If you have lots of old gold jewelry you don’t wear anymore, now is a great time to consider selling gold for cash. The price of gold is high and refineries are looking for as much scrap gold as they can get. However, selling gold isn’t something you should do without researching your options. A few tips from the experts will help you get the maximum price for your scrap gold and will protect you from scam companies. 1. Research the company thoroughly. Some companies will tell you they’ve been in business for years but neglect to tell you that most of that time wasn’t buying or selling gold. Be sure any company you’re considering states that they’ve been buying gold for at least ten years. The more experience the company has, the more smoothly the transaction will go. They will also be more likely to offer you top dollar for your gold. 2. Check out the company Web site. Does the website clearly state the company’s policies regarding buying and selling gold? Is there a physical address? If the company only lists a post office box, be wary. This is sometimes a tip-off that the company is a recent business that wants to be able to fold up shop quickly in the event of a problem. 3. Look for a company that has lots of communication options. The easier it is to reach someone to talk to about your concerns, the more likely it is you’ll be happier with the results when selling your gold. If a Web site that buys gold clearly posts an e-mail address and a toll-free telephone number, it’s a good start. If they offer live chat, it’s even better. This means the company is dedicated to making your gold transaction as simple and reassuring as possible. Give the company a call and ask a few questions; you’ll learn a lot about the company’s values and dedication to potential clients with a simple phone call. 4. Don’t let yourself by locked into a transaction too soon. Some companies have fine print in their agreements stating that once you send your gold, you have to accept whatever they offer in payment. Selling gold shouldn’t mean a commitment to sell without knowing the price †you’d never agree to buy a car without knowing the cost! Don’t sell your gold without know the price. High pressure sales are also a no-no. A reputable company will contact you with a quote and let you decide whether selling gold to them is a wise decision. 5. Avoid companies that are middlemen. You’ll get the best possible price by selling to a company that has its own gold refinery. These companies buy scrap gold and melt it down themselves so they can cut pretty close to the actual value when offering to buy your scrap gold. If the company buys from you, then turns around and re-sells the gold to someone else, they have to have a profit margin for themselves. They will usually do this by making you an offer that is substantially less than the gold is worth. 6. Do your homework on current gold prices. Don’t assume that because a company is willing to post the current prices they are offering for scrap gold that they are offering a good price. Compare the price they are offering to the current actual value of gold on the open market. CNN’s Web site is a great source of information on current precious metal values. When selling gold, you should be offered a price that’s around 90 percent of the actual value. Unfortunately, you may find companies that offer as little as 40 percent of the actual value of your gold. 7. Make sure your gold will be insured in-transit. If you will be selling a lot of gold to a company or even simply sending it in to get a price quote, the company should fully insure it for the estimated value. Shipments are occasionally lost in the mail or during shipping, so proper insurance is a must to protect you. Above all, be cautious, ask questions and make a decision that’s based on the facts. If you do this, selling gold for cash will bring you a great return.
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