Blog

Archive for the ‘Selling Tips’ Category

« Older Entries
Newer Entries »

British Gold Refinery rapped by ASA for misleading advertising

British Gold Refinery

Seller beware! The price quoted on the British Gold Refinery calculator is NOT the price you will be paid!

The Advertising Standards Agency (ASA) has taken action against Cash for Gold company Weston Knightly, trading as The British Gold Refinery, for misleading advertising and spurious scrap gold prices.

The adjudication, published on the ASA website refers to website content and online advertising, published between May and July 2011.

Three complainants challenged that their advertising was misleading because customers were not clearly advised they would have to pay an administration fee if they wanted their gold returned.

The ASA observed that if an offer is rejected, the customer will be liable to an administration fee of £35 + VAT before items are returned and that this should be prominently displayed, rather than hiding it within their Terms and Conditions.

They also upheld a complaint regarding an unsubstantiated advert, stating “We pay 70% more”.

ASA Adjudication: Weston Knightly t/a British Gold Refinery

More reading:

January 9th, 2012 18 Comments » Industry News, Selling Tips |

Is selling gold at auction the best option?

If this gold cigarette case had sold at auction for the top-end estimate, the seller would have been approx. £794 worse off compared to the amount we paid.

If you have a high value item and have decided to sell it, you’ll be looking at what options are available to you. One consideration is to sell it at auction.

Just to make things clear, I’m not referring to online auctions in this article. Online actions introduce a whole range of additional issues, which may get discussed in anther post. This post looks at the merits of selling gold, platinum or silver via a any reputable bricks and mortar auction house.

Sellers Fees

Auction houses make their money charging a buyer’s premium and a seller’s fee. As the name suggests, the sellers fee is payable by the seller. The amount payable is based on the final sale value of the item, calculated a percentage, usually around 20 – 25%. The auction fees also attract VAT at the standard prevailing rate.

The buyer’s premium is added to the final auction price and is paid over to the auction house by the buyer. For the purposes of this example, we don’t need to account for it.

Here are a couple of recent examples to illustrate our point.

Last week, we purchased this 18ct gold basket weave cigarette case. It’s mid 20th century, French with a cabochon sapphire button release. After purchasing it, we had it professionally valued by a specialist dealer who has many years experience and has worked for some of the top auction houses around the world.

His appraisal, “With the current high price of precious metals on the commodity markets, the value will be almost if not entirely based on its weight.”

Auctioneers valuation: £3,500
Sellers fee + VAT: £840
Estimated payout to customer: £2,660

Amount paid by Gold-Traders: £3,454.33

So, assuming the case had sold at the top estimate and the auctioneer charged just 20% sellers fee, the seller would have been over £794 worse off at auction.

This gold rose bown was sold to us after the seller calculated they would receive less money at auction.

The above example is by no means uncommon. This solid 9ct rose bowl was purchased by us after the customer calculated they would be significantly worse off by selling at auction.

This doesn’t just apply to gold items. With the current high prices for silver and platinum, we’re also receiving many more large items, such as silver tea sets, cutlery and platinum watches.

If you’re thinking of selling an item at auction, why not give us a call for a no-obligation valuation? We can usually provide a valuation over the telephone and we have no hidden fees or charges at all. The rates we quote are the rates we pay.

December 5th, 2011 No Comments » Selling Tips |

How much is 18ct gold worth per gram?

Some cash-for-gold companies take advantage of customers who don’t know what their gold is worth. They keep their calculations secret and some even deduct fees for postage or processing. If you don’t know how much 18ct gold is worth per gram, you’re at risk of getting ripped off.

I strongly advise you to read this guide carefully. I’m going to explain how you can work out the value of your 18ct gold and how you can compare quotes. It’s not complicated, but it will help you make an informed decision.

How much is 18ct gold worth per gram today?

Right now, Gold-Traders UK will pay you £ for 18-carat gold. That’s our live rate: the figure updates automatically when we adjust our prices. Whether you post your gold to us or visit our secure counter in Royal Wootton Bassett, we’ll pay you the same per gram. There are no deductions to worry about and no hidden fees: the price you see is the price you get.

Our rates are based on the real-time, global gold bullion market which can fluctuate up and down. You can see the live ‘spot’ price for gold and other precious metals at the top right corner of our homepage.

