Sending in Old Gold To Online Buyers. How it Works.

One of the most important topics I believe around selling gold to online gold buyers is to first understand how the general sending in process works and looks like from a gold sellers point of view.

This makes most sense as  we are the gold sellers and we want to truly understand the steps that most people take to sell their gold.

Finding the Gold Buyer

Most gold sellers find their gold buyers by doing a quick search on the internet, have seen some advertising online, or have watched an advertisement on TV and come to a conclusion that they want to do business with that gold buyer.  The seller then either calls them up or submits their name, address, and email to website at which point a gold submission packet is sent out.

Packet in the mail

The submission packet should arrive in the mail about 3-5 days later containing the following items:

• Postage or courier return envelope.
• Ziplock bag.
• Paperwork
  • Greeting letter
  • Instructions
  • Payment information form
  • Terms and Condition sheet
  • List to track items sent
  • Agreement Signature sheet.

Preparing the packet and sending it in

The gold seller then completes a checklist which includes filling in the list sheet of the items they plan to send, putting their gold items into the ziplock bag, placing the ziplock back into the courier packet, reading over the term and conditions sheet and signing the agreement sheet.  He or she then seals it up and takes it to the post office or courier drop off site.

Arrival at the Gold Buyers Warehouse

After a couple of days the packet will arrive at the gold buyers warehouse where it will go into a line of all the packets they received.  Once it makes it through the line, an appraising technician will go through the packet and determine the maximum scrap gold value of your gold items.

Check Sent to Buyer

Now that the gold buyer has determined what the maximum scrap value is for the gold they will mail gold seller a check which is their offer to them.  This offer is always below the scrap value of the gold since they are providing a service and need make some profit.  Payout vary form approximately 80% all the way down to 20%.
In the fine print of the terms and conditions they usually say that the seller has 10-12 days to respond or they deem the offer as accepted.

Gold Melted Down

After the check is accepted or the term and conditions time has expire on the packet the gold is melted down.
As you can see there is plenty of room for the seller to turn the table into their favor.  I will be uncovering many of these details in this blog every couple of days to help gold seller get the maximum amount of profit for their gold.

One of the best gold buyers to work with in the nation is The Silver and Gold Exchange in New Hampshire.  Click the above link to check them out.  One great idea they started is you can rent a scale to weigh your gold before you send it in for free!  You just need to supply a deposit in case it gets lost.  I have found no one else doing this in the country.

To your gold selling success…

Chris Lajeunesse