It’s never been easier, or riskier, to sell gold.
In fact, today you can walk into some supermarkets and sell your gold while grocery shopping, and eBay has a new section for selling gold online, called the “Bullion Center.”
That’s good news if you want to cash in on the fact that gold’s selling for around $1,800 an ounce. But before you sell, here are some things to consider so you don’t get scammed, according to expert pawnbroker Dave Crume:
- First: Only deal with LICENSED gold buyers. Crume says legitimate dealers should have state- issued credentials on display. And they should always ask you to show some ID – like a driver’s license. If they don’t, that’s a big red flag.
- Next: Always get at least four estimates BEFORE selling your gold. Crume says multiple estimates will help guarantee you get the best price.
- However: Don’t MIX your gold. Because some gold jewelry is worth more than others, but shady dealers will pile all your jewelry onto a scale, and pay according to the lowest value. So, even though you have 24 karat gold in there, they’ll pay the 10 karat gold price. That’s why Crume recommends separating jewelry in advance.
- One more tip: If you’re selling gold online, read the fine print! For example, some gold Websites offer free shipping when you mail in your gold. But if you decline their offer, and ask to have it returned, they’ll charge sky-high shipping rates. Other sites may not reimburse you if your gold gets “lost in the mail.”