How To Avoid Scams When Selling Your Gold

There are always people who are waiting to take advantage of others, and in the event you wish to sell your gold, you need to take care. Unethical traders will try to convince you that your gold is not worth much, and with that in mind, here are some tips to ensure that you are not the victim of a gold scam.

Use The Internet

A simple Google search will give you the website of an established gold bullion dealer, who would offer you a better spot price than a jeweler, and take your gold to their offices, where it will be valued in your presence.

Reputable Online Gold Bullion Dealers

If you live in the area, head over to Gold Buyers Melbourne, where you can be sure of getting top prices, and should you ever wish to reinvest, they are the people to see. Thereโ€™s always a risk that the buyer offers less than the real value, and if you are not so knowledgeable regarding gold purity, you might end up losing out on the deal.

Look For The Best Spot Price

The price of gold goes up and down all the time, but rarely experiencing any volatility, gold is bought and sold according to the current spot price, and using the Internet, you can quickly find the spot price of gold in various purities. The larger gold bullion dealers would offer the best prices when buying gold, and regardless of what you have, you wouldnโ€™t get a better deal when selling gold.

Avoid Selling To A Private Gold Dealer

This is the area when the scammers are, and you can eliminate any chance of being scammed by only selling to a registered gold bullion dealer. Gold is something that most people have little knowledge about, and if you are in need of cash, you might accept a price that is very low.

Know The Purity

Gold comes in 9, 14, 18 and 24k, and each has its own spot price, and you should know the purity and weight of your gold prior to making contact with a buyer. Jewelry is commonly made with 9k gold, while in Asia, everyone wants 24k, which is 99.999 pure gold. Pure gold is very soft and malleable and, of course, you get the best prices when selling. You can lose a lot of money when selling modern gold jewelry, so be prepared for a loss when you sell, but if the jewelry is sitting in your jewelry box and is never worn, the best thing to do is sell it as scrap to a local gold bullion dealer.

If you ever decide to add some gold to your investment portfolio, you should seek out a reputable bullion dealer, and he can advise on which format is best, while also providing you with the gold. Selling your gold to such a company will give you the best prices, and a reputable gold dealer can easily be located with a Google search.


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