How to Sell Your Gold Without Getting Scammed

by Investing School on January 23, 2010

As an investor and a gold owner, you need to be on the lookout for ways to sell your gold without running into a scam. Unfortunately for investors, there are many people out there who are looking to take your money just because they can. This is an unfortunate consequence of the world we live in and it’s something that you have to take to heart when you are looking for an opportunity. The nice thing is that if you are a smart consumer, you can get the gold sold without having to deal with these people. Following a few easy tips will allow for a much easier process.

It starts with common sense

Before going into more specific ways to avoid getting scammed, it has to begin with a measure of common sense. If you have purchased gold, then you are probably a pretty shrewd person. That means that following your better judgment is a good idea. If something seems fishy or does not feel right, then don’t enter into a deal. Consumers need to know that there are lots of different options for selling your gold out there. Before you hand it over and strike up a deal, you owe it to yourself to be absolutely sure about the legitimacy of the person you are dealing with. If you even suspect a scam, then walk away and find another prospective buyer.

Use the internet, but only legitimate sites

Don’t be afraid to sell your gold on the internet, but also be aware that the internet is home to many scammers. People see opportunity on the internet, so they set up elaborate ruses to lure people in. They understand that there are actually legitimate places to buy and sell gold online, so they use that knowledge to trick people into losing all of their investment. Make sure that you do research on a website before you enter. Run a search or two and find out what people are saying about that website. In addition to that, look for the security certificates and the encryption markings on the site.

It is possible for a scammer to run a site with the proper security clearance, but this should be a starting point. If a site does not have proper, professional encryption, then you don’t need to be putting your information there in the first place. There are too many good sites to run any risk with a bad one.

Look into selling your gold to a jeweler

One of the things that has become popular today is selling your gold to a jeweler. Many of the top jewelry stores around are running specials and sales where they offer market price for the gold. They will take that gold and sell it in larger quantity to bigger companies that offer a higher than market price. In this type of situation everyone wins and you get market price for your gold. Whether we are talking about gold coins or the old gold jewelry that you have laying around, this is one way to know that you aren’t going to get scammed.

On this same line of thinking, consider those people who host “gold parties”. This, too, is a new fad in the business. Many times a jeweler will team up with a person that they know to host little parties where people can sell their gold for legitimate market price. This is a nice thing because it allows folks to sell gold to someone that they know and trust. Likewise, they can sell their stuff without having to go online and the money comes to them in cash. As a gold owner, if you can find one of these parties, then you will be on your way.

Research the price of gold for yourself

Ignorance is the weapon that scammers use to trick you in this instance. If you put in the research and know the price of gold when you go to sell the items, you will avoid this type of scam. Knowing the current value of your items will allow you to understand when someone is trying to undercut the price on you. If that happens, you can just walk away and sell the items somewhere else. If you did not happen to know the value of your gold, you might be enticed to sell things at below market price.

Keeping your head about you and using some common sense can stop most of these problems before they ever get started. It is really a seller’s market today, so don’t settle on a seller unless you are absolutely sure.

About the Author: Shaun Connell is professional blogger and loves collecting gold coins for fun and profit. Don’t forget to check out his gold coins website. To learn more about selling gold coins, read How to Sell Gold Coins Online.

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