Still got those gaudy gold chains from the ’70s? How about the fat gold rope from your hip-hop days of the ’80s? With the price of gold more than double what it was as recently as 2007—topping $1,700 per ounce earlier this year—now might be the time to dig up those old necklaces, earrings, bracelets and rings.
There are countless buyers out there, from the lady at the mall kiosk to your friend’s home “gold party” to the guy screaming “WE BUY GOLD” on the late-night television commercial. So how do you know if you are getting a good deal? And what precautions should you take to ensure that you are not getting ripped off?
In the past two years, the Better Business Bureau (BBB) has received more than 1,000 complaints against gold, silver and platinum dealers. The complaints range from dealers paying too little to dealers outright stealing gold from customers. The bureau is advising consumers to do their homework before making any gold transactions. “Consumers need to be on the lookout for not so reputable sellers,” says Stephen A Cox, president and CEO of the Council of Better Business Bureaus. “Many of the complaints we receive stem from false advertising and delivery issues where the consumers end up being appraised far less than what they thought their gold was worth.”