The Gold ATM

Consumer Alerts

Watch out for these common scams when you sell your gold.

SCAM: Do not believe payout rates quoted over the phone. Most tell you a high rate just to get you in their store.

BEAT IT: Look at their web site if they do not advertise what they pay, then find some who does. Compare rates.

SCAM: They say "We cannot quote you a rate because prices change by the minute".

BEAT IT: They do not want you to know the rates because an informed consumer gets paid more. Find a store who advertises their payout rates and updates by the minutes.

SCAM: You cannot see the scale when they weigh your items. If you cannot see the weight guess who gets cheated?

BEAT IT: Make sure the scale is in clear view.

SCAM: Deception! They quote their payout rates in penny weights which is a different form of measure and easily confuses most people. It also makes their rates appear much higher, but they are usually lower.

BEAT IT: Ask to be quoted in grams. It's easier to understand and much more common - whoever heard of a penny weight anyway?

SCAM: They play games. Their first offer is usually very low, hoping you will take it. Then they offer you a 10 to 20% bonus coupon which doesn't help much.

BEAT IT: Find a store who advertises their payout rate up front and plays no games.

SCAM: They take you gold to a specialist in the back room or behind a counter.

BEAT IT: Don't ever let your gold out of your sight.

SCAM: They offer you a useless 100% price guarantee or bonus coupons. Most time they are not worth the paper they are printed on.

BEAT IT: Don't fall for worthless coupons of guarantees.

SCAM: They use the old outdated gold acid test to test your gold. Very inaccurate.

BEAT IT: Make sure they also test your gold with a state of the art gold testing meter which are much more accurate.

SCAM: NEVER EVER mail you gold item to any gold buying company. They companies usually pay the lowest amount for your items.

BEAT IT: Don't mail your gold or silver to someone you don't know.

SCAM: They say they are the biggest gold buyer or we have 50 or more locations.

BEAT IT: Lots of locations means lots of expenses which means less money for you.