We’ve seen quotes from other companies for as little as 20% of the market value of our customer’s 18ct gold. If they had sold their gold to us they could have made hundreds or even thousands of pounds more.

Got a quote from another buyer? Insist on a breakdown of the quote and calculate the real value of your gold using our fact-checking tool. Enter the weight of your gold and the price you’ve been offered to see how the numbers stack up. If you’re being offered less than 90% then it pays to go elsewhere.

What is 18 carat gold?

Carats (or karats) are a way of talking about the purity of gold. 100% pure gold is referred to as 24-carat. Lower carats contain a percentage of gold, alloyed with other metals. This can make it stronger when compared with pure gold which is quite soft (not great for making jewellery). As well as being more durable, gold alloys are also less expensive than pure gold, while retaining the rich glowing lustre.

18-carat gold is made from 75% pure gold and 25% other metals. Jewellers and goldsmiths use copper for a rose gold colour and silver or zinc to achieve a lighter colour.

Wedding rings and engagement rings are often made out of 18ct gold because it’s more durable, making it perfect for daily wear. As well as being beautiful fine jewellery items, 18ct rings are literally worth their weight in gold and you could be in for a nice payout if you choose to sell.

How much is an 18-carat gold ring worth?

The value of 18ct gold jewellery is based on two factors:

  • The gold ‘spot’ price at the time you sell
  • The weight of the item in grams, minus any stones or non-gold parts

Our current price for 18ct gold is £. All you need to do is multiply this figure by the weight of your ring to get the price we’ll pay for it today.

This simple equation applies to jewellery, some gold watches (minus their movement) and even dental gold. It doesn’t matter if the item is broken or damaged: if it’s made from 18ct gold, it’s still valuable.

Certain jewellery items, watches or other collectables like coins might be worth more than their gold value. We pay a premium for prestige watches and gold coins so check out our rates or contact us for a quote.

How to identify 18ct gold

How do you know if your gold is really 18 carat?

Modern jewellery made in the UK will display a hallmark, which can tell you exactly what your gold jewellery is made of. Hallmarks are the tiny stamps you see on the inside of rings or the backs of earrings. They’re a type of consumer protection, designed to assure buyers they’re getting what they pay for.

Hallmarked British 18ct gold should display a tiny ‘750’ or ‘18’. You can confirm the purity of your gold and work out the precise year it was made by using our online hallmark identification wizard. Different numbers and symbols might be used if you bought your gold abroad or it might show no hallmarks at all. You can still sell this gold but checking its carat at home can be a challenge.

In the Gold-Traders office, we used a high-tech tabletop XRF analysis to test the chemical composition of our customers’ items. This means we can easily authenticate your unmarked gold and we’ll let you know if it’s more or less pure than you thought, ensuring an honest and accurate appraisal.

Don’t get ripped off with free envelopes

So, you’ve worked out the real value of your 18ct gold and you’ve got a good quote. How are you going to get your precious metal to the buyer?

Some cash-for-gold companies will send you a ‘free’ postage bag or envelope. These are a marketing gimmick. We don’t offer them.

These pre-paid mailers don’t provide any additional protection for your items when they’re in transit and the price will be deducted from your payout. Most of these postage packs aren’t used and the big gold-buying companies recoup the associated costs by offering low prices for their customer’s gold.

You can save money by using your own padded ‘jiffy’ envelope (we’re happy to receive recycled and repurposed packing materials, so long as you use a Special Delivery outer bag). Choose Royal Mail Special Delivery at the Post Office and retain your proof of postage slip. This service provides insurance and you’ll be able to track your gold every step of the way.

Selling your 18ct gold with Gold-Traders UK

We founded Gold-Traders in 2008 to make selling gold straightforward. We want to demystify the process and lift the lid on unscrupulous practices but most importantly we want our customers to get a fair price. That’s why we share our live gold prices, letting you know exactly what we’ll pay for 18ct gold and other gold items.

In 2022 our hard work was rewarded when we became the UK’s first precious metal dealer to gain Trading Standards approval through their trusted Buy With Confidence Scheme. There are lots of independent reviews for Gold-Traders on their website and even more on our Trustpilot page from customers like you who have sold us their scrap gold.

