Just how safe is it to send your gold and silver items to a company that promises you that they will buy your articles and send you a fair price? Well, maybe safer than you think.
In these tough economic times we are all paying more attention to the ads promoting companies that want to buy your unused items made of precious metals. But, the problem with deciding to send in your jewelry is that, unless you have done it before, it seems very risky to send valuables to someone you have not met and depend on them to send you a check for a fair market value. To make this decision, it would help to understand how the whole process works.
First of all, what is fair market price? Can we look on the internet and see what the market price for gold is today? Well no, we can’t. This is like comparing apples and oranges. The Wall Street price is for pure gold formed into uniform units. Think of the pictures and video we have seen of gold bars sitting in vaults at Fort Knox.
Your gold ring is very small, with unknown purity and certainly not shaped like a gold bar. The gold dealer you are considering must buy a huge quantity of gold items of all shapes and sizes and then resale this large volume to another company that melts it all down into new useable forms of consistent purity. This is a large and expensive process. So, you can only sell your gold and silver items at a fraction of the price of the published price for gold. This price is also uniform though. You should be able to sell your precious metal jewelry for about 30% to 35% of the published prices. If you send your jewelry in to your dealer and you are not happy with the price your are offered, you should be able to return the check sent to you and receive your items back.
So, if you are thinking you might get more money by taking your items to jewelry stores or pawn shops around town, it is best to understand that they will be offering you 30% to 35% also. But many people are not comfortable standing in line to have a professional examine their jewelry items in a public location. Maybe this is because of the hassle of driving around going from store to store, or maybe they are just uncomfortable with the idea of bartering in public over their old jewelry.
The process of sending in your gold, silver or other precious metals to sell to a dealer should work very much like this:
1. You will receive a pre-paid shipping package from your dealer. You will be able to request this from his website or by emailing your request. This package will be insured for $500 or more depending on the value of the items you are sending.
2. Your package kit will include an item list for you to fill out. Your will write down a description of each piece you are sending. You will include this in your shipping package and keep a copy for yourself.
3. Each shipping package will come from one of the well known shipping companies (US Mail; UPS; FED EX etc.) and will have a tracking number, so that you and your dealer can track exactly where, and to who, it was delivered.
4. At your dealer a technician will examine your items for value and then take a digital photograph of all of the items, the itemized list filled out by you, and the package they arrived in. The technician will fill out an evaluation form stating the value placed on each item and the total for the package. The package will then be placed in a vault where your items will stay for 14 days.
5. A check will be sent to you for the stated amount. If your are satisfied, you will simply cash the check and the sale is completed. If however you are not satisfied, you will return the check or send another check of the same amount to the dealer asking for your items back. When the money is returned to the dealer, he will return your items to you. This must be done in the stated amount of time. All of this should all be guaranteed to you in writing.
So, now you know how the process works. This should make it much easier to decide if you are comfortable with the idea of selling your old or unused jewelry through a shipping process. Now its time to see if you have items to sell that you are not using. Happy hunting.
Source by Danny Hammond
How Safe Is It To Send Your Gold Or Silver Jewelry Through The Mail For "Cash For Gold" Sales?
No comments:
Post a Comment