With high gold and silver prices, you want to take advantage by selling unwanted jewelry, coins, or other precious metals for top dollar. But navigating all the potential buyers can be daunting. Here are five red flags to avoid getting ripped off when you sell.
#1: Offers Significantly Over Spot Price
Extremely high offers over daily spot market prices for precious metals should raise suspicions. No reputable gold refining company will pay double or triple spot prices, as it’s financially unfeasible. If an offer seems too good to be true, it likely is.
#2: No Reputable Online Presence
Do thorough online research on any buyer before doing business. Check for a professional website, valid contact information, and positive independent reviews. The lack of an established online presence should be a warning sign.
#3: Inferior Testing Methods
To evaluate precious metal items, serious buyers use advanced assay methods like fire cupelling, XRF machines, or ICP spectrometry. Don’t trust buyers claiming to assess gold content accurately through basic chemicals or amateur testing.
#4: Vague on Payment Details
Secure payment practices are essential. Don’t work with any buyer who is cagey about their payment timeline, won’t put quotes in writing, pushes cash-only deals, or rushes you to accept payments unseen.
#5: Lacks Proper Licensing
Check that the buyer has your state’s required precious metal dealer licenses and permits. Unlicensed, fly-by-night operators may scam sellers or underpay. Always verify the proper credentials.
Conducting thorough research is critical to ensuring the safe and profitable sale of precious metals. A company experienced in gold refining provides prompt quotes and payouts, prioritizing integrity in its dealings.
An insured shipping kit can be delivered to your doorstep at no cost within a single business day, facilitating a secure and convenient process for selling precious metal items. This service maximizes profits for those looking to sell precious metals.
As leading dental gold refiners, Bay Area Metals adhere to the industry’s highest customer service, payouts, and security standards. Contact them today to learn more.
