Tip #3: Know Your Buyer

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Now that you understand the fundamentals of determining the value of your gold, gold value and gold mass, it’s time you understood the art of the gold deal. That’s why our Tip #3 is to Know Your Buyer.

Build Trust with Your Gold Buyer

The key element in selling your gold is to know your buyer. This is arguably more important than knowing what you have. Given this, dealing with someone honest and trustworthy is your first priority. We encourage you not to view this as a one-time transaction, but as a relationship.

This relationship, however, is not one you want to have with just anyone. For instance, it would probably be unwise to try and get your friend who sells jewelry to pay you the highest price for your gold, silver, or other metals you want to sell. You also want to be very careful with cash for gold storefronts. Ideally, you want somewhere you know will be around, and somewhere that is in the business of transacting large volumes of gold. The more they buy and sell, the better rates they can probably give you. You also know that they will have a reputation at stake.

How do you Know Your Buyer? Test Them.

We find it very helpful to test your gold buyer on how much they would pay you. In fact, we have found several companies about predatory tactics that exceed even our imaginations. Good companies exist to render the important service of giving you a place to sell your gold in Toronto. We recommend testing any place you are unsure of by bringing in a piece that you have taken to several different stores. If they offer you less than the average, factoring into account any changes in the price of gold, they are probably not somewhere you want to give your business to.

Top 10 Gold Buyers

Gold.TO’s Top 10 Toronto Gold Buyers are a user-review-based ranking that constantly updates to reveal the most competitive gold buyers with the best service. We also rank these buyers as best-in-class for what they pay, be that when you sell gold or silver. Another factor that is never good to ignore is service. It is jarring to recall some of the places we have visited and the lackluster service we have received.

Your ID and Cash Payments

Something to remember is that in Canada, according to FINTRAC, our Financial Watchdog for Criminal Activities, Money Laundering, and Anti-Terrorism, you should have your ID on hand, especially if you want to be paid in cash. Most of the places that avoid taking your information but pay inc ash will likely be both illegal and untrustworthy. The alternative – if you prefer not to provide a business with your ID – is, first, to not sell more than CAD 10,000 of gold at one time. Second, and more importantly, it is to simply take payment by cash from a reputable business with a reputable bank.

Good luck!

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