1) Have reasonable expectations. Unless you know for a fact that you have valuable precious metal items, be prepared that there may be very little precious metal available for extraction. Also keep in mind that a refiner’s offer only reflects the value of the item by weight and quantity alone, not the retail value.
2) Do your homework. So you are not surprised, try to assess how much your items are worth beforehand. This could include several steps such as researching precious metals online, making a trip to a local jeweler or requesting an online estimate. Also, remember to remove stones and any other non-metal materials before sending them to the refiners.
3) When you’re ready to sell, research a dealer you are comfortable with. There are many gold buying scams out there that you want to stay away from. Here are some tips to avoid being taken advantage of:
- Determine if the dealer is a middleman or the refiner. A middleman will buy your items for less in order to resell to a refiner and turn a profit. Refiners have more knowledge of the actual process and can offer a better price than a middleman. Arch Enterprises is a refiner and offers between 60%-90% of the metal value to sellers.
- Look for creditability through who endorses the company. If reputable companies stand by a refiner, this reflects positivity on their business dealings. Arch Enterprises is endorsed by the Missouri Dental Association and the Kansas Dental Association.
4) Insure your items through the mail. Make a note of what you’re sending off by writing descriptions, taking pictures or both.
5) Be organized. Cover all your bases by making copies of all the documents you send and receive to keep for your records, including emails. Even record all phone calls with the date, time and information discussed.
6) If you have a positive experience selling your precious metals, tell others and spread the word.