Unfortunately, gold buyer scams are prevalent and often hard to spot. When selling gold, silver and other items, we always encourage clients to do their homework before visiting a gold buyer.
Being informed and asking the right questions will help ensure a smooth transaction and the most money for your items.
IS YOUR GOLD BUYER LISTED WITH xxx?
Check if your gold buyer is listed with the xxx and if any complaints have been made regarding their business practices. Be wary of businesses not listed with the xxx. Some travelling gold buyers for example, are not listed as they frequently change names and locations. All businesses should be listed regardless of whether or not they are accredited. While becoming accredited is not mandatory, it does add an extra level of confidence in that buyer. All of Canada Gold Buyer’s locations are listed with the xxx to give clients peace of mind.
CHECK CURRENT GOLD PRICES
Avoid buyers who refuse to post prices, especially pawns shops and jewelry stores. They frequently offer unreasonably low prices if they suspect a customer doesn’t know the value of their gold. Even if they do post their prices, double-check to make sure it is the amount you are receiving per gram. We have had many customers report that our competitors pay much less than their posted rates if they suspect the customer has not seen the posted prices. We post the latest gold prices on our website here.
KNOW YOUR WEIGHT
Make sure you know the weight of your items (in grams) before visiting gold buyers. Then you will know if their offer is fair. Don’t have a scale? You can use quarters or loonies as a reference. Quarters weigh 4 grams and loonies weigh 7 grams.
We encourage you to shop around for price and are confident that you will return to us to sell your items. We frequently visit our competitors and have yet to find an actual offer that is higher than ours. If you have received a written quote from one of our competitors before you arrive, you will find our payouts higher. If not, we will match the price PLUS xx% of the difference with our xxx% best price guarantee.
READ FINE PRINT
Always read the fine print. Many sellers advertise their prices only for customers who sell more than $10,000 worth of gold. If you are selling less than this quantity, they may pay you much lower prices.
AVOID PRICE RANGES
Be wary of any gold buyer who gives you price ranges but refuses to commit to a specific price. If they tell you they are paying “$8 – $14 per gram”, you will likely be offered a poor price after an unpleasant negotiation.
If you would like more tips for selling gold or have any questions about avoiding gold buyer scams, give us a call on 1-800-252-1476 or visit one of our locations in person to speak to an expert. Education is your best protection!