Gold prices have been high for a while now. And when prices are high, the scams follow. Here’s what to watch for. Whether you’re buying for the first time or selling something you’ve had for years – it’s always better to be informed.
If the Price Seems Too Good, It Probably Is
If someone’s offering gold well below the current spot price, that’s your first red flag. The spot price is what gold is actually worth on the global market at any given moment. Real dealers publish their prices, keep them updated, and don’t offer mystery discounts. If a seller can’t tell you how their price is calculated, that’s a problem.
At Canada Gold, our buy and sell prices are posted online and are updated throughout the day. No hidden fees, no surprises at the end.
Nobody Should Be Rushing You
A real gold transaction doesn’t have a countdown clock. If someone doesn’t give you time to think, or tells you the price disappears the moment you walk out – walk out anyway. Pressure is a sales tactic. A legitimate buyer or seller will let you take your time.
At Canada Gold, our first priority is your comfort. No appointments are necessary. Our friendly teams will greet you and guide you through the selling or buying process. Depending on the volume of customers, there may be a short wait, but we work efficiently to serve you promptly and clearly, so you feel valued and comfortable.
The Testing Should Happen Right in Front of You
When you bring gold in to sell, any reputable buyer tests it before making an offer. Magnet check, acid test, XRF scanner – whatever the method, it should happen where you can see it, with the results explained.
If someone makes an offer without testing first, or disappears with your items for an unreasonable amount of time, be cautious. You should know exactly what’s happening and why. You can read more about how Canada Gold tests products people bring in to sell on our website and if you have any questions, feel free to reach out. Our team is always happy to help.
Watch Out for Vague Language and Unknown Hallmarks
When buying bullion, the refiner’s name matters. Bars and coins from recognized names – the Royal Canadian Mint, PAMP Suisse, Johnson Matthey – are easy to verify and hold their value.
If something is described as “gold-tone” or “gold-coloured”, it’s almost certainly not solid gold. If you can’t confirm who makes it, what the purity is, and what it weighs, you don’t have enough to go on.
Not Sure? Visit Canada Gold
The best way to avoid getting taken advantage of is to know what the real thing looks like before you’re in a situation where it matters.
Canada Gold offers free evaluations at all of our locations across Canada. If you’re unsure about something you already own, or you want to buy gold and want to do it the right way, come and talk to us. No appointment needed.
