Gold prices have been high for some time now. And when prices are high, scams follow. Here’s what to watch out for. Whether you’re buying gold for the first time or selling something you’ve had for years, it’s always best to be well-informed.
If the price seems too good to be true, it probably is
If someone offers you gold at a price well below the current spot price, that’s your first red flag. The spot price reflects the actual value of gold on the global market at any given time. Reputable dealers display their prices, keep them up to date, and don’t offer mysterious discounts. If a seller can’t explain how their price is calculated, that’s a problem.
At Canada Gold, our Purchase and sale prices are posted online and updated throughout the day. No hidden fees, no surprises at the end.
No one should put pressure on you
A genuine gold transaction doesn't involve a countdown. If someone doesn't give you time to think it over or tells you that the price will disappear as soon as you walk out the door, walk away anyway. Pressure is a sales tactic. A legitimate buyer or seller will let you take your time.
At Canada Or, your comfort is our priority. No appointment is necessary. Our friendly staff will guide you through the entire buying or selling process. Depending on the number of customers, there may be a short wait, but we work efficiently to serve you quickly and clearly, so that you feel valued and at ease.
The tests should be conducted in your presence
When you bring gold in to sell, any reputable buyer will test it before making an offer. Whether it’s a magnet test, an acid test, or an XRF analyzer, the test should be performed right in front of you, and the results should be explained to you.
If someone makes an offer without testing the item first or disappears with your items for an unreasonable amount of time, be cautious. You should know exactly what's going on and why. You can learn more about how Canada Gold tests the items people bring in to sell on our website and, if you have any questions, Please feel free to contact us. Our team is always happy to help you.
Be wary of vague terms and unfamiliar hallmarks
When you buy bullion, the refiner's name is important. Bullion and coins from well-known sources, such as the Royal Canadian Mint, PAMP Switzerland, and Johnson Matthey, are easy to verify and retain their value.
If something is described as «gold-colored» or «golden,» it is almost certainly not pure gold. If you cannot confirm who made it, what its purity is, and how much it weighs, you do not have enough information to trust it.
Not sure? Visit Canada Or
The best way to avoid being scammed is to know what the real product looks like before you find yourself in a situation where it matters.
Canada Gold offers free appraisals throughout our branches across Canada. If you have any questions about something you already own or if you'd like to buy gold and do it the right way, come see us. No appointment is necessary.
