Everyone who has invested in gold has been full of anticipation as gold prices steadily climb up the charts. One business that has particularly exploded in this precious metals climb are the cash for gold stores.
You remember those old Cash4Gold commercials? They feature Ed McMahon and some crappy graphics, telling you to turn your “Cash into Gold!” Well people are taking these commercials more seriously these days. Gold hit a record high trading price of $1,782.50 on Tuesday and closed out at more than double the selling price of 2007.
Professional and novice investors alike are paying attention to gold as it seems to continue rising up and up. If you are looking to get in on this gold rush without actually investing in the metal, be weary of people who may try to scam you.
Where There is Money There are Scams
Many jewelry stores that specialize in buying and selling have seen huge leaps in new business traffic. Trying to capitalize off this rush, many Cash4Gold-like businesses are popping up all over the country, but are not necessarily the best places to score a deal off of gold.
These scam sites are perfect for consumers who are desperate to make some cash and are bound to grow as much of the country becomes insecure due to the AA+ downgrade. Luckily, it is pretty easy to avoid a scam as long as you equip yourself with knowledge of how to conduct safe and secure transactions.
- First and foremost, make sure that you choose a licensed establishment to sell your gold. Just because a location maybe conveniently where you shop or run errands doesn’t make it a valid place to sell your valuables. You would be surprised on how much money you could be missing out on without doing you research. Which leads to the second step;
- Do your research. Scammers take advantage of people who are trying to get a quick turnaround for their gold. You can get the money on the spot but it helps to know what the price of gold is before you enter one of these establishments, as well as the approximate weight in gold you are bringing in.
- Go to a Jewelry Store. At the end of the day, the best place to avoid these small cash for gold shops all together. A jewelry store will have knowledgeable employees bound to score you the best deal. Jewelry stores have a reputation on the line so they will be sure to help you with the best of their abilities. It’s also very difficult to pop-up a jewelry store just for the purpose of scamming people.
If you in more of a position to invest, check out MyBankTracker.com’s tips of How to Invest in Gold.