Because of the recent recession, people are struggling to find new ways to save and make money. With the price of gold reaching record highs of well over $1,000, ads have prompted millions to look through their valuables for rings, chains, and coins they are willing to part with.
However, Washington state Attorney General Rob Mckenna has cautioned people from little known companies that promise fast cash. This has created an industry tailor-made for a recession and a hotbed of opportunity for consumer scams. The recession itself is responsible for creating this trend among scammers.
McKenna offered these tips for selling gold:
Understand what you have
Have the item(s) appraised. While not required by law, reputable U.S. jewelry makers stamp pieces to designate karat level and include the name or trademark of the company endorsing the mark. However, misleading or fraudulent jewelry markings are not unheard of.
Going to a jeweler for an appraisal will yield the most accurate results. Scrap values don’t reflect the craftsmanship or antique value. You can find credentialed appraisers at the websites of the National Association of Jewelry Appraisers and the American Society of Appraisers .
Shop around
There have been many instances where people who could have got decent money have been fooled because they did not take the time to look around.
Since the price of gold fluctuates, call businesses on the same day to ask what they pay for gold. As nice as it would be, you will not be compensated $1,000 for every ounce of gold you have but at least you can make some decent money out of this. That figure applies to quantities of pure gold only.
Beware of superlative ads
Many ads claim that they pay the highest prices, do not believe these ads. Many reputable companies stay away from these claims and will quote their prices upfront.
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