In 2002, an ounce of gold was worth less than $300. Now, ten years later, that same ounce of gold is worth over $1,600.
Pittsburgh, PA (PRWEB) December 13, 2012
The holiday season is fast approaching and people all over are selling and buying gold, silver, jewelry, and coins. Some of these sales and purchases are through reputable vendors, but many are not. Treasure Hunt Coins Inc., a company 50 years in the business, has created a check list to help consumers make educated decisions and avoid scams when buying and selling jewelry .
In the summer 2012 edition of In Community magazine, Treasure Hunt Inc. identified, “In 2002, an ounce of gold was worth less than $300. Now, ten years later, that same ounce of gold is worth over $1,600.” It’s important to know the worth of your gold when selling to precious metal buyers.
Treasure Hunt Recommends the Following Helpful Tips When Buying and Selling Gold, Silver, Jewelry and Coins.
1. Sell to a local specialist.
Local specialists will often pay significantly more than a pawnbroker or traveling jeweler / hotel buyer.
2. Check the dealers’ rating with the Better Business Bureau.
Those who have been short changed by dealers may have avoided the pitfall had they checked the dealer’s rating with the BBB online. Most dealers who are scam artists have an “F” rating.
3. Deal with an established organization.
Many fly-by-night and dishonest operations frequently change their business name and location.
4. Know the “spot price” of silver, gold and platinum when you buy and sell.
This is very important! The cash for gold buyer or seller should base the price per pennyweight, or OZT (silver), off of the current spot price of the metal. The price of precious metals fluctuates, much like the price of gasoline. If you are buying an American Gold Eagle, for example, you should pay between 5-6% over the current spot price of gold.
5. Check your state’s laws governing precious metal buyers to evaluate your options.
6. Is the dealer involved in community service?
Established businesses often engage in some manner of community service. For example, Treasure Hunt has done extensive sponsorships with non-profit organizations such as Make-A-Wish and Young Woman’s Breast Cancer Awareness Foundations.
7. Does the dealer assist local law enforcement and/or regulatory agencies?
Treasure Hunt photographs every single customer buy, along with a copy of the seller’s driver’s license, and turns the photos over to local law enforcement on a weekly basis. The inventory is held for an extended time period to ensure that, if stolen property is received, adequate time is given for the police to notify the dealer. Some less reputable operations immediately melt down their precious metals to avoid these processes.
John Meredith, owner of Treasure Hunt, spoke about a frequent problem within the precious metal buying industry, “I’ve known instances of customers having bad experiences with hotel buyers. They tell us how they sold their jewelry to the buyer who set up shop in the hotel for a temporary stay. Unfortunately, when the seller goes to cash the check, they learn that it’s fraudulent and the buyer has left town.”
An associate at Treasure Hunt, Francine Melocchi, works with sellers every day and described a different type of scenario that came up recently. She said, “A seller was looking to sell a pile of different precious metals. A competitor buyer sorted the metals into 10k gold, 14k gold, and silver. When the woman took her metals back to bring them to Treasure Hunt for a second quote, we realized that some of her silver was in fact white gold and they were trying to cheat her by passing it off as silver.”
The holiday season is a great time for buying and selling precious metals, but with the high volume of transactions, there are more opportunities for scam artists to take advantage of consumers. Treasure Hunt Coins Inc. is happy to be a resource to consumers. For more information regarding precious metal buy and selling, go to http://www.treasurehuntcoins.com/contact.html .
About Treasure Hunt Coins:
Treasure Hunt Coins Inc. is Pittsburgh Pennsylvania’s most established buyer of gold, silver, jewelry and coins. We are going on 50 years in business, and have an A+ rating through the BBB. We are dedicated to our consumers and our community, and have sponsored the Make-A-Wish foundation and other charities.