CONSUMER CORNER: The Price Of Gold & Scams Are On The Rise

Provided by the Bucks County Department of Consumer Protection:

The Bucks County Consumer Protection Office along with the Bucks County Crimes Against Older Adults Task Force is warning residents about traveling gold buyers who temporarily set up operations in hotels, convention centers, and other short-term locations across the county.

While these buyers advertise quick cash and supposedly paying “top dollar” for your gold, their practices often put consumers at risk of being underpaid, misled, or left without recourse not having a physical storefront to follow up with regarding complaints.

Traveling gold buyers often create a sense of urgency with heavy advertising, limited-time events, and promises of the “highest prices paid”. Once consumers arrive, several deceptive practices may occur:

• Uninspected or tampered Scales: Precious metals sold or purchased by weight within Bucks County MUST be weighed on scales inspected and sealed by the Bucks County Department of Consumer Protection/Weights and Measures regardless of whether their scale has been inspected outside of Bucks County. Unscrupulous buyers may use uninspected or altered scales to understate the weight of gold or silver, leading consumers to receive far less than their items are worth. Always look for the official Bucks County Consumer Protection/Weights and Measures seal on a scale before a transaction begins. If this seal is not present, please contact the office to report on an uninspected scale so our inspectors can follow up and bring the business into compliance. You can report unregistered scales to 215-348-6060 or online at www.BucksCounty.gov/CP or via e-mail to weightsandmeasures@buckscounty.org

• Unregistered Buyers: By law, all precious metal dealers in Bucks County must be registered and obtain a license with the Bucks County Sheriff’s Office. Failure to register means they are operating illegally. Consumers should ask to see proof of a license before doing business with a gold buyer.

• Taking Jewelry “Out of Sight”: Some operators may ask to take jewelry “to the back” or an area outside of your clear view for testing or evaluation. This creates opportunities for switching items, misrepresenting results, or even losing track of which items belong to which customer. Never allow your jewelry to leave your sight during any part of the evaluation or weighing process.

• Pressure Tactics: Traveling buyers may pressure consumers into selling quickly, often discouraging them from seeking independent appraisals. Once the event ends, the gold buyers may leave town, making it nearly impossible to recover losses or file complaints against the business without any formal address to contact them.

To ensure fair treatment and transparency, Bucks County Consumer Protection/Weights and Measures strongly recommend that residents, especially our more vulnerable senior population, consider the following precautions:

• Sell precious metals only through established, permanent storefront jewelers or dealers who are licensed to buy precious metals through the Sheriff’s Office, have a properly inspected scale bearing a seal from BCCPWM, and use only companies with established storefronts and positive reviews that are well known in the community.

• Request that all weighing and testing be done within your full view.

• Ask for a written receipt that clearly states the weight, purity, and purchase price of the items sold.

• If leery of a company don’t hesitate to call or e-mail to verify that the business is properly registered and using a scale with a valid inspection seal from Bucks County Consumer Protection/Weights and Measures.

• Get multiple offers: Do not accept the first offer you receive. Get quotes from several reputable, established buyers in your area, not just the “traveling buyer”.

• Research local buyers: Instead of a traveling gold buyer, look for a local jeweler, pawn shop, or gold exchange with good online reviews and a solid reputation.

• Know the current market value: Look up the current “spot price” of gold per troy ounce. This will give you a benchmark against which to evaluate offers and make sure you’re receiving a fair valuation.

• Be informed: Before going to a potential buyer, learn as much as you can about your item’s weight, purity (karat), and any special marks it may have. Keep images of your items for your protection in case of loss, theft, or a suspected “switcheroo” if they still take your item out of sight against your wishes.

• Maintain control of your items: Do not let your jewelry leave your sight during the appraisal process. A trustworthy dealer will perform all tests in front of you.

• Walk away from pressure: If a buyer uses high-pressure tactics or pushes you to sell immediately, walk away. A fair, reputable buyer will give you the time to consider your options.

Consumers deserve to know they are being treated honestly when selling gold or jewelry. Keep in mind that traveling buyers who set up shop for just a few days may not have the same accountability as local jewelers that also buy precious metals. By checking for the official inspection seal, not using companies without proper registration, and keeping valuables in sight, residents can protect themselves from being shortchanged.

Residents with concerns or complaints about gold buyers are urged to contact the Bucks County Consumer Protection/Weights and Measures Department at 215-348-6060, online at www.BucksCounty.gov/CP or via e-mail at weightsandmeasures@buckscounty.org.

Monthly Fraud Alerts brought to you by Bucks County Crimes Against Older Adults Task Force 24-hour hotline: 1-800-490-8505, Bucks County District Attorney’s Office: 215-348-6344, A Woman’s Place (AWP): 1-800-220-8116, Bucks County Area Agency on Aging: 267-880-5700, Bucks County Office of Consumer Protection: 215-348-6060, Bucks County Coroner’s Office: 215-348-3852, Bucks County Register of Wills: 215-348-6265, Network of Victim Assistance (NOVA): 1-800-675-6900, and U.S. Dept. of Health and Human Services/OIG: 1-800-447-8477.