It seems that no matter where you go, there is some sort of ad (whether it be print, television, radio or digital) about selling your Gold. While many people are turned off by this advertising, the fact remains that Gold is at an all time high, and it represents a great opportunity for people to make a neat profit on any of their unwanted Gold.
Vancouver Gold's Greg Neilson was recently interviewed on News 1130 about the gold buying/selling process and what buyers should look out for when looking to sell their gold or other precious metals. Here are some key points from the interview:
- Seller Beware!! You have to know what you have and understand the market value of your goods to get an accurate price. Vancouver gold posts current gold prices daily so you will know exactly how much the market value of your gold will be.
- If possible, sell your gold in person to an accredited buyer. There are many options where you can mail in your gold or sell it at some sort of travelling vendor, but unless you have a qualified, honest buyer in front of you, there is a risk of getting underpaid. Some of these vendors will only pay you 20 cents on the dollar of the actual value.
- What purity of gold do you have? This is usually marked on your gold piece with a halmark, but if not, this can easily be tested by doing what's called the scratch test. The buyer will rub your gold on a stone and then test the purity with different acid solutions. At Vancouver Gold this will be done right in front of you.
- How much does your gold weigh? A gold buyer will weigh your gold (in grams) and that in conjunction with the purity will determine the value of your gold. For things like jewelry there will be a scrap price, but things like minted gold coins will often pe paid out at near full value.
- Make sure your comfortable with your estimate. After your gold is tested and weighed, you will be given a purchase value. There is no obligation to sell.
Like anything else, it makes sense to be educated. The more you know about the gold selling process, the less likely you are to get ripped off. Vancouver Gold is the only buyer in the Vancouver area that is recognized by the Better Business Bureau and they offer a price guarantee. If you find a better price for your gold anywhere else, they will beat it by 50%.
You can hear the radio interview with Greg Neilson here.