Can You Make Money Buying Gold On Ebay
Gold: 7 Things to Know Before Y'all Sell
Gold scams abound, so know the alert signs.
Aug. 16, 2011 -- Selling gold never has been easier--or riskier. With prices of the precious metallic hitting records virtually daily ($1,774 the ounce, as of today), and with fear and uncertainty continuing to roil the world'due south financial markets, gilt buyers are eager to pay top dollar for any jewelry, coins or bars yous care to part with.
Never have at that place been so many choices on where and how to sell. In Texas, you lot tin can pick upwards a nice steak for dinner and unload your tiara at the aforementioned fourth dimension: Aureate and Silverish Buyers, the state's biggest heir-apparent of precious metals, has its stores conveniently located within or aslope supermarkets.
Since May, eBay has been offering a new feature on its site--a Bullion Center. Spokesperson Johnna Hoff says information technology was created "to be a one-stop destination" consolidating trade in all types of bullion--gold and silver coins and confined, primarily. The terms and conditions that apply to the sale of a gold bar are no more than onerous those that use to somebody who sells a toaster, a football jersey, or anything else on eBay: Small, casual sellers (non-professionals) pay eBay ix per centum of the price for which their bullion sells, when and if information technology does. There'southward no charge for list. Small-scale sellers, says Hoff, accounted for about one-3rd of bullion sold concluding week on eBay.
Whether y'all sell your gold online, at a local jeweler or through a pawn shop, it's possible, if y'all're not careful, to current of air upwardly with less than its full value. To avoid getting taken, go on these 7 points in mind:
Store Around. No thing how or where you ultimately chose to sell, showtime locally. Take your gilt to a reputable local jeweler or pawn shop and ask them to estimate its value. That style, you lot'll have at least have a base price in hand before you lot solicit online bids or other offers. You don't need to worry that you're abusing the good nature of your local businesses, says Dave Crume, past president of the National Pawnbrokers Association and vice president of Wichita, Kansas, pawnbroker A-OK Enterprises. They're in business to give estimates, and they'll requite them for free. "Go to three or four stores," he advises, "and compare." To locate your nearest pawnbroker, try the National Pawnbrokers Association website.
Beware 'Rogue' Buyers. Crume cautions sellers near doing business with transient gold dealers whom he calls "rogue" buyers (also known every bit "hotel" or "pop-upward" buyers). They blow into town, run ads promising high prices, and set up shop, say, in a hotel ballroom. Afterward vacuuming upward a city's worth of jewelry and coins, they disappear, sometimes leaving their victims un- or underpaid. In ane test, a gold chain legitimately appraised at $250 was offered to a variety of hotel buyers. None offered more than $130. Earlier you sell gold--whether to a hotel heir-apparent or to everyone else--check with the Better Business Agency to encounter if there are complaints against the buyer.
Don't Mix Karats. Among the new places to sell your aureate are Tupperware-like "gold parties" like those organized by Premier Gold Parties, where a grouping of friends or neighbors come across to socialize and sell their gold in a dwelling house setting. "While aureate parties may be a convenient way to brand some cash," warns Tucson's Meliorate Concern Bureau, "they may non provide yous the all-time deal." Why not? Too many hands in the pot: the company that organized the party gets its cut, and so does the host. At some parties, all jewelry is weighed together, regardless of its karat value, and sellers are paid according to the lowest karat value. Don't accept those terms. Divide your jewelry in accelerate, by karat, and make sure you are paid more for higher-karat items.
Proceed an Heart on the Scale. While the accuracy of scales used past jewelers and pawnshops is verified periodically by the section of weights and measures, the same may non exist true for scales used by hotel or house party buyers. The Better Business Agency advises sellers to pay close attending to how their golden is being weighed: Jewelers value gold not by the ordinary ounce (28 grams) but by the Troy (31.one grams). While some buyers pay according to the gram, others use a system called pennyweight: A pennyweight is equivalent to one.555 grams. A seller needs to make sure he's not being weighed by pennyweight and paid by the gram, since that would allow the heir-apparent to get more gold for less coin.
Read the Fine Print. Sell Gold HQ, a website that reviews and compares online gold buyers, advises sellers to compare terms and conditions advisedly. "Fifty-fifty when consumers employ a legitimate site that buys gold online," says the company in a statement, "it is piece of cake to make a costly mistake past not reading the fine print. For example, some websites offering free shipping to transport in gold, only very high aircraft rates if the consumer declines the offer and asks for he aureate to be returned." Check the buyer'south policy, too, on reimbursement if they lose your golden. Many offer merely express liability.
Cheque Credentials. Ask a potential heir-apparent to show you his credentials: If he'southward legitimate, he'll exist licensed past the country to buy gold. He will also be required by constabulary to ask you, the seller, to produce a driver'southward license, passport or another form of authorities-issued identification. That requirement exists to frustrate money laundering and the auction of stolen holding. If your buyer does not enquire to run across your ID, accept your business elsewhere.
Is It Scrap--or History? Before yous sell a gold item to be melted downwards for scrap, make certain it's not worth more than in its present form. Brian Witherell, operations director of Sacramento, Calif., antiques dealer Witherell's, gives this example: A seller brought him an antique particular—a small gold watch fob made in the shape of a railroad spike. "It was a petty thing," Witherell recalls, and would non take brought much as fleck. Upon inspection, the fob turned out to have been fashioned out of gold left over from making the famous total-sized golden spike used in 1869 to commemorate completion of the transcontinental railroad. At auction, information technology sold for $20,000.
Source: https://abcnews.go.com/Business/selling-gold-scams-beware-tips/story?id=14309128
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