Because the price of Gold has reached new records there has been an avalanche of companies all wanting to buy gold for the least they possibly can.
The Office Of Fair Trading (OFT) enquiries into traders buying gold from consumers using the postal service is a definite red flag that consumers should be wary of which online companies they choose to send their gold to.
Most people simply don’t realise what the Gold they own is actually worth, from those “now” rather out of date looking earrings, watchstraps & bracelets that simply sit in a jewellery box on the bedside cabinet collecting dust, right through to those thick gold kneckchains chains that only see the light of day on special occasions.
Naturally, if people are feeling the pinch they may attempt to drum up a little extra cash by sending off their gold in order to see how much it may be worth. That however is where the problem could arise, because if they then receive an offer that in reality has no bearing on the “actual” weight value of the Gold sent, it may still be readily accepted.
This is not to say that most reputable companies wont offer a fair price but it needs to be said that it is in their interest to make the most profit they can.
With this in mind our advice is simple
Spend a little time checking out the credentials of the company your considering selling your Gold to.
The most reputable companies will not normally risk their hard fought for reputation by offering you a price that has no bearing on the actual true worth.
