Why Selling Gold Locally Might Be a Bad Idea

POSTED IN: Gold Value Calculator, Local Gold Buyers, Metal Analyzer, Physical Gold, Price Match Guarantee, Scrap Gold, Selling Gold Online, Value of Gold

When you think about gold bars, high-tech images don’t readily come to mind. We think of those stories of people with hordes of gold stored in their shed, huge scores of valuable antique gold discovered in sunken ships, the California gold rush, and other more old-school visions of wealth. While the internet changed a lot, there are some industries that evolved slower than others, with the gold dealers being one that stayed largely brick-and-mortar.

Maybe there was something about gold that made people want to make deals with it in person. Maybe it was the hesitancy to send valuables like that through the mail. Or maybe it was just the lack of legitimate companies as the early 2000s “cash for gold” rush scams made a lot of people uneasy about the gold mailer business.

While there are several factors, it has kept local gold buyers popular, even as the online gold buying and selling industry has grown and grown as it has regained the public’s trust.

Now, the emergence of cash for gold by mail services (like Cash for Gold Mailer) has altered the business landscape. Local doesn’t always (or usually, even) equate to the best deal anymore. Here’s a few reasons online cash for gold services are taking over, and why selling gold locally might not be the wisest, safest, or even the most convenient choice.

Local vs Online Gold Buyers

Limited Market Competition

Local gold buyers are often few and far between, limiting your options for securing the best price. With fewer competitors, there’s less pressure to offer competitive rates. In contrast, cash for gold mailer services operate on a larger scale, competing nationally for the best price. This increased competition translates to potentially better offers for your gold.

Transparency and Accountability

When dealing with local gold buyers, the transparency of the transaction may be questionable. Without standardized procedures or oversight, it’s challenging to ensure fair evaluation and pricing. On the other hand, reputable cash for gold mailer services typically provide transparent processes, offering detailed explanations of how they determine the value of your gold. Additionally, many of these services offer insured shipping and tracking, providing peace of mind throughout the transaction.

Convenience Comes at a Cost

While selling gold locally might seem convenient due to proximity, it often entails time-consuming visits to multiple buyers to compare offers. Additionally, local buyers may have limited operating hours, further complicating the process. Online companies allow you to sell your gold whenever it’s convenience for you, from initiating the selling process from the comfort of your own home to packaging and shipping the gold (we even offer at-home pickup!).

From prepaid shipping labels and free packaging to easy drop-off or pick-up shipments and online payments, the entire cash for gold mailer transaction is hassle-free.

Risk of Undervaluation

Local gold buyers might not possess the expertise or resources to accurately assess the value of your gold. This lack of specialization can lead to undervaluation, resulting in lower payouts for your items. While there is also a (sometimes significant) risk of dealing with unscrupulous dealers who provide lowball offers, poor offers can also just be from lack of knowledge or equipment.

At Cash for Gold Mailer, not only are we staffed by trained professionals with years of experience, we also utilize advanced testing methods to determine the precise value of your gold. No guesswork – the metal analyzer providers the exact karat value and weight to several decimal places.

Furthermore, we provide detailed evaluations, allowing you to understand exactly how your gold was appraised. This can be especially useful if you have diamonds or gems in your jewelry.

Unscrupulous Dealers

Everyone knows it happens. It’s an unfortunate thing about the gold buying industry, and really any industry that involves negotiations over valuables, from collectable sneakers to vintage guitars. You’d think gold pricing would be more straightforward, and you can safeguard yourself against bad offers by understanding the value of your gold, but we live in an imperfect world, and bad people exist.

Online cash for gold companies, including ours, are held accountable with online reviews. After the mid-2000s gold rush revealed a number of sketchy companies, online gold buyers had to become exceptionally vigilant about keeping people happy. If you search for any of the top gold buyers in the industry, you’ll find reviews these days are overwhelmingly positive.

Selling Risk

Once you’ve sold your gold to a local buyer, your options for recourse are limited. If you later discover that you’ve been offered an unfair price, there’s little you can do to rectify the situation. In contrast, online gold buyer services often provide avenues for addressing grievances, such as return policies or customer support channels. This added layer of accountability can safeguard your interests throughout the selling process.

At Cash for Gold Mailer, we offer a 100% satisfaction guarantee and risk-free offers, so if you don’t like the offer you receive we’ll send your valuables back to you at no cost.

Reputable Local Dealers

Online cash for gold services offer a consistent option that is an equal opportunity to anyone in the US. Good local buyers exist, and if you do research on local companies, know the value of your gold, and happen to be close to a good dealer, you can certainly get a good price for your gold.

Such dealers are more commonly found in large metropolitan areas – New York City, Chicago, LA, etc – where there is enough foot traffic for them to be able to pay a fair price for gold and cover their overhead. A local dealer in small town USA might only have a couple customers per day, so there is pressure to be more profitable on each transaction.

So if you live in a big city, and you want to visit a shop, chances are you can find one that will pay you a fair price for your gold.

Requesting a Free Gold Mailer

While selling gold locally may offer you the fastest cash, it often comes at the expense of potentially higher payouts and greater transparency. Online cash for gold mailer services provide a compelling alternative, offering competitive rates, convenience, transparency, and accountability. Before parting ways with your gold, consider exploring the options available to you and choose the method that best aligns with your preferences and priorities.

At Cash for Gold Mailer, we even offer overnight FedEx shipments and same-day payments, so if you ship your gold and valuables immediately you can be paid as soon as the next day.

To get started, request a free cash for gold mailer now!