Refining your Gold, Silver, Platinum in Los Angeles with out a middle man?
The Great Refining Myth we all heard being advertised! TV, Internet, Radio, News Papers looking to gain your business promotes and advertises: "selling your gold jewelry directly to the refiner gets you more cash, because you cut out the middle man." Which in reality is never the case, but more money sounds good to everyone. The refinery normally deals directly with licensed businesses in the jewelry or buying of precious metals industry that follow state regulations and laws of buying gold, silver, platinum jewelry, coins, bullions and bars. This allows them to comply with the US Patriot Anti-Money Laundering ACT. Allowing them to remain both efficient and profitable. Refineries refine metals in large volume and do not to deal one-on-one with smaller clients selling small amounts of gold. Average refiners deal upward of 1 Kilo per transaction which is about 1000 grams. They pay the jewelry store owners and gold buying companies very high percentages based on annual volume refined. Refineries also have a large responsibility, dealing with use of and disposal of chemicals in breaking the metals they refine down to pure. Allowing the public into a refinery is not logical as the risk of danger is too great.
So why do these companies advertise these nonsense commercials? “We can pay more because we own or own refinery?”
Unfortunately some companies will say anything or promise anything just to get the customer in the door. In some cases they will offer additional percentages without even giving you a price per gram, some companies will even adversise a celebrity who makes selling gold a party!
Determining the best was to sell gold, for the highest dollar amount.
The first and most important step is to do research on the company that you plan to sell gold to. The strongest tool available is the ability to use internet search engines such as Google, Yahoo, MSN, Ask, and Bing to research a businesses reliability. You can even use Yelp and BBB to determine customer’s previous transactions with a business and personal testimonial reviews.
Check if the Gold Buyer posts live prices on-line that actually update with the stock market on the average of every 5 minutes, before you go the location to sell gold. Make sure there is not fine print suggesting minimum or maximum amounts for payout. This is a form of advertisement and they are legally obligated to pay the percentage and dollar amount per gram advertised. Make sure to read the small fine print if the offer looks too good to be true.
Once you have decided where to sell your good, make sure that they will offer a free quote, and then take your jewelry in for appraisal. When you decide to sell, the buyer should test each item in front of you, explaining the process. They should bag and weigh the items by Karat. Karat is the purity percentage of gold your items contain and finally they should calculate your items from there advertised prices. The form of measurement used to determine payouts should be based on strictly “Gram weight”. 1 Troy ounce is equivalent to 31.1034768 grams.
These basic steps should guide you into making the decision on where NOT TO SELL YOUR GOLD: A Refinery or Cash for Gold business: with colorful signs and posters offering free trips to Vegas? This usually will result in you losing money.
LA Cash for Gold is owned by Diamano which is a jewelry manufacture and a retail jewelry store. Since we use precious metals on a daily basis to make jewelry we have the ability to pay a higher percentage. The Prices posted on our website are the actual prices we pay dollar for gram.
Selling to a jewelry company that also specializes in Buying gold will often get you the highest return. In some cases your jewelry may be worth much more as a resell-able piece of jewelry then just the precious metal value.
If you would like to come in for a free evaluation, visit our Live Prices Chart and head to our Pasadena Location during our normal business Hours which are located on this LINK with directions and store Location.