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Old Gold Often Erroneously Sold Below Market Price

ByGoldMoney News Desk
Published 07/13/2012, 10:39 AM
Updated 05/14/2017, 06:45 AM
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Lately financial media have been describing how resourceful gold buyers are taking advantage of many of their clients' lack of gold knowledge. In most cases, these clients are elderly and retired people who wish to sell their gold and silver jewellery for extra income. Experts are warning that these sellers should be cautious not to sell their jewellery at too low a price.

In the face of today's hostile financial environment, selling one's silverware has turned into a necessity for some people. Many households own gold and silver jewellery, as well as silverware or coin collections. Buyers have their eyes set on these utensils – which have often been carelessly stored for decades – offering quick cash to those interested in selling. Sometimes these transactions are made at the seller's door, in public spaces or in restaurants after those interested in selling have responded to an ad posted in a regional newspaper.

Major English-language financial newspapers have been increasingly denouncing those who are trying to fleece naïve sellers. Experts are calling for an information campaign aimed at improving sellers’ knowledge.

But those interested in selling have to be willing to take the necessary time to gather the right information. While some voices are asking the government to start an information campaign, it seems hard to understand why tax money should be spent on this. After all, people have to be responsible for their own decisions. This would help sellers to be in a better position right from the start.

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