Back in February, 2014 we published a post on the Specialty Metals blog entitled “A Brief – and Useful – History of Fool’s Gold.” Now that April Fool’s Day 2016 has come, you might want to review that post and find out how to avoid being tricked into thinking that fool’s gold (which is really a compound called pyrite) is the real stuff.
During the great gold rush, some prospectors were fooled by fool’s gold. It doesn’t happen often these days but sad to say, people continue to make other foolish mistakes about gold – and lose money. Let’s take a look at some of costly blunders people still make when buying or selling gold today.
Buying Fake or Forged Gold Bullion and Coins
It’s surprising that people buy counterfeit bullion bars and coins, especially when it is so easy to avoid that mistake. All you need to do is to buy your gold investments from a reputable company that has been doing business for a long period of time, has a top rating from the Better Business Bureau, and is a member in good standing of organizations like The Jewelers Board of Trade. When reputable businesses are easy to find, why do business with others?
Falling for Pressure to Sell Quickly
This is another foolish mistake that is hard to understand. Even if you need to liquidate gold quickly for cash, why sell it for too little money at a pawn shop or roadside dealer who offers to pay cash on the spot? The fact is, reputable and honest dealers will pay you just as quickly as shady ones will, and pay you at closer to current trading levels too. So why lose money? If you have gold that you would like to recycle or sell, call us at 800-426-2344.
Failing to Have Potentially Valuable Items Tested
Many compounds that contain gold don’t look valuable to the naked eye. Some examples are black sand, industrial sludge, gold scrapings, and plating scrap. If you have any kind of waste material from near a gold mine or from an old factory where gold was used to make jewelry, don’t foolishly assume it is worthless. Call us at 800-426-2344. Be safe and let us test it for you.
Ask about Free or Discounted Shipping Costs when Sending Items to Us for Testing
Not only will we test your gold-bearing materials and issue you a full report on their value, we will also do all we can to make it economical and easy for you to ship them to us for testing. Be sure to ask when you call.
Don’t Fall Victim to “Cash for Gold” Scams
Should You Believe Conspiracy Theories about Gold?
Selling Your Gold: What’s the Difference Between an Appraiser and an Assayer?
Some Solid Advice on Investing in Gold Coins