How To Avoid Crooks When Selling Your Gold: A True Story

There was some buzz back in May of this year about a gold buyer up in Albany who was busted in a sting operation by the county. This buyer was undergoing state inspections, but he refused to allow inspectors to examine the scales in his storefront.

When a gold buyer refuses to let his scales take part in a state-mandated inspection, we imagine there can be only one of two reasons. Either the scales are rigged, or the gold buyer has such an enormous sense of pride that he’s absolutely flummoxed that the state would question his honesty. This buyer claimed that his scales were exempt from inspection because they were not visible to customers and that they were only for his personal use (even though his payouts used weight as a factor).

Since the scales couldn’t be inspected by traditional methods, Albany County went undercover by bringing in a sample of gold scrap that had already been weighed and valued on scales with certified accuracy. The buyer’s scale came in about half a troy ounce less and now he faces a potential fine of up to $70,000. Interestingly, this gold buyer had only owned his storefront for six months.

You can get a fair price for your gold or other precious metals by being careful who you sell to. Choose a gold buyer or refiner that has experience in the business and a good reputation in the field. This will ensure that you get skilled assays, accurate weights, and a fair payout. In light of this particular case, you should also check the scales for a current county inspection seal.

At MGS, we’ve been buying gold and other precious metals since 1985. We also offer some of the highest payouts in the nation with the fastest turnaround times. Just ask any of our fellow businesses in the Diamond District, or visit us yourself to see why so many people sell to us again and again.

Manhattan Gold & Silver Update

We’re currently open from 9:30am – 4:00pm Monday-Friday.  Customers are now allowed to enter the exchange with a mask and witness melts as usual.

If you have any questions you can still contact us at 212-398-1454 and sign up for our newsletter for further announcements.

Most importantly, please stay safe! 

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