Ready to cash in your 18-carat? Fill out a claim form online today. All you need to do is post your gold to us and you could get a payout the next working day. No hidden fees and no uncertainty.

Looking for more information? Contact our friendly team now: they’re waiting to help you with your sale

Further reading

November 30th, 2011 6 Comments » Gold, Selling Tips |

Why cash for gold promises often fail to pay out

Cash for GoldWith world economies faltering but precious metals more valuable than ever, there have never been more businesses offering you cash for gold. And while a few are shining examples, many are thoroughly tarnished. So beware.

The bigger the glitz, the less you get

You may be tempted by the cash for gold companies that advertise a lot on TV or in the press, sometimes endorsed by celebrities. But all that advertising doesn’t come cheap. These companies fund it by making sure they have substantial profit margins. And they achieve that, by paying their customers less for their gold.

The same applies for companies with high street branches. They’ll make sure they’ve covered all their rent, rates, etc before parting with cash for your gold.

Cash for gold websites

You’re better off looking on the internet. But if you’re going to get the best possible return for your gold, it pays to be selective.

Never trust a company that doesn’t quote its true cash for gold prices on its website. They don’t, simply because their prices are poor. Although they may claim ‘top prices’ or ‘best prices’, those promises aren’t delivered.

Calculated to deceive

Some cash for gold companies appear more transparent, because they have calculators on their websites. Whilst the online ‘valuation’ may appear attractive, this won’t necessarily be the price you’ll be offered. With careful wording, you’re led to believe the price quoted is what you’ll get, in reality, it can be substantially lower.

Did you know, the price you receive from some companies can be as little as 20% of your gold’s real value?

Hidden fees

That’s not just down to poor rates, but also because of fees that many cash for gold companies bury in their small print. Typical examples are charging return postage if you don’t accept their offer, extra charges if you want payment by cheque, and fees for returning items that turn out not be gold. Some even charge their customers the refining fee for melting down the gold!

The golden rules

Faced with all this devious dealing, you might wonder if you’ll inevitably be ripped off when you want cash for gold. The answer, fortunately, is no. It takes a little detective work, but you’ll get genuinely the best price if you:

  • Look for a company that doesn’t spend fortunes on advertising.
  • Stick to companies that do business on the web.
  • Only use a company with an online calculator that shows you the genuine price you’ll be paid.

A reputable company will always pay you at least 90% of what your gold is really worth.

We hope our cash for gold article has been of use. We have a handy tool to calculate the real value of your gold and we’re always happy to answer your questions via email or telephone.

August 5th, 2011 1 Comment » Selling Tips |

Cats4Gold.com Gives More Moggy than Lolly to the Ounce

Get cats for gold!If you have unwanted or scrap gold lying around and are wondering who to send it to, there’s a new player in town who, instead of paying cash for gold, pays you in cats for gold!

Cats4Gold.com promises the best pawsible rates for your unwanted gold and pawsitively guarantee a fur exchange.

To highlight the underhand scams that occur in the ‘cash for gold’ marketplace, Gold-Traders has launched its Cats4Gold.com spoof website, which has “pussies galore” and is ready to swap them for people’s gold!

Cats4Gold.com is based on the idea that “if you send your gold to a company that doesn’t quote their prices up-front or has lots of hidden ‘small print’, you might as well get the weight of your gold in cats…” Furthermore, in these austere times, gold isn’t as alluring as something that’s purring: bling really isn’t this season’s thing.

For some time, Gold-Traders (UK) has been spreading the word that the public can expect short shrift from scrap gold buyers who don’t publish the prices they pay per ounce or gram. In many cases, sellers could be receiving as little as 20% of their gold’s true market value. And, with the recession causing something of a ‘gold rush’ as people cash in on trinkets and jewellery, the grim reality of such a cat-astrophically wide rip-off is sure to give ‘paws for thought’.

No cats were harmed, mildly disturbed or even woken from their naps during the making of the Cats4Gold.com website.

You can read our full press release here:
Cats4Gold.com Gives More Moggy than Lolly to the Ounce

May 25th, 2011 2 Comments » Media, Selling Tips |
« Older Entries
Newer Entries »