3 Questions To Ask When Choosing A Buyer For Your Old Gold

Are you ready to get rid of your old gold and make some money off it? There are plenty of gold buyers out there ready to make you an offer. Here are a few questions to ask when choosing a gold buyer to work with.

How is an Offer Determined?

It is important to understand exactly how an offer amount will be determined when the buyer you choose to work with examines your gold. Do they pay by weight only, or do other factors get considered when determining an offer?

If the company considers things like broken clasps on jewelry or deep scratches on coins, you should know about it ahead of time so that you have an opportunity to handle any problems that are correctable before handing your gold over to receive an offer for it. Many companies don't pay attention to problems with jewelry, coins, and other types of gold so if you don't want to worry about those things, move on to a buyer that won't consider them.

Who Pays for the Shipping?

If you decide to work with a gold buyer that is not located in your area, you will have to mail your gold in to have it appraised for an offer. If you decide not to take the offer, your gold must be mailed back to you. Therefore, it's a good idea to find out who will pay for shipping beforehand so that you can properly budget for it and consider the shipping budget when deciding whether to accept an offer from the buyer.

Is the shipping cost worth the offer when all is said and done? The buying company may pay for the shipping costs when sending your gold to them but make shipping your responsibility if you decide not to take their offer for the gold. Some companies will pay for shipping no matter what. Yet, other companies won't pay for shipping at all.

Will Third-Party Appraisals Be Considered?

Some gold-buying companies are willing to meet a competitor's offer, so it's important to find out whether third-party appraisals will be considered if you submit the appraisals with your gold to a prospective buyer. If you don't know that other appraisals will be considered, you won't know to send appraisals with your gold for consideration. As a result, you may end up losing out on some money that you could have earned for your gold overall. 

For more information, contact a gold buyer near you.