This post is for you if you want to know how or where to sell gold and how to obtain the greatest price for your gold. Gold is still precious today, and selling gold jewelry or other types of gold, such as bars, bullion, or nuggets, is a lucrative business.
In today’s post, I’ll cover everything you need to know about selling gold, from evaluating your items to negotiating the best prices. So, if you want to know where to sell gold for the highest amount, keep reading.
What Type of Gold can be Sold?
The first thing to know is that there are several types of gold that can be sold, and some of them are treated in different ways:
Here are the types of gold that can be sold.
Selling gold jewelry
If you have high quality jewelry which could be resold as a piece of jewelry, then it may not make sense to sell it to a gold refinery where it will be melted down and recycled.
Instead, an antique store may be a more suitable destination for it. However, it surprises many people that very few pieces of jewelry are worth more as jewelry than they are for their raw gold value.
The other type of gold jewelry that can be more valuable as jewelry rather than just the value of the raw materials is ‘signed’ jewelry. This is jewelry from a ‘name brand’ like Cartier, Tiffany & Co. or Van Cleef & Arpels:
If you have gold jewelry from one of these premium brands, it’s best to sell them to someone within the jewelry trade who can sell them as jewelry, rather than melting them down.
But if you have a gold wedding ring that doesn’t have a luxury brand name attached, a class ring or other gold jewelry that does not have intricate details then it is more likely that you will get more for them as raw gold, rather than trying to resell them as a piece of jewelry.
Selling gold bullion
Gold bullion is the easiest type of gold to sell as it is already in the form that can be then be sold on – it doesn’t need to be melted down.
Because it is in an easy-to-use format, it also means that you will get the highest value possible for the gold.
While coins are less commonly found compared to accessories and jewelry, some people may own gold coins that they have collected or inherited. Gold coins are basically smaller-sized gold bullion, usually weighing 1oz or 1/2 and oz.
The difference between gold coins and gold ingots is that they have been minted by a sovereign government, are legal tender, and have a minimum ‘face value’ in addition to a ‘melt value’ of the raw gold.
Common gold coins are American Eagles, Maple Leafs, Chinese panda, philharmonics and Krugerrands:
Broken gold jewelry or even parts of gold jewelry that have broken off from larger pieces might not seem all that valuable on their own.
You probably wouldn’t get very far selling them privately or even to a pawn shop, since they can no longer be worn. Broken gold bracelets, necklaces, rings, watch bands, and chains can all fetch you more than you might realize.
5. Selling ‘scrap’ gold
The last type of gold that can be sold and recycled is ‘scrap’ gold. Similar to broken gold, any gold scraps that you no longer have any use for might be able to fetch you more cash than you thought.
Broken gold accessories, ornaments, and even dental scrap like old gold crowns you have had replaced with something more natural-looking can be sold as scrap as the gold can be melted down and recycled.
This could be the gold that is harvested from computer or cellphone components, or even from old teeth fillings.
How Much Is My Gold Worth?
If you have gold that you want to sell, then you are in luck – gold is currently one of the most expensive commodities worldwide. Whatever gold items you want to sell, you are probably wondering what its current worth is.
The exact amount that you could get for your gold depends on several factors, including what karat your gold is and how much it weighs. The higher the karat and the weight, the more you’ll get for your gold.
And, scrap gold is valued in exactly the same way as intact gold items are, so there’s no need to worry if your gold is not in the best condition, or if you have a broken gold jewelry item that would not sell for much privately. You can get a quick and easy valuation of your gold items at the
Test Your Gold
If your gold item does not have a karat marking or you are unsure whether or not it is made from real gold or simply gold-plated, you can conduct a few simple tests at home to help you get a better idea.
Magnet Test: Gold is not magnetic, so holding a magnet close to it should help you figure out whether an item is gold or gold-plated. If your item is attracted to the magnet, it is likely to be gold-plated or has significant impurities, which means it’s likely to have a low karat value.
Porcelain Test: Take your item and rub it against a piece of unglazed porcelain. Real gold will leave a gold-colored streak on the porcelain. On the other hand, if you see a black streak, the item is made from pyrite rather than real gold.
