Cash for Gold Scams

The price of gold has been skyrocketing, and you decide it’s high time you get rid of those unwanted gold jewelry you have lying around the house. Then you see a certain website offering cash for gold, and you’re immediately hooked. Suddenly you find yourself checking out their website and requesting for a prepaid and insured envelope, in which you will put all your gold jewelry to be mailed to the buyer. A few days later, you receive a check that wouldn’t even pay for the regular metal that was alloyed with the gold in your jewelry. Or worse, you get nothing at all, and your gold jewelry has disappeared into thin air. Then you realize, you’ve been had by one of those cash 4 gold scams.

Chances are, you have already heard about other people victimized by these cash 4 gold scams. Newspapers and other media have been featuring stories about people who lost their gold to gold buying scams. Now all that could have been avoided if only you proceeded with caution and did a little research first.

Now to avoid falling victim again to cash for gold scams like the dollars 4 gold scam and the empire gold buyers scam, do a background check on the gold buyer you will be doing business with. See if its reputation is solid. Typically, those that have been in the business for a long time tend to be the real deal and not just some fly-by-night gold buying scam. These companies, after all, have spent years building their reputation up, and would do their best not to waste all that effort by doing something that would make them seem like a gold buyers scam. It would definitely be a plus point for a company if it has its own refinery. A company that refines its own gold means there are no middlemen, and no middlemen means more cash for you.

It would also help if you have your gold appraised first by a professional appraiser. This way, you would have at least have an idea of the approximate value of your gold, and you’ll know right away that you’re dealing with a possible cash for gold scam if you’re offered a very low price for your gold. Also, check out customer review sites, where you can find out how much the company offers for gold on average.

Another great way to determine whether a buyer is just another cash 4 gold scam is to ask the company itself. Call the company number or customer service number and ask them about their brokering policies, their insurance coverage, and what their gold handling process would be like.