Gold has a funny way of going up when things are looking down. The price of gold pushed above $5,600 per ounce in January when President Trump’s tariffs were top-of-mind, but fell to around $4,500 in late May.
With the price of gold still relatively high, you may be thinking about selling grandma’s ring. But ask yourself some questions before parting with your precious metals.
1. What kind of gold do I have?
Selling gold jewelry
Unless you’re some kind of collector or coin buff, it’s probably jewelry that you have to sell.
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.
Suellen Kirk, who co-owns Quakertown Gold and Coin Buyers in Pennsylvania says she buys gold jewelry in any karat, gold-plated jewelry and even costume jewelry.
She recalls a time a woman came in with a box of costume jewelry to sell for cheap. Kirk, who insisted on searching through it all first, says the customer didn’t realize she had several thousand dollars-worth of 14-karat gold in the box.
Moral of the story: Inspect your pieces closely before you go to sell, says Kirk.
She got a good Google review from that visit, which turned out well for the customer.
Meet MoneyNerd, your weekly news decoder
So much news. So little time. NerdWallet's new weekly newsletter makes sense of the headlines that affect your wallet.
Selling gold coins and bars
Gold coins and bars, often referred to as bullion, are popular pieces to sell. You may have some that you inherited or bought as an investment. Costco got into the gold bar business a few years back, and you can buy a bar at Walmart, too.
Coins are more nuanced. Some pieces 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. Where is the best place to sell gold?
If you have gold, you can bet there's a buyer within driving distance or just a click away.
You can sell 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 takes in gold for its scrap (or melt) value, but he’ll buy desirable estate jewelry for its resell value from time to time.
“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 called coin shops.
The jewelry 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 store owners 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.
You can sell gold online
Online exchanges are chomping at the karat to get your gold. Many aim to make it easy to pack, ship and get paid. But there are a lot of “cash for gold” type sites to wade through.
Some businesses carry A+ Better Business Bureau ratings, which adds peace of mind. Companies like JM Bullion and APMEX (American Precious Metals Exchange) are popular accredited businesses. Ratings aside, it’s important to find a place that offers a trustworthy and transparent experience.
Brandon Aversano, CEO and founder of Alloy, a precious metals broker, says what a company is willing to pay you shouldn’t be a mystery.
"If a gold buyer cannot explain how they arrive at their pricing, that’s a huge red flag,” he says.
“You, the seller, should have no out-of-pocket expenses either,” he adds. “If you're working with an online buyer, shipping in both directions should be free, returns should be guaranteed free and insured.”
When selling online, you’ll wait for the company to receive and evaluate your piece(s). Then you’ll get a final estimate.
Meet MoneyNerd, your weekly news decoder
So much news. So little time. NerdWallet's new weekly newsletter makes sense of the headlines that affect your wallet.3. How much is gold per ounce?
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 during Donald Trump’s second term. The price hit a record of $5,602.22 per ounce on Jan. 28.
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, of Quakertown Gold.
Plus, 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 98% of the value of gold bullion and up to 90% of the refined value of gold jewelry.
“When it comes to scrap gold—broken pieces, scuffed pieces, dental gold—anything that contains gold content, you should reasonably expect to be getting greater than 70%,” says Aversano, referring to selling online.
» Learn how to invest in gold
4. What else do I need to know about selling 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 it local or online stores. 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 Google 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.
Meet MoneyNerd, your weekly news decoder
So much news. So little time. NerdWallet's new weekly newsletter makes sense of the headlines that affect your wallet.
