Tips for Selling Gold: What to Consider Beforehand

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Tips for Selling Gold: What to Consider Beforehand
Photo: Jan Collsiöö/TT

Read the contract terms carefully, check up on the company and read reviews from people who have previously sold gold to them. These are the main tips from the Consumer Agency's guide to those who want to sell their gold online or over the counter.

When you as a private person sell something, for example gold, to a company, the consumer legislation does not apply, but rather the contractual terms between the seller and the buyer apply.

Since there is free pricing in Sweden, a company can offer as much or as little as they want to buy gold.

Accept or not

And then it's up to you as a consumer to decide whether it's something you want to accept or not, says Daniel Bernspång, guide at the Consumer Agency.

The fact that consumer legislation does not apply also means that any disputes between the seller and the buyer cannot be settled by the National Board for Consumer Complaints (ARN) but must be settled in court.

Since it does not become a consumer relationship, it is so that if something goes wrong and you need to have the matter tried, it is the court that applies for such a trial, says Daniel Bernspång.

More report

More and more gold sellers are reporting gold sales that have not gone as they thought to the Consumer Agency, which the authority also encourages. It will not help in the individual case, but can be the basis for reviewing problematic companies.

If we receive reports that indicate there is a major consumer problem with a particular company, it can lead to a supervision case. And a supervision case can in turn lead to, for example, a prohibition and fine, but it will not help the individual person, then it's the court that applies.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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