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If you want to declutter your home or earn some extra cash, selling your gold might be a good option. Gold is one of the most valuable precious metals in the world and has been traded as a valuable commodity for centuries.
Even today, some people go out into the wilderness to pan for gold. Whether you have gold jewelry, bars, bullion, or nuggets, you can sell them for a fair price and make some extra money. This article aims to research and find a reputable dealer who will give you a fair price for your gold.
Today, I’ll guide you through the process of selling gold, covering everything from assessing your items to securing the best deals.
Contents
Where can I sell gold near me
Interested in selling your gold for cash near you? You’re in luck because you have several options available.
One of the benefits of selling gold offline is that you can receive cash immediately.
Here are a few options to consider when selling gold nearby:
1. Local jewelers
If you want to sell your gold jewelry, try visiting local jewelers.
Search online to find nearby jewelry stores. It’s wise to visit several jewelers to compare prices and get the best offer.
Before you go, call ahead to confirm if they buy gold jewelry, as some only sell it. This saves you time and effort.
2. Pawnshops
Pawnshops are not typically the top choice for selling items locally if you want the best price. However, they can offer decent prices for precious metals like gold and silver.
It’s wise to visit multiple pawnshops to compare quotes and ensure you get a fair deal. This process is free and helps prevent underselling your valuables.
Selling gold or silver at a pawnshop is typically fast, often taking 15 minutes or less. Before visiting, it’s advisable to research pawnshops online and read reviews from other customers to ensure a positive experience.
3. Cash for gold exchanges near you
Many cities have Cash for Gold exchanges where you can quickly sell your gold for cash. These places typically buy gold to recycle it, though their prices might be slightly lower than other buyers. It’s wise to compare prices before selling.
Searching on Google for local gold dealers and jewelry stores is an easy way to find these places.
Here’s a simple guide to begin:
- Open your preferred search engine, such as Google.
- Type “sell gold near me” into the search bar and press enter.
- You’ll receive a list of nearby places to exchange your gold for cash.
Check out the image below showing numerous gold dealers near me, along with a handy map:
Google search results for “sell gold near me” in New York.
Check Yelp for more local places
I checked Yelp and discovered the top 10 gold dealers near my location in New York.
Why sell gold online?
Here are several reasons why you should consider selling gold online instead of selling it locally:
Convenience
Selling gold can be simpler and more convenient online than visiting local stores. When selling at physical locations, you have to travel around, comparing prices at different stores. But with online selling, you can easily compare prices from your computer and sell from home, avoiding the hassle of store visits and operating hours.
Accessibility
Online selling also offers more options regardless of where you live. Physical stores are limited by location, but online platforms connect you to businesses worldwide, expanding your choices and access to better deals.
Moreover, online buyers often offer better prices because they don’t have the overhead expenses of maintaining physical stores. Brick-and-mortar stores have costs like rent, utilities, and staffing, which can affect the prices they offer for gold.
Reviews
Another advantage of online selling is the availability of reviews. While finding reviews for local stores can be challenging, online gold buyers typically have numerous reviews on platforms like social media, Trustpilot, and the Better Business Bureau. This makes it easier to identify reputable places to sell gold online.
Where to sell gold online
Below are some reputable online platforms where you can sell gold:
4. SellYourGold.com
- Truspilot rating: 4.6 stars
- BBB rating: A+
SellYourGold.com is a top choice for selling your gold online. It offers free and insured FedEx pickup from your home, making the process incredibly convenient.
What sets it apart is its price match guarantee. If you find a better price elsewhere, SellYourGold.com will match it.
With over 3,000 reviews and an impressive 4.6-star rating on Trustpilot, it’s clear that SellYourGold.com is a trusted company. It also boasts an A+ rating from the Better Business Bureau (BBB). It’s worth noting that on the BBB, SellYourGold.com is listed under its parent company, Beyond 79, LLC. Customers on BBB also rate it highly, nearly reaching a 5-star rating.
The website buys various gold items, including:
- Jewelry
- Watches
- Coins
- Bullion
They provide same-day payments through PayPal.
It would definitely be my choice if I need to sell any gold items!
5. Liberty Gold and Silver
- BBB Rating: A-
Liberty Gold and Silver, operating since 2012, boasts a commendable BBB rating.
If you opt to sell your gold to them, simply use the prepaid, padded, and insured UPS return envelope provided by the company. Drop it off at any authorized shipping center.
