With gold prices being the highest ever in the past 30 years, there are many cash for gold scams out there.
To avoid the dreaded scams and to protect you as a customer here is a guide on what to, and what not to look for.
Address Look for a physical address that the company asks you to send your gold to.
Does it sound like an office or a warehouse? If yes then it is more likely to be legitimate, however if it looks like a normal house number and road name then you could be sending your scrap gold directly to a scammer.
Bear in mind that PO Box addresses are commonly used by these companies, as security to protect the location of the gold.
This is perfectly normal.
Terms and Conditions Look for these on the company's website - make sure you can read them through before agreeing to send your gold.
Look for any inconsistencies and see what the policy is if they claim to 'not receive' your package.
Note: the best thing to do when sending your package is to have it as signed/recorded delivery, this way you can prove that the company did receive your item(s).
Some of the major companies that give you cash for gold will provide this for you.
Check to see if any deductions are made for administration and postage, as many companies don't tell you that the price on their website is not the final price you will be paid.
Ask if they will make you an offer for your gold that you can consider, before deciding to sell.
Karat and Value Check the karat of your gold; the higher it is then the more you will get.
24 karat is the purest form of gold with most jewellery being 18 karat.
You should check how much your gold is worth by visiting your local jewellers and getting various quotes.
One thing to remember is that the price for gold changes daily so you may get different quotes on different days - the best thing to do is to keep up to date with the price of gold by searching online or looking at the paper.
Sentimentality There may be many reasons why you want to sell gold you have in your home, but one thing you cannot get back is the sentimental attachment you have to it.
When deciding what to sell think about whether you: wear it, love it and would miss it - if the answer to these three questions is no then you can be reassured that it is the right choice.
This also protects you from selling something sentimental that you may never get any money for should the company you choose be a scam.
Don't rush Once you have a quote from a gold buyer, it is important to note that you do not have to accept their first offer.
If you are not happy with what they offer or feel your gold is worth more then ask them to reconsider.
This can result in you getting more money for your gold.
If they do not budge on their first offer then ask for them to send your gold back -any reputable company should do this for you.