Californians Are Cashing In on a Modern Day Gold Rush
With the price of gold soaring to new record highs, millions of Californians are flocking to gold buying establishments every day in the hopes of making quick cash for their scrap gold and unused jewelry. To meet the demand, cash for gold businesses are cropping up nationwide in unparalleled numbers. However, itʼs important for Americans to do business with a reputable company they can trust.
“There is a growing number of complaints against unregulated cash for gold businesses that donʼt pay the full value for the gold they receive,” explains Diane Taylor, president of the California Pawnbrokers Association. “There are several key things to keep in mind when selecting a regulated, trustworthy establishment that will pay a fair price for your scrap gold.”
For Americans looking to sell gold and other unused jewelry to a safe, dependable gold buying business, the California Pawnbrokers Association suggests sellers ask the following questions before handing over their valuable items to cash for gold businesses:
- Does the buyer carry a second hand dealers license, which is required by state law for all businesses purchasing precious metals?
- Does the buyer request a state issued photo ID, passport, Matrícula Consular, or other official government issued identification?
- Are the scales on which the gold is weighed, tested and certified by the California Department of Food and Agricultureʼs County Office of Weights and Measures, so you can be sure to receive an accurate weight measurement for your gold?
- Does the buyer report all items received to law enforcement on a regular basis to prevent the acquisition of stolen goods and help reduce theft crimes?
- Is the buyer trained in metallurgy or gemology with expertise in assessing the quality of gold, silver and other precious metals and stones?
“Getting the most money for your gold is a top priority for sellers. CAPA member pawn shops are licensed and regulated on a local, state, and federal level, including 13 federal laws,” add Taylor. “But many unregulated cash for gold businesses exist, and sellers need to exercise caution.”