Home Tests: You can also order home testing kits to help you get a more accurate idea of how pure your gold items really are. You can purchase these online or at certain stores.
How gold purity affects the price you’ll get for your jewelry
Most people have heard of gold karats, but not everyone really knows what this means. Karat is a measure of the purity of gold and is measured on a scale using 24 karats.
24 karat gold is 100% pure gold, while 12 karat is 50% pure gold. Each of the different karats basically indicates how much gold is contained and the further down you go on the “karat” scale the less pure your gold is
24 karat gold
100% pure gold
22 karat gold
91.6% pure gold
18 karat gold
75% pure gold
14 karat gold
58.5% pure gold
12 karat gold
50% pure gold
10 karat gold
41.7% pure gold
9 karat gold
37.5% pure gold
This may sound obvious, but the amount of raw gold in your item will affect the price that you will be able to sell it for.
18 is a 50% larger number than 12, so an 18 karat wedding ring has 50% more gold in it than a 12 karat gold ring. An 18 karat wedding ring will therefore be worth 50% more to the gold buyer as it is the raw gold it contains that they are concerned about.
Best Places to Sell Gold Near You or Online
1. Local jewelers
If you have gold jewelry to sell, consider taking it to your local jewelers. You can do a quick search on Google to find jewelry places near you. I would recommend taking your items to a few different jewelers so that you can compare prices and get the best deal.
Also, it’s worth calling ahead to see if that specific jeweler actually buys gold jewelry. Some just sell it and don’t buy it. So calling ahead saves you from wasting your time.
When it comes to selling stuff near you, Pawnshops are usually not the best places since you won’t be able to get the most cash for your items. But when it comes to precious metals like gold and silver, you can often get decent prices at pawnshops.
However, I wouldn’t just go to one Pawnshop. I would take your gold to at least a few nearby Pawnshops to get a few quotes. That will give you a better idea of how much you can actually expect to get from your gold.
It’s free to get a quote and is an easy way to make sure you are not underselling your valuables.
The selling process is usually pretty quick as well, taking 15 minutes or less in most cases. Just make sure you research the pawnshop online and read reviews to see what other customers have to say before you take your stuff in.
3. Cash for gold exchanges near you
Most cities have a Cash for Gold exchange type of place where you can get cash fast for your gold. They usually buy gold to melt it down and reuse it.
The price they offer may be a little lower than what’s on offer in other places (that’s why you should compare prices). However, it’s a quick and easy way to get cash for gold near you.
There are a couple of ways to find these places… Use Google to search for local gold dealers and jewelry places.
Here’s how to get started…
Open up Google or whatever search engine you use.
Enter the term “sell gold near me,” into the search box and hit search.
Then, you’ll get a list of places near you where you can get cash for your gold.
As you can see from the image below, I got lots of gold dealers near me and even a handy map of where they were:
I also had a browse on Yelp and found the best 10 gold dealers near me: As you can see a got a list of places where I could exchange gold for cash. Those are the main options for selling your gold near you.
Truspilot rating: 4.6 stars
BBB rating: A+
SellYourGold.com is an excellent website for selling your gold. It offers free and insured FedEx pickup right from your home.
How convenient is that? What I like about the site and why it tops the list of places to sell gold online, is that it offers a price match guarantee. This means that if you find a better price – the site will match it!
With more than 3,000 reviews and a 4.6 star-rating (which is Excellent) on Trustpilot, SellYourGold.com is a legit company.
It’s even has an A+ rating from the BBB and almost a 5-star rating from customers on there too! (Please note that the site’s name on its BBB profile is Beyond 79, LLC because that’s the company that owns it.) It’s BBB accredited too.
The website will buy lots of different gold items like:
It even offers same-day payments via PayPal! It would definitely be my pick if I come to sell any gold items!
5. Liberty Gold and Silver
BBB Rating: A-
Although not as highly rated as the previous website, Liberty Gold and Silver is still a company worth checking out. They’ve been in business since 2012 and have a great rating with the BBB.
