10 warning signs that gold buyers are scamming you as prices reach historic highs

As gold prices reach historic levels, Ocean County officials are warning residents to beware of gold buyers who may try to take advantage of sellers.

The Ocean County Department of Consumer Affairs has received multiple complaints about traveling gold buyers setting up temporary operations at local hotels and convention centers, Ronald Heinzman, director of the department, said in an Oct. 21 statement.

The traveling gold buyers often employ high-pressure sales tactics and target vulnerable populations, including senior citizens, Heinzman said.

In one investigated case, the traveling salesperson was not properly bonded with the state Division of Weights & Measures, Heinzman said.

“The scales were not registered and when tested, were not recording accurate weights,” he said.

The Department of Consumer Affairs has issued several recommendations for buying and selling gold, including:

• Avoid “pop-up” buying events at hotels, malls, laundromats or food stores, and instead seek established businesses within the county.
• Don’t sell gold or precious items by mail.
• Weigh your gold before visiting a buyer.
• Separate gold by karat, as purity affects price.
• Get multiple appraisals before selling your gold.
• Check that scales are registered with a valid blue seal from the Ocean County Division of Weights and Measures, dated within the past 12 months.
• Verify that businesses display their prices.
• Ensure receipts include complete transaction details.
• Be aware that buyers must hold purchased items for at least two business days.
• Confirm traveling gold buyers are registered with local police and properly bonded.

Residents with questions or concerns about gold sales can contact the Ocean County Division of Weights and Measures at 732-929-2166.