Selling Your Gold? How to Spot Shady Gold Dealers

HomeBlogSelling Your Gold? How to Spot Shady Gold Dealers

With gold prices soaring to historic highs, you might be thinking it’s probably time to cash in on your gold coins or jewelry. But while it may be the right time to sell gold, your endeavors may turn sour if you cross paths with a shady gold dealer.

Selling Your Gold? How to Spot Shady Gold Dealers

Here are some red flags you shouldn’t ignore when looking for a gold dealer:

  • The Dealer is Pressuring You to Sell. Run, don’t walk, from any buyer rushing you to sell fast before prices supposedly “drop again.” A legitimate gold dealer always lets you set the pace.
  • Lowball Offers. Offers way below market value usually signal a shifty dealer. Some gold dealers prey on the fact that many sellers are unaware of the true value of their valuables. This is why it’s so important to have a rough idea of current prices before you head to the store.
  • Their Pricing is Not Transparent. A reputable gold dealer must clearly explain their pricing criteria, from weight to purity. Opaque offers or promises to “cut you a good deal” just don’t cut it.
  • They Have a Bad Reputation. Another great way to weed out shady gold buyers is to check their online reviews on platforms like the Better Business Bureau. Excessive complaints of undervaluing gold or stalling payment could indicate a scam.

When selling gold, it pays to do your homework. With a bit of caution, you can avoid shady gold dealers angling for an unfair slice of the profits from your precious metals.

Here at Carolina Silver & Gold, we pride ourselves on the reputation we’ve build over our 40+ years in business offering honest and transparent prices for gold in the Greensboro, North Carolina community. We are BBB-accredited and are a trusted National Pawnbrokers Association (NPA) member. Get in touch with us today.