The nine questions
- How will you establish the purity? You should be told the method before it is used, and be able to watch.
- Can I see the scales? Weighing should happen in front of you, item by item or standard by standard.
- Are my items valued by standard or as one lot? Mixed standards weighed together favour the buyer.
- What is the price per gram at each standard? A single blended rate hides more than it reveals.
- How is that figure arrived at? A buyer should be able to explain the relationship between the market and the offer.
- How long does the offer stand? Gold moves continuously; a quote has a shelf life.
- Is anything here worth more than its metal? A good buyer will say so rather than scrap a piece quietly.
- What identification do you need, and what do you record? Proper records are a sign of a compliant business.
- What happens if I decline? You keep your items, immediately, with nothing to pay.
Warning signs
- Items taken out of sight to be weighed.
- Pressure to decide immediately, or an offer that lapses in minutes.
- Refusal to break a mixed lot down by standard.
- No identification requested at all.
- An advertised headline rate that is not the rate applied to your items.
Why transparency is what matters
Two buyers quoting similar rates can pay very different amounts, because the rate is applied to a weight and a purity that the buyer determines. That is why the process questions matter more than the headline. See spot price versus what a gold buyer pays.
