Sellers Beware: It’s Time to Find Yourself a Reputable Buyer  

Gold prices soar 

Gold prices tend to rocket in times of global and economic uncertainty. And this has never been as true as today. In 2022, as the world has started its recovery from the global pandemic, the war in Ukraine has created political turmoil and continued a drastic rise in inflation.  

This is not good for the population. However, there is one upside to this horrific conflict. And that’s the price of gold. The price of gold has risen as it often does in times of turmoil, this means you can currently get more value when you sell your scrap gold

Why it may be a great time to sell 

Many of you are likely holding onto gold objects in some form or another. Whether you have some old jewellery that you don’t like anymore or have a couple of gold coins gathering dust in the attic.  

In times like these, tangible assets like gold tend to rise in value. Because of this they can generate a quick return for those with scrap gold to sell.  

What does this mean for you?  

Well, as we’ve mentioned, it could be the perfect time to sell your unwanted gold. But there’s one catch. When the gold price spikes, the number of untrustworthy operators within the gold buying market increases. 

The tables turn: sellers beware  

Usually, it is the buyer who should beware of being tricked. This is because they generally have less information than the seller about the goods or services they are purchasing. 

However, with gold, the picture is quite different. It is the sellers who should be savvy, as your buyer is likely to have more knowledge of the gold market than you. In short, the buyer is in a stronger position to fool the seller than the other way round. 

Purity is the main consideration. Trustworthy buyers have the ability to test the purity of gold. When they have, if they are honest, they will offer you a fair price. The trick for the seller is finding a reputable buyer that will give you the price you deserve. 

Making sure you’re as prepared as you can be  

We are not saying that the gold buying market is full of dishonest individuals. We’re simply saying that it is more likely you might come across someone who wants to give you a lower price than you deserve, especially in times when gold is doing so well. And we want first time and seasoned gold sellers to be as prepared as possible. That’s why we’ve gathered a few of the most common ways you can be tricked when selling gold. 

Typical tricks of the trade: what to watch out for  

Buyers can be sneaky when you’re trying to sell your gold. Some of the most common things to be aware of include listing the spot price of gold rather than the price they are prepared to pay. They may also detail the price in ounces. This is not truly reflective of how much the seller will get. Because if you are selling scrap gold, you are possibly only going to have grams – not ounces to sell. 

Be particularly cautious with potential buyers that will not publish their buying rates before receiving your items. “Best price guaranteed” is not comparable to a genuine guide price! 

Many buyers will not pay anywhere near the spot price. However, Cash For Your Gold pays 95% of the gold spot price to the seller. To clarify, the spot price is important as it refers to the current value of gold on the investment markets. 

Moreover, Cash for Your Gold is one of the UK’s largest scrap gold buyers, we’ve paid out more than £60 million over the years. 

A great opportunity to generate liquid cash 

Selling your unwanted gold can be a great way of releasing cash. At Cash For Your Gold, we give you a fair price whether your precious metal is hallmarked or not. This is because we test your gold to check its purity, and if it is of the right level, we will pay you the market price for its true purity. 

Turn unwanted gold into money today  

We operate a simple process. Input the details of your gold object into our gold calculator, including the weight and carat, and we can generate its value. 

For example, if you had one gram of 22-carat gold to sell today, we could give you a price of £41.62 (April 5th).  

For full transparency we have outlined a gold price comparison table which gives you a clear view of the prices offered by other vendors, and how favourable ours are in relation to other sellers. 

If you would like any more information on selling gold, get in touch with our team on 01902 623 253, and we would be happy to help. Alternatively, we can meet you in person at our office in Wolverhampton.