services will also make you an offer on silver, platinum, diamonds and more.
First and foremost, look for a company with a solid reputation. Reading customer reviews and finding out the service's rating from the Better Business Bureau are two smart steps to take to ensure you choose a trustworthy service. You'll also want to make sure that your items will be tracked and insured when you use the provided shipping method, and the same on the return if you choose not to accept your cash offer.
A jeweler or pawn shop doesn't specialize strictly in cash-for-gold, so you might not get an offer that's as competitive as what you'd get with an online service. Plus, you have to factor in the time to visit the brick-and-mortar location during business hours, return to collect your items or your payment, and so forth. Using an online service is much more convenient!
Most of the time, yes. The best cash-for-gold companies give you a 100% satisfaction guarantee with their services. But really, what matters most is that you get a competitive offer, and that you can get your items back if you decide not to accept it. You should have no trouble getting that from any reputable provider.
This is another question with a "most of the time" answer. Getting cash for gold is absolutely legitimate, and there are numerous services that have been around for a long time and have a loyal customer base. However, it's not unheard of for scam artists to try and get your gold items - and never give you a dollar. Again, be sure to choose a service with an established history of excellent customer service over numerous transactions, so that you don't get any unpleasant (and costly) surprises.
See the Best Sites to Sell Gold
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