ATLANTA - The following are the three most common cash for gold techniques designed to take advantage of consumers selling their gold.
There are hundreds of decent, respectable stores throughout the Greater Atlanta area who will give you a fair value when selling your gold. The stores who fit into one or more of the catagories that follow are good stores to avoid:
If a gold dealer's initial offer is extremely low - he's making what most would call a "LowBall Offer." In the gold industry, that's usually an immediate indication that you will most likely NOT be paid a fair price for your gold by this particular dealer or "LowBaller."
This is a very lazy attempt at maximizing profitability while making absolutely no attempt at developing a steady customer base. It is a particularly profitable business model for high traffic areas such as the Mall of Georgia. While it experiences somewhat of a low closure ratio, the sales that do close are extremely profitable. This is a very common business model for gold dealers whose permanent residence is somewhere other than the US, usually the Middle East.
FREE Gold HelpLine (770) 831-9113 .
For most people who are even the least bit savvy when it comes to negotiating, when dealing with "LowBallers" - you will be able to get them to inch their price up over the course of a good deal of time while listening to a great deal of their BS. It's a slow and painful process and is completely predicated upon their assumption that you are either a complete moron, extremely desperate or both. Either way, they're trying to take advantage of you at a very difficult and vulnerable time in your life.
Whether the seller is savvy or not, it's important to realize that this particular store is not a place of integrity and customers will rarely, if ever, get a fair value there. Your gold is very valuable and worth a great deal of money, especially at today’s high market value. You deserve to be treated fairly, with a reasonable amount of respect and most important - you deserve to be paid a fair value for your gold. This is a good time to remember the "Golden Rule" - which is... "He who has the gold, makes the rules!.." This is an excellent opportunity to move on to one of the other 100 plus gold dealers in Gwinnett County alone.
2. Refusal to Quote Over the Phone:
The second sign of a shady cash for gold dealer is if they are not willing to quote you a price over the phone. Many dealers will do anything they can to get customers into their store so they can apply their high pressure sales tactics. Those dealers who rely upon this method of sales spend hours each day over the course of their entire lives - practicing and perfecting this time honored skill.
Once again, it may be time to take your business to greener pastures. Remember, there is no shortage of cash for gold stores throughout Greater Atlanta.
Lastly, if a Cash for Gold store refuses to pay you in cash - then you may wish to reconsider doing business with that dealer. A Cash for Gold dealer's refusal to pay in cash for your gold can be very telling. There is a risk you are exposing yourself to when accepting a check from a gold dealer that most people are unaware of.
3. Only Pay By Check:
Gold dealers who pay by check reserve the right to re-evaluate what they purchase from you at a later time. If they later determine that they made a mistake in your transaction - they have the option of placing a "stop payment" on the check they issued you. The customer usually discovers this weeks later when they learn that the checks they recently wrote are bouncing. Upon contacting the gold dealer to find out why a stop payment was placed - the customer learns that they must return to the store to try to work something out with the dealer.
The dealer's right of reversal is usually printed in light gray mouse-type on the back of the contract that they have all their customers sign before they issue a check. The contract's printing is almost always too small and too difficult to read so consumers almost never read the back of the purchasing agreement.
FREE Gold HelpLine (770) 831-9113 .
As though that's not bad enough, a new trend among disreputable gold dealers is on the rise. They agree to pay you in cash for your gold over the phone, and once you travel to their store and negotiate a deal with them - they pull out their checkbook. When you mention that they agreed to pay in cash over the phone, the clerk tells you that their check is "as good as cash" or "the same as cash."
It's immediately obvious to hopefully everyone that this simply isn't true and is overwhelmingly insulting. Furthermore, if you happen to find the often obscure and remote institution their check is issued on, the bank will charge you the all new $7 check cashing fee for non-bank customers.
FINALLY... All of the above problematic situations can be easily avoided by taking your gold, jewelry or other precious metals to a "Gold Broker." Typically, they all charge a flat fee - usually 20% for gold. That means you'll be paid at least 80% for your valuable gold. They're usually by appointment only - so you will never be rushed and nobody will be looking over your shoulder during the transaction.
Why would anyone consider going anywhere else?