How to Sell Gold: 4 Steps to Get Cash for Gold
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Have you ever driven by a jewelry store with a big, bold “we buy gold” sign out front?
It’s proof that there are lots of places to get cash for gold. With gold over $3,000 an ounce right now, you may be thinking about selling. But don’t stop the car yet.
Here’s what you need to do if you want to part with your precious metals.
1. Take inventory of your gold stash
The first step to selling is to gather your gold. Unless you’re some kind of collector or coin buff, it’s probably jewelry that you have to sell.
Suellen Kirk, who co-owns Quakertown Gold and Coin Buyers in Pennsylvania says she buys coins, bars, gold jewelry in any karat and gold-plated jewelry.
Purity is most important. Jewelry stamped 24-karat is 99.9% pure gold and carries the most value by weight. Lesser karats are mixed with other alloys. Gold that’s 14-karat is 58.3% pure, for example.
Gold coins and bars, often referred to as bullion, are popular items to sell. You may have some that you inherited or bought as an investment. You can get gold bars at Costco and Walmart of all places.
Coins especially may hold value beyond the gold melt value due to age, condition and rarity.
You’ll do well to know what you have before you sell something special.
2. Find a gold buyer
The next step is not hard. If you have gold, you can bet there's a buyer within driving distance or just a click away.
Selling gold nearby
Your local jeweler will likely buy your gold, and so will pawn shops.
Fausto Argueta, who founded F&L Jewelers in Bel Air, Maryland, typically buys gold for its scrap value, meaning it’ll be melted down and made into something else. He'll buy desirable estate jewelry too.
“We polish it up, restore the merchandise and resell it,” says Argueta.
Something he can resell may be worth a little more.
More specialized gold dealers like Kirk’s store are often referred to as coin shops. The jewelery Kirk buys is destined for the smelter, she says.
In both cases, you can bring scuffed and broken jewelry and still get a quote for the gold value.
Both Kirk and Argueta say you should never feel obligated or pressured to sell. Argueta says he’ll suggest other avenues if a customer brings in a piece that may be worth more than he can pay.
Selling gold online
There are online exchanges galore chomping at the karat to receive your gold.
Some businesses are known to be reputable, with A+ Better Business Bureau ratings. Companies like JM Bullion and APMEX come to mind, and there are many more to sift through.
Go that route and you’ll pack your stuff up, ship it off and wait for a final estimate.
3. Temper your expectations on earnings
The “spot price” is the going rate for a troy ounce (slightly heavier than a typical ounce) of gold as dictated by market conditions. The price changes daily, and it’s been relatively high since President Donald Trump’s tariff announcement.
Spot is a good baseline, but it’s not the “what you’ll get” price.
“Each shop like mine — whether you call it a jewelry buyer, a gold dealer, precious metal dealer, coin dealer — each owner has a different formula of what percentages they purchase your gold at,” says Kirk.
Spot refers to the price of pure gold. A 14-karat gold chain that weighs an ounce won’t go for that because of the metal content, says Kirk.
Some online sellers post purchase rates. Express Gold Cash, an online gold exchange, says it pays 90% of the value of gold bullion and up to 85% of the refined value of gold jewelry.
4. Prepare to sell your gold
Keep these simple tips in mind as you go to sell your gold.
Look for legitimacy. Seek gold buyers that are transparent about what they pay and don’t obligate you to sell after getting a quote, be they local or online. Read reviews, check the Better Business Bureau website for ratings and ask shop owners to confirm they’re licensed to buy and sell in the location of the business.
Go into the process informed. Google the current market price before you get a quote. Go a step further to get a sense for the scrap value by plugging the karat and weight of what you have into an online gold scrap calculator. A simple online search will turn one up.
Seek multiple offers. Speaking of quotes, you should probably get more than one if you have the luxury of holding off on a quick sale.
Finding a place that gives you a good price and provides a good experience might just be the gold standard in gold selling.
You can also hold onto it and see what the market does.