Why You Should Avoid Comparison Websites When Selling Gold

If you a looking to sell your gold, you might find a number of comparison sites. These are supposed to give an impartial assessment and

to help you choose the right gold dealer to sell your gold to. Not all comparison sites are impartial. They say they will give the best deal but what’s the catch? There has to be something in it for them, right?

A BBC programme did an investigation into gold comparison sites to investigate if their prices are rigged. The programme called “You and Yours” broadcast on Radio 4 followed a number of customer complaints about the service offered by scrap gold dealers listed on certain gold comparison sites and found the following:

False promises

Some sites list companies that aren’t completely trustworthy. These companies may claim that they offer more money per gram if gold sold per gram than any other gold dealer. This might not turn out to be true. The problem is that people often trust these sites and don’t do their own due diligence or find out for themselves what the real price of the gold their selling really is. Reputable and accredited companies like ABC Bullion shy away from such sites because they may misrepresent what they are about.

Rigged prices

Some of the companies that comparison sites list are owned by the same company. One company can have up to 5 individual dealers listed which means they can offer artificial prices. This means it’s all rigged.

Most of the time the prices on these sites don’t get updated for months even though the price of gold always fluctuates on a daily basis. You might be getting offers based on old, low gold prices. The problem is these companies rarely get reported to the Advertising Standards Authority. You are lucky if you run into disgruntled customers online. They fill their websites with nothing but glorious reviews from so-called customers.

Unauthorised listings

In order to look credible some of these sites list prices from well-known night street gold dealers. Most of the time these dealers aren’t even aware of the listings and might not appreciate being listed on some dodgy comparison site. The worst thing is the information may actually be false.

When selling Or buying gold you should deal with a reputable company. If you live in Melbourne, there are plenty of local dealers that you can sell or buy gold from. One of the well know and most trustworthy dealers in Melbourne is ABC Bullion. ABC is accredited by the London Bullion Market Association  (LBMA) means that the company is listed on its Good Delivery List which means that it meets the highest quality standards in the world.  ABC Gold Company is part of a few bullion dealers in the world on the Good Delivery List along either like of PAMP, Credit Suisse and the Perth Mint. The list has a number of refineries and gold dealers but ABC has managed to be the only Australian Independent dealer on the list. When dealing with them you know you are dealing with a legit company that will give you a good price you deserve for your gold as well as excellent advice and service.

Leave a Reply

Your email address will not be published. Required fields are marked *