5 Tips for Safely Selling Gold Online

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Cash for gold

If you’re looking at how to sell gold, you’ve likely found that there are many options. In the Internet age, no doubt one of the most appealing ways is online; it’s easy, since all you need to do is make some arrangements on a website and weigh your gold on a kitchen scale for a quote before sending it off and receiving money. But if you’d like to sell gold online, here are a few tips to keep in mind first:

  1. Comparison Shop

    Even if you do eventually decide to sell your gold via the Internet, start locally if you’d like to get a fair price. Go to several shops in your area (all on the same day, since prices fluctuate with the market) and ask for assessments. If one of them is significantly higher than what you’ve been offered online, then you can take the offer on the spot. But keep in mind that if all the shops offer you a lower price than a website, this may be a sign the site is intentionally overquoting you and isn’t on the level.

  2. Beware Lone Wolves

    This perennial tip holds true whether in real life or online: Stay away from gold buyers that aren’t firmly established. In your hometown, this might mean buyers who come into town and set up shop at a local hotel for only a weekend; online, this might be a site that hasn’t been around for very long or isn’t attached to a well-known entity.

  3. Weigh by Karat Value

    Make sure that whatever offer you’re getting takes into account the varying karats of the gold you’re selling, since it’s likely mixed. Pure gold is 24 karat, so you should be getting more for that than, say, 14 karat. If you’re getting an online offer, an unscrupulous buyer might quote you as if all your gold were 24 karat, but pay you as if it were all the lowest purity you send.

  4. Scour the Shipping Terms

    Online and mail-away gold buyers often have you ship your gold (sometimes free of charge) for assessment, promising to return it if you’re not happy with the price you get. But keep an eye on the fine print: Some unscrupulous buyers will make you pay for the return shipping, which — since gold is heavy — can be so expensive that you’ll end up just taking the lower payout regardless of what your gold is actually worth.

  5. Ask for ID

    The Internet is a haven for those using fraudulent identities, and this is one of the main reasons not to sell gold online. But if you must, try to stick to all the same precautions you’d expect in person or be even more stringent, asking for a state license, identification and some corroborating information (such as from the Better Business Bureau or another reputable business organization) to make sure the site’s on the level. It’s all too easy for a stranger online to have you ship your gold somewhere and then disappear without ever paying you.

Whether you ultimately decide to sell gold online or take it to a local shop, the best thing you can do to protect yourself is to educate yourself about the gold buying industry so no one can take advantage of you.

Do you have any other tips on selling gold and silver? Would you sell gold online? Share in the comments.

Helpful links: www.cashngold.com

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