Gold-Traders (UK) warns of scrap gold buying rip-off

Gold Traders (UK) Ltd, one of the country's most respected scrap gold buying companies, today warned consumers to expect poor prices from scrap gold buyers who don't publish their prices.

The majority of scrap gold buyers don't reveal what they pay per ounce or gram for gold. In many cases, sellers could be receiving only 50 – 60% of their gold's true market value.

Gold rush
"With the recession biting and gold prices at an all-time high, there's a new gold rush with more and more people selling their unwanted scrap gold and jewellery," reveals Phil Williams, Chief Executive of Gold-Traders (UK) Ltd.

"Many buyers claim they offer the best deals for sellers, using impressive full page ads and slick TV commercials. Their websites may feature a video hosted by a well-known presenter. They have strings of testimonials, sometimes even a charity tie-in. But the actual price is missing."

Seller beware
"The world trading markets' daily gold prices are freely available on the Internet," explains Williams, "so scrap gold buyers could easily publish their prices. Instead they'll use phrases like 'highest prices guaranteed', 'best prices paid', '100% satisfaction' or 'best rates'. It's almost certainly because their rates are poor."

Fast cash temptation
Gold Traders (UK) Ltd advises sellers to consider offers carefully. "Many buyers use the lure of fast cash to tempt people into selling them their old rings, bracelets, necklaces, earrings and other jewellery," says Williams. "Sellers usually accept the price – they just want their cheque or cash. But in effect, they are subsidising the TV commercials and glossy press ads, and being ripped off in the process."

Pressure to sell
Nearly all buyers will return items if the seller is unhappy with the price paid, but rarely make it easy. "Some impose handling fees if a seller changes their mind and wants their gold back, or if they want their non-gold returned," says Phil Williams. "Others make sellers wait three or four anxious weeks before returning it. Faced with the extra pressure, customers just settle for the money – even if the price is low."

A better deal
With so many people seeking quick cash, the scrap gold market is rife with opportunists and dodgy deals. Phil Williams wants to see more transparency and honesty.

"Selling old gold and jewellery can be an emotional commitment, so it's only fair that people get the best treatment possible. Gold Traders (UK) Ltd publishes its prices every day, and without the expensive overheads of TV commercials or full page ads, they're often some of the highest prices in the UK."

Customer satisfaction
If someone changes their mind, Gold Traders (UK) Ltd will return their items within 24 hours at no charge. The company is checked by an independent third party survey company to ensure customers really are satisfied.

Clear and simple process
Gold-Traders (UK) Ltd operates a straightforward process for buying scrap gold and jewellery. Sellers simply weigh their gold (if possible) to get an instant online valuation. If they're happy, they then post it securely. On receipt, Gold Traders (UK) Ltd weighs again to check the value, and pay within 24 hours by cheque, cash, direct bank transfer or PayPal. Full details of how it works, and a no obligation valuation, are available at www.gold-traders.co.uk.