This return envelope is insured for up to $1,000.
Notably, Liberty Gold and Silver offer a 110% price match guarantee.
If you find someone offering more for your item, the company will match that price plus 10%, which is a great deal.
Once you send your gold to the site, you’ll receive a quote via email or phone. If you accept, they’ll send you a check within 24 hours. Alternatively, they can wire the money directly to your bank account for a small fee.
One drawback is the absence of customer reviews on Trustpilot or BBB, but the company holds a good BBB rating, making it worth considering.
6. US Gold Buyers
- BBB Rating: A+
- Trustpilot Rating: 4.8 stars (Excellent)
At US Gold Buyers, you can sell a wide range of items, including:
- Watches
- Jewelry
- Scrap gold and dental
- Coins
- Bullion
They provide a free express label for shipping your items, along with free insurance and tracking via FedEx.
This company offers competitive payouts and has been ranked #1 for payouts by the Wall Street Journal.
They hold an impressive A+ rating from the Better Business Bureau (BBB) and are accredited by the BBB. Customer reviews on the BBB give them a 5-star rating. Additionally, they hold a 4.8-star rating, signifying excellence, on Trustpilot.
7. Express Gold Cash
- Trustpilot rating: 4.9 stars (Excellent)
- BBB Rating: A+
Consider selling your gold through Express Gold Cash, a reputable website.
You’ll receive payment within 24 hours, a swift process.
With nearly 2,000 reviews on Trustpilot, it holds an Excellent rating of 4.9 stars.
Express Gold Cash is BBB accredited and boasts over 25 years of experience.
You can send your items to the company using free overnight FedEx shipping. If you’re not satisfied with the offer you receive for your items, Express Gold Cash will ship them back to you at no cost!
8. Luriya
- BBB Rating: A+
Consider Luriya when selling your gold. With an impressive A+ rating from the BBB, Luriya purchases various precious metals, including gold items, such as:
- Coins
- Jewelry
- Watches
If you’re in NYC, you can visit their store in person. However, if you’re not local, you can still sell your gold online to Luriya. Simply complete an online form, receive a prepaid FedEx label via email, and ship your items insured.
Once received, Luriya confirms receipt within 24 to 48 hours and provides an offer. If satisfied, payment is processed through your preferred method. If not, Luriya will return your items for free. Items are automatically insured up to $1,000, with the option to increase coverage to $1 million. Shipping is typically through 2nd day FedEx but can be arranged with other carriers upon request.
9. Money Metals Exchange
- BBB Rating: A
Consider trying out Money Metals Exchange if you want to sell your gold coins or bars.
Money Metals Exchange is a reputable gold dealer with excellent online reviews. It holds an A rating on the BBB, and customers award it a 5-star rating.
Upon receiving your metals, the company promptly pays you.
10. Kitco
- BBB Rating: A
Kitco is a great option for selling gold coins or bars. They purchase various coins and claim to match reasonable bids for larger transactions.
Kitco boasts an A rating with the BBB, which is excellent.
11. APMEX
- BBB Rating: A+
- Trustpilot rating: 3.4 stars (average)
APMEX is the world’s largest online seller of precious metals. If you decide to sell to them, they’ll provide all necessary shipping labels, and you can drop off your items at a UPS facility or arrange for a pickup.
Once your gold is sent to APMEX, they’ll process your payment by the next business day.
APMEX has an A+ rating from BBB, is accredited, and receives a 5-star rating from customers.
Although APMEX has a 3.4-star rating on Trustpilot, most complaints are from buyers rather than sellers. While this rating isn’t exceptionally high or low, it’s generally not a significant concern.
12. Worthy
Worthy is a top choice for selling jewelry online, especially gold pieces. They specialize in selling various items like rings, earrings, necklaces, bracelets, and watches through online auctions. By connecting sellers with professional buyers, Worthy ensures fair valuations through a strict appraisal process conducted by third-party grading experts.
Their process is straightforward: you ship your items with a prepaid FedEx label, and Worthy takes care of cleaning, appraising, and preparing them for auction. After the auction, you receive payment through direct deposit, PayPal, or a check.
Worthy offers the flexibility to set a minimum reserve price, giving you more control. Although auction bids can vary, they often lead to higher offers, maximizing your gold jewelry’s value. They charge a fee of 18% for items valued at $5,000 or less, with lower fees for higher bids, and this fee is only charged if your item sells.
