If you are looking to sell some gold, it is important to deal with a reputable establishment, otherwise there is a risk that you will not receive the correct value of the gold you are selling. Gold is a very marketable commodity and it can attract unethical traders, who are looking to take advantage of an unsuspecting member of the public who is not aware of the value. Here are a few signs to tell you that a gold buyer is, in fact, legitimate.
1. Look for the Best Prices
Some gold buyers offer better prices than others, and by using the Internet, you can easily find out whether or not the price you have been quoted is a good deal. Pawn shops tend to offer the best prices, and in the event you don’t really want to sell the gold, you can borrow money on the security of the gold.
2. Registered Business with City Offices
If the gold dealer is a registered business with offices in urban environments, this is a sure sign that they are legitimate, and you can actually pay them a visit and they will value your gold while you wait. Alternatively, there is a reputable dealer such as Gold Buyers Sydney, and they can easily be located with an online search. An established pawn shop would pay top prices for gold jewellery, gold and silver bullion, diamonds and luxury watches, and if you don’t want to sell, you can pawn your valuables.
3. Check the Online Reviews
If a business that buys gold is established, they would have many positive customer testimonials, and this is a sign that they offer a good service and pay top prices. If you are selling gold, you should know a) the weight, and b) the purity of the gold prior to making contact with a business that buys gold. There is an article on how to make sure that you sell your gold to a reputable buyer, which is full of good advice.
4. Busy Equals Reputable
If you visit a business that buys gold and there are many customers, this is a good sign, rather like a busy restaurant, lots of customers usually means the business is legitimate, and if they offer the best prices, look no further in your quest for the best deal.
5. A Personal Recommendation
If you know someone who sold their gold to a shop and they were happy with the outcome, then the chances are that you will be too. Many people do sell their old gold jewellery and by asking your friends, you might be lucky and find a suitable recommendation.
There is always a risk when buying or selling gold, and by looking out for all of the above, you can minimise the risk of losing out. Make sure that you know both the weight and the purity of your gold before you approach a buyer, which should ensure that you get the best price available.
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