What Are the Most Important Questions to Ask Gold Refineries before You Do Business with Them?
If you are considering selling gold to a gold recycler or having them extract gold from scrap you own, here are some important questions you should ask:
What certifications or licenses do you hold? - A reputable gold recycler should be licensed and certified to operate in their state. Inquire about their certifications, licenses, and any regulatory bodies they are associated with.
How will you test my scrap and let me know what it contains? - You shouldn’t agree to be paid unless the recycler tests your gold scrap and issues you a full report on the metals and other materials it contains. There’s a simple reason for this – why would you sell something without knowing exactly what it is?
What type of gold items do you accept? - It's important to find out if the recycler accepts the type of gold items you have. Some recyclers may only accept certain types of gold, such as gold coins, or gold jewelry.
How will you determine the value of my gold scrap? - Ask the recycler how they determine the value of the gold they purchase. Do they use a specific formula or market index? Understanding their valuation process can help you better evaluate the offer they provide.
What is your payment policy? - Do they pay cash or check? Is there a minimum amount for payment? What are the payment terms and conditions?
Where do you perform your testing and refining? It is not uncommon for a roadside “We Buy Gold” kind of business to subcontract testing and recycling operations to other businesses. But if a recycler has its own labs for testing and recycling, that is a positive sign that they know what they are doing.
What steps do you take to protect the environment? They should be able to explain those procedures to you in detail.
How long have you been in business? – If possible, you want to do business with a refiner who has been in business for a period of years – not weeks or months.
What is the turnaround time for testing, recycling, and payment? – Ask how long it will take for you to receive payment after you sell your gold. This will give you a clear understanding of when you can expect to receive your payment.
Can I get a quote before selling my gold? - Many gold recyclers will offer a quote based on the weight and purity of your gold items. Ask if you can get a post-testing quote before committing to selling your gold. This will allow you to compare offers from different recyclers.
What is your policy on returns or disputes? - If they test your scrap and you decide not to have them process it, for example, how soon will your materials be returned to you? Do they have a satisfaction guarantee or return policy? What is the process for filing a dispute if you are not satisfied with the offer they provide?
Why Not Do Business with the Top Professionals at Specialty Metals Smelters and Refiners?
Our precious metal refiners are only a phone call away, making us more convenient to use than local precious metal refineries in your area. Refining gold scrap for our clients has been our core business for decades. We invite you to call us at 800-426-2344 to learn more.