With numerous 5-star reviews on Trustpilot, Worthy has earned a strong reputation among jewelry sellers.
13. Sotheby’s
Sotheby’s is a renowned platform for selling gold and gold collectibles, especially if you own rare and highly valuable items. It attracts wealthy collectors interested in your offerings, accepting various items like jewelry, watches, coins, and other valuable collectibles containing gold. However, items must hold some collectible value, so broken or average gold chains might not qualify.
For jewelry, top-quality gemstones from prestigious brands like Tiffany & Co tend to perform well on this platform.
Sellers at Sotheby’s have several options for selling their items, including auctions, fixed-price “buy now” online, private sales, and in-person sales through retail locations. After appraising your items, a dedicated sales agent can recommend the best sales method for your portfolio.
It’s important to know that platform fees vary depending on the listing method chosen, and sellers will receive a personalized quote. Additionally, sellers may incur shipping fees as part of the process.
14. JM Bullion
JM Bullion specializes in selling precious metals and provides an easy process for selling gold items. Their user-friendly website guides sellers through the process of selling gold coins and bullion.
With a reputation for quality service, JM Bullion is a reliable option for those seeking to sell gold for cash.
15. SD Bullion
SD Bullion is a trusted name in the precious metals market. It specializes in buying and selling gold and silver. SD Bullion provides a convenient platform for individuals interested in selling their precious metals and offers a flexible option for converting gold into cash.
With a solid 4 out of 5-star rating on Trustpilot, it’s clear that many customers have had positive experiences with the company.
Tips for selling gold for the most cash
Here are some helpful tips and tricks to maximize your earnings when selling gold.
1. Check if your gold is real
Before you decide to sell your gold, ensure it’s genuine.
Unfortunately, not all items claiming to be gold are authentic.
But fret not; there are simple methods to verify the authenticity of your gold items.
Heat test
Real gold will retain its brightness or shine when heated, while fake gold may darken or change color. You can use a lighter or a stove for this test, but avoid using a blowtorch.
Magnet test
You can test if your gold item is real by using a strong magnet, which you can find at a hardware store if you don’t have one. Gold is not magnetic, so if your item is attracted to the magnet, it’s not genuine gold.
Skin discoloration test
Fake gold jewelry may cause skin discoloration, typically turning the skin green or black. If your jewelry turns your skin green or black, it’s likely not real gold. Genuine gold jewelry won’t discolor your skin. I learned this the hard way with costume rings that left my finger green. Stick to the real deal to avoid any skin reactions.
Water test
Did you know that genuine gold sinks? Yes, it does! A simple way to test if an item is real gold is by placing it in a glass or bowl of water. If it floats, it’s not real gold. Gold doesn’t rust, so there’s no need to worry!
2. Know the weight and karats of your items
To calculate the price of your gold item, you’ll need to know its weight and karat.
Weighing your gold is easy. You can use a kitchen scale, but remember, some places may use different measurement types, like the Troy ounce.
Determining the karat of your gold is straightforward too. Most items have a stamp indicating the karat, typically found on the back or inside. For instance, 9k means 9 karat gold.
Some items, such as jewelry, may have a three-digit number on the stamp.
Here’s a breakdown of what those numbers mean:
- 999: 24 karat – 99.9% gold
- 990: 22 karat – 99% gold
- 916: 22 karat – 91.6% gold
- 750: 18 karat – 75% gold
- 585: 14 karat – 58.5% gold
- 375: 9 karat – 27.5% gold
3. Know the value of your gold
The price of gold fluctuates every day. It’s crucial to know its market value when selling to ensure you’re getting a fair deal. You can use various online gold calculators like:
Beware of dealers offering lower prices than the actual value, especially when individuals want to sell gold quickly for cash.
4. Get multiple quotes
I strongly suggest getting quotes from multiple places before choosing where to sell your items. You might discover a place that offers significantly more for what you have. Comparing prices before selling ensures you’ll maximize your earnings.
5. Separate items by their karat value
Ensure you don’t mix jewelry with different karat values when weighing them. Some dealers might weigh all your jewelry together and pay you based on the lowest karat value. Always separate your jewelry by its karat value to avoid getting underpaid.
6. Research the buyer
If you decide to sell your gold at a local store, it’s important to do your research first. Check the company’s BBB profile or Trustpilot page to see other sellers’ experiences and if there are any complaints against them. If the company doesn’t have a BBB profile or Trustpilot page, look for reviews on social media platforms like Facebook.
