Selling Gold by Post?

[benign01]

I want to sell my old gold. There are lots of companies advertising on the Internet but I dont trust them.

I've heard that some of them pay you too little, that others dont pay what they say they will pay and even that some dont pay you at all

 

I spoke to a jeweller who told me that some favourite tricks are

 

1) Paying you a 9 carat price for 18 carat gold

2) swopping real items for fake ones and then sending you back the fake item

3) quoting you a price per gram and then dropping the price when they receive your item

4) "Losing" the package with your gold in and then telling you to claim via the Post Office

 

I know of 2 people who feel that they have been shortchanged with the amount theyreceived AFTER the event.

Question..Is it really safe to post your gold. How do you know if you are getting a fair price? How do you tell the difference between the advertisers and who is policing all of this?

[Conniff]

As far as I can tell, a troy oz of gold is worth £570 and the buying price by the advertisers is around £50 for 24ct (most jewelry is 22ct at best).

So it would seem that it is better to let it rot at the bottom of the jewelry box than sell it to these rip-off merchants.

[hightail]

You will always get a lower price if you go through these companies. You are paying for the convenience. Even the good ones rely on people not knowing the true value of their own jewellery. They pay you by weight and then sell on any worthwhile pieces. You would be better off selling it yourself in an auction as the auction house would weigh it and suggest a reserve. Your seller's premium would not be more than the cut taken by online companies.

[frettful38]

We wouldn't put money or cash in an envelope and send it anywhere would we? So why would we put gold in an envelope and send it to someone we don't know, no matter how reassuring they may sound.

I for one would never send my gold through the post. It's best to think before you do something like this, weigh out the pro's and con's. If your gold went missing or the packet you sent it in are you ready to go through all that stress with royal mail.

 

I would second what conniff said and leave it to rot at the bottom of your jewelery box. Maybe it could be worth millions later on:D

[benign01]

:)Found a company called the Manchester Gold Company in Manchester that came out to me ...Best pace to sell my gold by far!! Paid an excellent price in cash and explained everything clearly.

I believe there are similar companies in other parts of the country...Speak to them first

Edited September 4, 2009 by benign01

[elasticeye]

for anyone interested in selling gold, i cam across a great website that compares all the big online players, worth a look if you're looking to start selling gold - (Edit)

Edited December 16, 2009 by maroondevo52
Removed commercial link.