Obviously, we know where we should sell our gold, especially when we are looking for a quick way to get cold hard cash. We would just visit the nearest cash for gold store or pawnshop to sell our gold, coins, nuggets and jewelry. However, not all people would go to these places. Instead, they would opt for a less secure and more unreliable way to sell their gold, which is a bit sad.
So what are these less secure and unreliable way to sell gold? Well, it would be attending gold parties or selling your gold to rogue gold buyers.
Gold party is a particular party wherein the goal is to buy or sell gold. This is often times done at someone else’s house – usually from a friend, acquaintance or sometime a friend of a friend. Usually, the person hosting this party works for a business or company that buys gold and that person would receive a certain percentage of whatever is purchased at the party. In gold parties, lowballing is very common. Furthermore, gold parties are unregulated. You would have no right to demand for compensation if you have sold your gold at a low, low price.
Doing business with rogue gold buyers is a huge mistake. Rogue gold buyers are mobile businessmen that would come and go as they pleased. They are not regulated and have no license making them very shady businesses. These buyers would often underpay clueless gold sellers and the sellers would then have no recourse when they have been lied to and fooled.
If you are planning to sell gold jewelry, it would be better to go to a pawnshop or cash for gold store. At least these places are regulated and you would have recourse in the event the store have lowballed you.