It was recently announced by the Better Business Bureau (BBB) that there is an exponential rise in gold investment scams. This has much to do with the fact that gold prices are soaring and possibly expected rise to new heights in the future. The BBB provides the following ideas for finding a trustworthy broker to buy and sell gold to:
- Do your homework. Carefully research brokers in your area via Internet reviews, news articles, and work of mouth interviews. Don’t take a chance on a broker with a bad reputation.
- Better Business Bureau score. Call the better business bureau to find out what the gold buyers rating is. If low, don’t risk your investment.
- Broker’s license is a must. Always ask a prospective broker for their broker or precious metals license. Never deal with an entity that can’t prove they possess a license.
- No home based businesses or parties. It has been reported that gold parties at private homes have become quite popular. According to United States law, this is illegal. You are only allowed to conduct business at a licensed broker location.
Once you have selected a broker you trust, The BBB suggests you work to gain an accurate understanding of how much your gold is worth. The majority of individuals hold 14 karat gold, which is 58 percent pure. This means that its price is only worth 58 percent of the price of pure gold. While the price of pure gold is currently above $1600, you must hold pure gold to receive top dollar.
It is also vital that you never allow a gold dealer to weigh different karat amounts together. Unethical brokers have been known to do this in an effort to gain an extra buck.
The BBB also reports it has received more than 500 formal complaints against precious metals brokers in 2011. This is why you must do your homework on gold buyers. If you want to sell gold jewelry in Huntington Beach, please visit Cash for Gold Orange County.
We wish you luck as you locate a cash for gold Orange County broker that you trust. They are out there…you just have to diligently do your homework!