7. Choose the best selling option for the items you have
Certain items hold more value when sold intact rather than being melted down. For instance, jewelry crafted by renowned designers typically fetches higher prices when sold whole. In such cases, consulting a jeweler is advisable.
Similarly, antique decorations containing gold or other precious metals may command greater worth in their original form. In such instances, it is recommended that you visit an antique dealer.
These items often carry more value as complete pieces than the sum of their metal components. However, melting it down might yield the highest returns if an item lacks vintage appeal, rarity, or a notable designer label.
8. Know the details
When considering options to exchange your gold for cash through mail, be sure to understand all terms and conditions.
Ensure you know:
- Payment processing time.
- Duration before the company melts your gold.
- Deadline for accepting or rejecting the offer.
Before shipping your gold, take photos of the items.
Sending items insured is advisable.
Additionally, retain all relevant paperwork and filings.
9. Consider having your stuff appraised
Consider getting your valuables appraised before selling, especially if you own a large collection or suspect they hold significant value.
Although there’s an upfront cost, items like jewelry can hold more worth than just their weight due to factors like artistic value, embedded gems, and craftsmanship. Appraisals can help you gauge whether selling your item could fetch you a higher price.
Additionally, it provides a precise valuation of your belongings, giving you a clearer understanding of their actual worth.
10. Take your ID
When selling gold, you’ll probably need to present a government-issued ID. This helps buyers confirm that they’re not buying stolen gold.
How much does gold sell for?
The amount of money you receive for your gold depends on various factors:
- Location: Prices offered can vary from one place to another.
- Rarity: Rare gold items such as coins or jewelry tend to fetch higher prices.
You can use an online calculator to get a clearer estimate of your item’s worth.
If you have a valuable item like gold, it’s wise to consult a professional jeweler or expert at a coin shop to get an accurate value. However, the simplest way to know its worth is to get quotes from potential buyers.
Online gold calculators provide only rough estimates, and they do not consider factors like item condition. For precise payment information, seek a quote directly from a company tailored to your item.
How much is gold worth per gram?
The price of gold can change daily, so it’s important to check before selling.
Here are the current values:
- Gold per gram: $60.41
- Gold per ounce: $1,879.10
- Gold per kilo: $60,414.42
To check the current price when selling your items, visit this page.
Remember that these prices are for gold bullion and pure gold forms. The price you receive for your gold items may be lower than the market price.
How much can I get for a golden dollar coin?
The value of a coin varies based on its type. Depending on the coin, you could receive anywhere from $90 to thousands of dollars.
For instance, CoinApps.com states that an 1849-1854 $1 Liberty Head coin could fetch around $92.
Here are some examples of coin values from Kitco:
- 1 oz Gold Canadian Maple Leaf Special Coin .99999: $1,884.90.
- 1/10 oz Gold American Eagle Coin: $188.49.
- 1 oz Gold British Britannia Coin: $1,884.90.
Several factors determine how much money you’ll get for your coin. These factors include the karat (purity of gold), weight, condition, and rarity. The higher the karat and the rarer the coin, the more money you can expect to receive.
How much can you get for your gold?
The amount of money you’ll receive for your gold depends on several factors:
Purity
The higher the karat, the more valuable your item.
Weight
The heavier the item, the more money you’ll earn, as gold is priced per gram or ounce.
Condition
Items in mint condition, like coins, can fetch higher prices.
Rarity
Rare gold jewelry or coins can result in significantly more money when sold.
Where is the best place to sell gold?
Determining the value of your item depends on what you’re selling. For instance, gold coins might be more valuable to a coin collector than a company that melts gold.
Likewise, an antique necklace could fetch a higher price from an antique or vintage jewelry dealer. Before selling your gold, it’s wise to get quotes from multiple places.
Should I sell my gold now?
Selling gold can be a good option if you need quick cash. If you’re not ready to sell yet, there are other ways to make extra money, such as freelance writing or doing tasks on platforms like Swagbucks.
Ultimately, deciding to sell gold depends on your circ*mstances and timing.
The bottom line
If you’re looking to sell some of your gold items, there are many options available. You can explore local pawnshops in your area and online ones that offer competitive prices.
Additionally, various reputable companies online specialize in buying gold, providing you with a wide range of choices to consider. With the convenience of online transactions and the availability of many trusted buyers, you can have confidence that you’ll get a fair price for your gold when you decide to sell.