If you decide to sell your gold to the company, you place your gold into a padded, prepaid, and insured UPS return envelope that the company sends you and drop it off at any authorized shipping center.
This return envelope is insured up to $1,000. What’s great about Liberty Gold and Silver is that it offers a 110% price match guarantee! This means that if you can find another buyer who will offer more for an item, the company will match that price, plus 10%.
Once the site receives your gold, it will email or call you immediately with a quote. If you accept the quote, the company will mail you a check within 24 hours or if you pay a small wiring fee, the company will wire the money directly into your bank account.
The only downside with Liberty Gold and Silver is that I couldn’t find a Trustpilot page for the company or any customer reviews on BBB. But the BBB rating is good, so that still makes it a great option to consider.
You can get a free express label from the company. So you can ship your items for free! And you get free insurance and tracking by FedEx.
It’s a legit company offering high payouts, so I would definitely consider it if you’re looking to sell gold. In fact, it was ranked #1 for payouts by the Wall Street Journal.
US Gold Buyers has an impressive A+ rating from the BBB. It’s actually accredited by the BBB as well. Not only that, but US Gold Buyers also has a 5-star rating from customers on the BBB. It has an impressive 4.8 stars, which is an Excellent rating, from Trustpilot.
7. Express Gold Cash
Trustpilot rating: 4.9 stars (Excellent)
BBB rating: A+
Express Gold Cash is another website that you could consider selling your gold through. You can get the payment within 24 hours, which is good.
The company has almost 2,000 reviews on Trustpilot where it has 4.9 stars, which is an Excellent rating! Express Gold Cash is also BBB accredited.
The company has more than 25 years’ experience too. You can ship your items to the company with free overnight FedEx shipping. And if you don’t like the offer you get for your items, Express Gold Cash will ship them back to you for free!
BBB rating: A+
Another place to consider is Luriya. The company has an impressive A+ rating from the BBB. It buys a variety of precious metals, including gold. The company buys a huge range of different gold items, like:
If you live in NYC, you can actually visit the Luriya store in-person. It’s a great place to visit if you’re wondering where to sell gold locally.
If you’re not in the NYC area though – don’t worry! You can actually sell your gold online to Luriya.
Just fill out a form online and you’ll get an email shortly after that includes a prepaid FedEx label. Items that you ship are insured. The company will contact you to confirm they’ve received your items and you’ll get an offer within 24 to 48 hours.
If you like the offer, you get payment through whichever payment method you choose. And if you don’t like the offer, then Luriya will send your stuff back to you for free.
Items are automatically insured up to $1,000, but you can insure your items up to $1 million if necessary. The company’s standard delivery method is 2nd day FedEx shipping, but it can work with any delivery partner that you want, like UPS, USPS, DHL and more.
9. Money Metals Exchange
BBB Rating: A
If you’re looking to sell gold coins or bars, then give Money Metals Exchange a try. Money Metals Exchange is a gold dealer will awesome reviews online. On the BBB, the company has an A rating.
That’s not all. Customers on the BBB have given the business a 5-star rating! Once the company has your metals, it will pay you immediately.
BBB Rating: A
Another website that’s ideal if you’re looking to sell gold coins or gold bars is Kitco. It buys a ton of different coins. The website says that it will “match any reasonable bid for larger transactions.” It has an A rating with the BBB, which is great.
BBB Rating: A+
Trustpilot rating: 3.4 stars (average)
APMEX is the world’s largest online retailer of precious metals. If you choose to sell to the company, it will provide you with all the shipping labels you need and you can drop off your items at a UPS facility or schedule a pickup.
Once you’ve sent your gold to the company, it will process your payment by the end of the next business day.
The company is incredibly well-reviewed on BBB. To start with, it’s accredited by the BBB. It has an A+ rating from the platform. And customers on the BBB give APMEX a 5-star rating!
While the company has 3.4 stars on Trustpilot, most of the complaints were from people buying gold from the website rather than selling it. Plus, 3.4 stars isn’t super low or super high, so it’s not too much of a concern.