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6 Common Mistakes When Selling Silver and Gold

Sep 19, 2017

Selling your gold and silver can be a scary proposition. With so many options for selling your valuables, it can be hard to know what to look for in a buying partner.

In this month’s post, we’ve outlined some of the biggest mistakes we see sellers make time and time again. From selling silver and gold at the wrong time to selling to the wrong buyer, we’ll let you know what to avoid!

Not Taking Advantage of High Metal Prices

Precious metal prices fluctuate, meaning anything made from these materials are going to fluctuate as well.

When deciding when to sell your gold or silver, take a look at silver or gold prices. It’s best to not get too caught up to the minute-to-minute prices, but rather longer-term trends and patterns.

If you see prices are increasing, sell! You would hate to miss out on great prices just for them to go down.

Not Managing Expectations

Sellers often get excited about what they think their jewelry is worth based on online research and advice from well-meaning friends and family members. Unfortunately, unless you are getting your gold or silver jewelry or valuables evaluated by a respected professional, there is no way to know what your item is truly worth.

Something to consider: Don’t let sentimental value skew what you think your item is worth. While you have likely given personal value to your item, the evaluator will only be looking at what others are willing to pay for it. Try to take emotion out of the equation when selling your valuables.

Thinking Your Gold and Silver Valuables Are Worth Nothing

While some prospective sellers think their valuables are worth too much, more common is the seller who thinks their items are worth nothing.

Luckily, your items are likely still valuable and can be used or restored in one way or another.

Gold and silver items almost always retain value.

  • Watches and jewelry can be repaired – Just because your item is damaged doesn’t mean someone won’t find it useful. It’s likely salvageable!
  • It could be a collectible or antique – Your gold or silver pieces could hold historical value as collectibles. If you think this is the case, make sure not to clean your item before bringing it into a respected buyer.
  • Metals retain value – Even if your item is damaged beyond repair, it will still hold value as gold or silver. Even in a worst case scenario, your item will be worth selling!

Not Going To A Reputable Buyer

WIth so many options for selling your silver and gold, it’s easy to bring your items to the wrong place. Below we’ve put some ways we don’t recommend selling your valuables.

Online Classifieds

It may seem tempting to use an online classified website like Craigslist or eBay given the promise of a quick and easy process. Unfortunately, it’s not all it’s cracked up to be.

When working with unknown buyers, you don’t know who you are dealing with. These merchants may be out to scam you, or may just simply be flakey. You are taking on a lot of risks when dealing with unknown online buyers.

Pawn Shop

Pawn shops will never offer you top dollar for your item. In addition to not being gold and silver experts, pawn shops are simply out to make money as opposed to forging lifelong partnerships.

Reputable gold and silver buyers know their business depends on a sterling reputation. They are incentivized to treat you with respect, provide a safe environment, and get you the most for your valuables.

Spot Value Mail-Away Services

In recent years, the prevalence of mail away “cash for gold” services has increased dramatically. Unfortunately, a lot of these services don’t provide anything but the metal value for your valuables.

While the raw metal prices will always be a consideration when pricing gold and silver items, it should not be the only factor. Work with an online buyer who will factor in the history and design of the piece when evaluating your item.

Not Getting Paid Quickly

Make sure you get paid quickly! Some sellers, both online and in-office, will wait weeks or months before paying you. This is not acceptable. You should not have to leave your jewelry anywhere for any extended period of time.

A reputable buyer will have professional evaluators in their office and be able to make a determination on your jewelry quickly.

Sell to someone who will pay you what you deserve fast!

Not Researching Their Buyer

Even when selling to a buyer specializing in silver and gold, it’s still necessary for you to research them. Below, we’ve put some important things to consider when choosing where to sell your valuables.

Review Their History

Make sure they are an established buyer in the community. See how long have they been around. You don’t want to sell to someone who is just in the business to make short-term cash. Selling to a generations-old buyer will ensure you are selling to an establishment that’s giving you a fair price and respects you and your item. They would never have made it this long if they didn’t!

Looks at Reviews

Look at online reviews on sites like Google and Yelp before selling to anyone. Reviews let you get a sense of how prior customers felt they were treated when dealing with the buyer. Chances are if they have good reviews, you’ll be satisfied with your experience as well.

Are They Secure?

Make sure the buyer you work with is secure! Find one that’s not open to the public and only offers appointments. Walk-ins and interruptions may make you feel unsafe when dealing with your gold and silver valuables. Feeling safe is key when making decisions on selling items with so much value. Find someone who respects both you and your valuables!

Sell With a Buyer Who’s Been Around for Generations

Samuelson’s Buyers has been trusted in the Washington DC area since 1922, so you know we treat our customers with the respect they deserve.

We are committed to giving you the best price for your gold and silver valuables, and provide a safe and secure environment for private appointments in our office.

Call us today at (301) 718-4825 to schedule an appointment to sell your gold or silver!

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