Get cash for gold online – Where to sell gold online safely
ITV’s Carole Malone Reports on where to sell gold online
Gold online is in the news again. On the 29th Febuary ITV’s ‘This Morning’ aired an article presented by Carole Malone on where to sell gold online safely. Again, Hatton Garden Metals were asked to step in & help out, some old scrap gold and gold valuations to compare against cash for gold online prices as the mystery “Hatton Garden jeweller”
Gold Online Price Test- Where to sell?
Throughout the article the price of gold online from an alternative cash for gold dealer was compared against Hatton Garden metals actual gold valuation. Here’s what they found….
9ct hollow bracelet with heart lock
Cash for gold online price quoted £196.20
Actual gold online price quoted by Hatton Garden Metals £232.21
14ct horse shoe Charm
Cash for gold online price quoted £38.87
Actual gold online price quoted by Hatton Garden Metals £46.16
22ct full sovereign
Cash for gold online price quoted £211.47
Actual gold online price quoted by Hatton Garden Metals £258.88
On average this equates to around 20% higher rates paid by Hatton Garden Metals when compared against other cash for gold online services.
Getting the best deal for your gold online
The key to ensuring you get the best deal possible when selling your old gold online is to know your jewellery and to do your research. Below are a few simple things to consider that will give you the information you need to make an informed decision no matter where you sell your gold online or otherwise.
Know Your Jewellery – Preparing for and acucurate price for your gold online
The value of your gold online will be based on two things. Firstly, the carat value and secondly, the weight. Both these pieces of information are used to get a valuation for your gold online. You can determine the weight using a reliable set of scales, and the carat value can be determined from the hallmark that corresponds to the table adjacent. If the item does not carry an approved UK hallmark then there is no guarantee that the quality of the item is as per any markings on the gold. It is quite common for gold that has been imported from Asia to carry a 22ct marking (not a UK Hallmark) although the true quality of the gold will be somewhere between 20 – 22ct.
Know the Market Value for gold – Calculating the price for gold online
The market value of gold is fixed twice daily by the ‘London Bullion Market Association’ commonly referred to as the LBMA. This fix is for the value of one troy ounce (or roughly 31.1 grams) of 24ct gold. To give yourself a base price to work out the value of you jewellery we are going to calculate the market value of 1gram of 1ct of gold.
At the time of writing the Gold Fix stands at £1113.28. To calculate the price of a single gram we divide this by 31.1 (grams in a troy oz) and then again by 24 to get the final figure of £1.49 for 1 gram of 1ct gold. If you have 120 grams of 9ct gold to sell you would simply perform the following equation
£1.49 x 120 (weight in grams) x 9 (carat value) = £1609.20
This figure is of course the market value of pure gold in bullion format so, only reflects the market value of the gold, not the price that you will achieve for your gold online.
Know the rate you are being offered for your gold online
In February 2011 the Office of Fair Trading took enforcement action against 5 cash for gold online companies after a number of complaints were lodged against these companies in relation to their gold online buying business practices. One of the key undertakings that were subsequently enforced was that the 5 companies must ‘provide consumers with clear information on the prices offered for gold online, including information on the weight and carat of the items assessed’. However these undertakings only apply to the 5 companies in question and there are others in the industry that still keep their prices for gold online hidden until they have received your gold.
Whether you are selling to a Postal gold online Company, a High Street Jeweller or a Pawnbroker, always make sure you understand the rate you are being paid before parting with your gold. If a company refuses to disclose this then I would always recommend you walk away.
Another commonly used tactic by unscrupulous companies is to offer a high price for gold online, then once your gold has been received, offer you a much lower price, but with obstructive and expensive returns processes.
At Hatton Garden Metals we have committed to always paying at least 95% of the market value, and in fact we currently pay a slightly higher rate. We also provide a simple calculator that can be used to assess the prices that we pay linked to the market value of
gold updated daily.
What else should I consider when selling gold online?
Postage - I would recommend only using Royal Mail’s Special delivery service. Their record at delivering next day with insured carriage up to £2,500 on request is excellent. Always make sure the insurance level covers the market value of your gold.
Non Gold Items – The valuation and subsequent payment for your gold will only be based on the total gold content. If non gold items exist within the jewellery such as stones, springs, watch movements or steel inserts the weight of these would be deducted from your items before the gold online value is calculated. Stones are normally lost in the melting process so if they are of any value to you either remove them before sending your gold or check with your dealer to see what their policy is in relation to the removal and return of the stones or other elements.
Valuations – If for whatever reason your dealer and your valuations are different you may wish to have your gold returned to you and cancel the deal. Good practice here is for positive confirmation of acceptance of the new valuation to be given by the seller, although a number of companies will assume agreement if you do not respond to their request in a certain time. It has also been known for some companies to take excessive time to send back your gold in an attempt to dissuade you from having it return. Check with the dealer before sending what there policy is in relation to returns and if this policy is not stated on their website then get it in writing.
Reputation – There are a large number of consumer websites, forums and blogs upon which consumers from all industries freely share their experience when transacting with organisations. The postal gold online industry is no different. I would always recommend to only use a Gold dealer that has independent unmoderated testimonials that cannot be edited by the companies in question. If not I would be compelled to ask them what they have to hide.
Hatton Garden Metals aim to provide a fast, efficient and transaprent gold online service paying high rates thereby ensuring our customers are happy and willing to recommend us and build our reputation. Let us know what you think about the ITV report, and about the above advice we give to help maximise your returns when selling your gold online.