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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.
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