Who Gives the Best Prices for Gold in Toronto?
With many possible gold buyers in Toronto, it can be challenging to figure out what buyer is offering the best prices for your gold. When deciding to sell your gold it is only natural to want to get the best deal, so the price you are being offered should be an important consideration so that you do not end up shortchanging yourself.
So, who gives the best prices for gold in Toronto? In a word, 401Gold. Since we started, we have continuously offered the biggest cash for gold payouts in Toronto, and a quick look at our payouts page will confirm this for you. Coupled with other factors, this has made us one of the most reputable gold buyers in Toronto.
This article will discuss just how we can offer the best deals for gold in Toronto and some other places where you might be able to get good deals.
You’re probably wondering how we can be sure that we offer the best prices for gold in Toronto, and the answer to that question is that we are just that confident in our deals.
When we started this business our primary goal was to build a relationship based on trust and transparency with our customers. Trust that the deals we offer are some of the best possible, if not the absolute best, and 100% transparency in the pricing process.
Being a family-owned enterprise, this is more than just a business for us. Before we started 401Gold in Canada several members of our family fell victim to different cash-for-gold scams at different times. After a while we realized how prevalent these scams were in our society and decided to become gold buyers with integrity. Today, we can proudly claim that we are gold buyers you can trust.
Furthermore, since we own other businesses, we have achieved internal economies of scale. This means that we can save costs in certain areas while running our businesses. These cost savings are then transferred to you, the customer, and we can offer better deals.
After deciding to start 401Gold we researched the different ways through which various cash-for-gold companies cheated their customers to avoid paying reasonable prices for gold. We then built our system to ensure you do not experience that at 401Gold.
Let’s quickly look at some of those schemes and how we ensure that you get the best prices for gold in Toronto at 401Gold.
Desperate Need for Money
At most cash for gold outfits once you walk through the door to sell your gold they quickly assess your conduct to determine if you need the money urgently. If it seems that you need the money urgently they offer you a deal that seems good to you given your urgent need for cash but in reality you’re being ripped off.
However, at 401Gold, once you use our online payout calculator you know just how much we will offer for what. With this it doesn’t matter if you come into our store needing cash urgently. Our formula to determine your payout remains the same.
Also, we encourage you to print out whatever figure you get from our online calculator and shop around. If you find a competitor willing to pay more for your gold, take the better deal!
A common way some cash for gold operations get out of paying what they ought to pay is by tampering with the accuracy of their scales. Since almost all payouts are determined by how much the gold to be sold weighs, gold that weighs less attracts lesser payouts.
At 401Gold we use A&D FX-300INC scales which have been certified by Measurements Canada and are legal for trade in Canada. These scales are renowned for being accurate down to every 0.001 grams so we will only deal with you using the exact weight when weighing your gold. When you come into our store you’ll also find that we have a camera above the scales recording everything we weigh, so you can also see the weight once we weigh it.
We understand that it is pretty easy for anyone to make these claims so we encourage all our prospective sellers to weigh their gold at home. This way, when you’re coming in, you already have a very good idea of what to expect when we give you the weighing results.
Hidden Spot Prices
Most gold sellers, including 401Gold, calculate the value of your gold by multiplying the spot price by the weight of the gold and the purity percentage. When the gold buyer works with a lower spot price, it reduces the value of your gold and the offer you get.
At 401Gold we provide constantly updated spot prices on our payout pages. You'll know exactly how we do our calculations and arrive at the price we offer you.
401Gold gives the best prices for gold in Toronto. However, we should also mention that there are also some other places where you can get good deals for your gold in Toronto. Let’s look at some of them.
When looking to sell your gold, banks may not ordinarily be the first place you look to, but some of them buy gold from time. Since buying gold or other precious metals is not a service most Canadian banks offer, it can be quite challenging to find a bank to buy your gold once you need to sell it.
TD is a popular bank that buys gold. Although this service is reserved for TD Canada Trust customers the process is quite simple. All you will need to do is visit a TD branch close to you, speak with a specialist there to get a competitive offer and complete the transaction for which you can get paid in Canadian or U.S. Dollars.
Bullion shops are also some of the places where you can get the best deals when looking to sell your gold. Most bullion shops only buy the highest quality of gold (at least 99% pure) or in large quantities (over $1000 worth). Once your gold meets these requirements they typically offer about 90% to 95% of the spot price.
Some bullion shops you can check out in Toronto are Bullion Mart or Toronto Gold Bullion Inc.
Online Gold Buyers
Online gold buyers can also be a good option to consider when selling your gold. Before transacting with an online gold buyer you need to ensure that they have built up a good reputation for being transparent in their dealings. It is also very important that you fully understand their process especially if you are an international customer.
With APMEX, for instance, they will only purchase from you if the gold is being stored in a Citadel Depository.
All of the options we have highlighted here can give you good deals when trying to sell your gold in Toronto. For the best prices for your gold in Toronto you should definitely check us out at 401Gold.
But as always, in any transaction for your gold, always remember to be very cautious to ensure you do not get scammed. Finally, it would be best if you shopped around to get the best prices possible for your gold.
What Does Gold Spot Price Mean?
The spot price of gold refers to the price at which you can purchase a troy ounce of gold at that particular moment. Essentially, it is the live global price of gold.
Should I have an Appraisal Done Before Selling my Gold?
Yes, in most cases it is advisable that you do an appraisal to determine the value of your gold before selling. At the point of selling most buyers also do an assessment to determine how much the gold is worth before making an offer. However, when you do an appraisal beforehand you also have a good idea of what the gold is worth.
How to Determine a Good Gold in Toronto?
A good gold buyer or company in Toronto should be certified. Their equipment for testing and weighing should also be certified, and they must have good reviews from previous customers. Finally, their payout system should be as transparent as possible.