The price of gold hit record levels this week, creeping close to US$1,300 per ounce!!
By consequence, many of you might be tempted to dig into your jewelry boxes and cash in with companies that deal in scrap gold. Sure, they’ll give you cash for your gold, but how to make sure you’re getting the money you deserve?
Here are a few things you should keep in mind before turning grandma’s antique ring into quick money:
1) precious gems or detailed engraving aren’t taken into account at most businesses offering money for gold. In the buyers eyes, it’s scrap metal — so for truly valuable items, you might be better off dealing with a reputable estate sale or auction.
2) good buyers should be up front about their per-gram rate. You, in turn, should feel free to shop around, and be sure to ask questions — whether a business is properly licensed, for example, or how long it’s been in operation. You should also get a receipt for any gold left with a business. Basically, find a company that you can trust.
3) ‘Gold parties’ (imagine a Tupperware party, except with gold-hawking friends meeting a prospective buyer) are picking up in popularity. So are companies that let people send off their gold by mail and get a cheque in return. But not all such operations are legit, so you should check out the background of a company before making any deals. 1-800-636-9536 is a number you can call to inquire about complaints about jewellery businesses– do it!
Industry expects are even saying that “if you’re going to sell it, now is the time to do it” BUT so long as you do your homework first!