All That’s Gold

It seems lately that everyone and their pet dog are offering to buy your gold or set up a gold party for you. So how do you determine who is trustworthy and who isn’t?

The first question you should be asking is “do you have a precious metals license?”

If the answer you get is “no”, do NOT hang around and wait for the “but”, get out of there. These people are not properly trained and certified to be examining and buying your gold.

Many states are now taking the initiative and passing bills allowing only businesses and people licensed to deal in precious metals to buy gold and hold gold parties, but this doesn’t stop everyone. It’s a difficult area to police, and many shady brokers are slipping through the cracks.

The scams are going deeper than anyone could have thought. Nowadays, even people claiming to be gold REFINERS are offering to buy gold off people, shops and jewelry stores. They will then offer less than the gold is worth to YOUR gold buyer and turn around and sell it to a real refiner and make a profit. It’s flabberghasting how shady the gold buying industry has become.

Now, at least, the government and you can both help to make sure that you are protected. Only sell your gold to a licensed precious metals buyer and don’t hesitate to report to the BBB or even the authorities if you see an operation that you don’t think is legit.

There’s a new bill floating around the Michigan House of Representatives that Gold Party US is very excited about:

2009 House Bill 5448 (Impose “gold party” licensure mandate ) would impose “gem and (precious) metal dealer” licensure mandates on a business or individual who holds an invitation-only “gold party” selling jewelry in a residence.

This would mean that everyone that touches your gold would have to be a representative of a company that is licensed to do so. Not only would it make it easier for gold sellers to breathe easier, but it makes gold buyers happy by ensuring that non-licensed fly-by-night companies cannot come in and scam residents, giving gold parties a bad name.

Hopefully other states that do not already have these mandates will take notice and follow suit. It’s hard enough to be sure you’re getting a good deal at your gold party, at least now you’ll know who you can trust.

Thankfully Gold Party US is fully licensed to deal in precious metals, as well as being insured and bonded. To host a safe and easy gold party in your home, call us at 810.329.6866 or toll free at 877.329.6866.