Top 5 Gold Buying Scams Revealed
Posted April 5th, 2012
For over 25 years, we have been educating our clients and Orange County residents on how to maximize their return when selling gold, silver, platinum, fine art, antiques, rare coins and other valuables. Here are some alarming Gold Buying scams to beware of when selling your Tangible assets:
1. Beware of companies that state they will pay “up to” a certain price for your valuables. Please note that this is acceptable only if you also know the MINIMUM amount the company will pay. We always give you both.
2. Avoid falling for the “we pay 20% to 50% more for your gold” gimmick. 50% more than what? Legitimate gold buyers work on razor-thin margins and rarely net more than 10% of the gold’s value. Anyone offering you “XX% more for your gold” is undervaluing your item from the start.
3. Watch out for buyers offering a “senior citizen bonus.” Reputable companies are already offering the best prices, so there should not be room to add extra money to the offer--regardless of your age. Buying and selling valuables is a black-and-white process.
4. Beware the bait-and-switch scam. There are companies offering deals that are too good to be true. You arrive expecting a certain amount, only to be told that your particular valuable is inferior, or of low quality.
5. Be leery of the “we pay top dollar” angle. By definition, there can only be one company that is the “top buyer,” so why is it almost every buyer claims to pay the most for your valuables? Be sure to shop around to find the true top buyer in your area. SMART TIP: Whether you are buying or selling, ALWAYS obtain at least three offers from reputable firms, such as Tangible Investments of Laguna Beach.