COLUMBUS, Ohio (WCMH) — While day-to-day economic news can cause gold prices to fluctuate, overall interest in the precious metal as a “safe investment” has caused it to skyrocket in value, particularly in the past few years.

With inflation and financial uncertainty, investors have been turning to gold, driving the price up recently to more than $3,400 per troy ounce. Along with the surge in demand has come a sharp increase in scams targeting unsuspecting consumers. There have been warnings that criminals are capitalizing on gold, preying on individuals using sophisticated schemes. To ward off becoming a target, those looking to buy or sell gold and other precious metals should look to do business with established, local companies.

Here are a few longtime central Ohio businesses that buy and sell gold:

Buckeye Gold Coin & Jewelry
With multiple locations across central Ohio, including Clintonville, Dublin, Grove City, and Westerville, Buckeye Gold Coin & Jewelry is a family-owned business highly rated by customers. The company buys and sells gold, silver, platinum, diamonds, coins, and bullion and reviews items in front of potential sellers. The company has an A+ Better Business Bureau rating and offers a no-appointment-needed walk-in service.

Grove City Coin & Currency
Located just southwest of Columbus, this shop specializes in collectible U.S. coins, bullion, and paper currency. The business buys and sells gold, silver, platinum, and palladium in various forms, from jewelry to bullion. With 65 reviews on Google, the company has a 4-out-of-5-star rating, with some patrons referring to employees as “knowledgeable.” This establishment is rated A+ by the BBB.

Worthington Jewelers
Situated in downtown Worthington, this locally owned jeweler buys gold, silver, platinum, and diamonds. According to its website, the business offers cash or store credit and is licensed by the State of Ohio and federal authorities. Its reputation for integrity and customer service makes it a reliable option for selling fine jewelry or precious metals. The store is BBB Accredited and has an A+ rating.

Old Hilliard Coin & Fine Art
Catering to collectors, this family-owned shop focuses on precious metals, diamonds, and gemstones. The business offers a monthly Coin Club purchasing plan for regular buyers. According to the website, owner John Zappitelli is a member of the American Numismatic Association, a Professional Numismatist, and a Licensed Precious Metals Dealer. The store is BBB Accredited and has an A+ rating.

How to avoid gold scams

• Verify dealer credentials: Ensure the dealer is licensed and has a good reputation. Check for BBB accreditation and read customer reviews. The Commodity Futures Trading Commission warns scammers will try to build credibility by claiming to be with a reputable firm or to have a special credential or experience. The CFTC notes that the labels “metals dealers” or “merchants” should be red flags.
• Avoid unsolicited offers: Ignore unexpected calls or emails offering gold investment opportunities. The CFTC recommends being wary of offers made on television, radio, or the internet, especially if they use a name that sounds like an official government agency. Legitimate dealers do not typically reach out unsolicited.
• Be suspicious of “storage” arrangements: The CFTC says to beware of claims that the metal purchased will be stored in a bank or other facility.
• Do not rush transactions: Take time to research and consider offers. The CFTC points to the persuasion tactic of someone claiming a supply is limited to create a false sense of urgency.
• Consult with trusted advisors: Before making a transaction, talk to financial advisors or trusted family members. Contact the CFTC at 866.366.2382 or the National Futures Association to check the company’s registration status, business background, and disciplinary history.