Feeling unsure about selling your gold?
It’s natural to be cautious – you don’t want to be scammed or sell your valuable items for less than they’re worth.
But don’t worry!
We’re here to guide you through the entire process, ensuring you not only avoid scams but also get the most money possible for your gold.
By the end of this journey, your jewelry box will be decluttered (it’s time to say goodbye to those unused pieces), and your bank account will be happy with some extra cash!
When selling gold, keep these pointers in mind:
- Know the market value: Stay updated on current gold prices to ensure you get a fair deal.
- Find reputable buyers: Do your research and choose trustworthy buyers or gold dealers.
- Get multiple quotes: Compare offers from different buyers to ensure you get the best price.
Take your time, follow these guidelines, and soon you’ll be enjoying the benefits of selling your gold with confidence!
Where to Find the Best Place to Sell Gold Near You
Exciting news! You don’t need to leave the comfort of your home to find the perfect place to sell gold or your valuable gold jewelry.
You can easily research options online, from local jewelers to gold exchange stores.
Just make sure to read reviews and look out for any red flags, such as price gouging or poor customer service, to avoid unscrupulous businesses.
Eager to get the best price for your precious items?
Don’t be afraid to shop around and compare offers from reputable establishments. Trust us, it’s worth the effort.
Now, let’s dive into your marvelous options for selling gold.
First, the online ones—no need for you to venture into any sketchy pawn shops.
Next, we’ll explore local options so that you can choose the best approach tailored to your needs.
Common Types of Gold to Sell
You might be surprised at the variety of gold items you have that can be sold for cash!
Here’s a brief list of common gold items that can be sold:
- Gold Jewelry: Consider rings, bracelets, necklaces, and pins you no longer wear or cherish.
- Gold Bullion: High-purity gold items such as gold bars, coins, and ingots are in demand.
- Scrap Gold: Gold circuit boards, wires, and miscellaneous scrap gold can also be valuable.
- Dental Gold: Gold crowns may not have crossed your mind, but they can also be sold.
When deciding which items to sell, especially with jewelry, make sure you’re ready to part with them.
It’s essential to avoid regrets later by not selling a cherished family heirloom for a quick buck.
Focus on selling items you don’t like or that are broken.
What You Must Know When You’re Selling Gold
When selling gold, the two crucial factors that buyers focus on are the weight of the item and the purity of the gold.
Appearance doesn’t matter, as gold is typically melted down for further use.
The karat of the gold indicates its purity level, with 24 karat being 100% pure.
Other common karats include 18, 14, and 10 karat, which contain only 41% gold.
Selling gold online may seem unconventional, but it’s quickly gaining popularity.
Here are a few options to consider:
- Cash for Gold USA
- APMEX
- Local Jewelers
- Pawn Shops
1. Cash for Gold USA
Cash for Gold USA is a renowned and experienced online gold buyer with over 15 years in the business, making the process of selling your gold online as smooth and simple as possible.
Here’s how it works:
- Sign up for a free evaluation: You’ll receive a confirmation email after signing up, and you need to send them a few photos of your gold items.
- Receive an appraisal kit: Cash for Gold USA will send you an insured appraisal kit to mail your gold items through USPS or FedEx safely.
- Get an offer from certified appraisers: Upon arrival at the processing facility, your items will be assessed, and you’ll receive an offer.
- Accept or decline the offer: You can accept the offer and receive payment via check or PayPal. If you decline, your items will be shipped back to you for free.
Cash for Gold USA accepts various gold items, such as earrings, rings, necklaces, watches, bracelets, gold coins, dental gold, broken items, and even electronic components like gold circuit boards.
Don’t worry about shipping your gold; Cash for Gold USA prioritizes secure transportation.
You can track your items using their prepaid envelope, and everything is insured up to $5,000.
For items worth up to $100,000, you can choose extra insurance.
Other Places to Sell Gold Online
2. Helzberg Diamonds Gold Purchase Program
Helzberg Diamonds offers an exciting Gold Purchase Program where you can exchange your gold and platinum jewelry for cash.
Simply request a mailing kit, send in your items (insured up to $500), and track their location along with a video of the unboxing and weighing process.
Once you receive their offer, you can choose to accept it or have your items returned for free.
3. Kay Jewelers Gold Buy-Back Program
As part of the massive Signet Jeweler company, Kay Jewelers has over 1,100 stores and offers a convenient gold buy-back program.
Send in your gold (10K, 14K, 18K, 22K, or 24K) or platinum 900 or 950 jewelry using their provided envelope.
After they clean, inspect, and weigh your items, they’ll make you an offer.
If you accept it, they can pay you via check or with a Kay’s Jewelry gift card. If not, they’ll ship your items back for free.
4. Sell Your Gold at Shane Co.
You might know Shane Co. for their memorable bridal set commercials, but they also buy back gold, platinum, and silver jewelry.
Choose to either visit one of their nationwide store locations or mail in your items.
If selling in-store, you can get paid on the spot once you accept their offer.
For mail-in transactions, just fill out a form to receive a prepaid FedEx shipping label.
After reviewing their offer, you can accept it and receive a check, or decline and have your items returned free of charge.
Where to Sell Gold in Person
5. Local Jewelers
Find independent, local jewelry stores that buy gold by searching for “jewelry stores near me.”
Be aware that selling gold to these stores might need an appointment, so plan your visit accordingly.
6. Pawn Shops
Many pawn shops buy gold, but it’s wise to contact them in advance to find out what specific types they accept.
Some might only purchase gold jewelry, while others handle scrap gold or dental gold.
To ensure you get a fair price, compare the rates offered by different pawn shops in your area.
Remember that you can either pawn or sell the gold outright at these shops.
7. Gold Exchange Stores
If you have various precious metals, gold exchange stores might be your best bet.
These small, independently-owned stores, staffed by knowledgeable experts, deal in a wide range of precious metals.
They’ll weigh your gold on special scales and offer a price based on the gold’s weight, karat, and current market value.
8. Coin Dealers
Gold coins, especially antique or rare ones, can be worth more than their gold content, so it’s essential to consult a coin dealer when selling them.
Companies like JM Bullion are reputable choices for buying and selling gold items, including coins.
They provide an online “sell to us” tool where you can lock in a price or request a consultation via phone.
9. Scrap Yards
Though you could potentially sell gold items like circuit boards and wiring to scrap yards, it’s generally not recommended.
Instead, focus on the other options mentioned above for a more accurate valuation of your gold items.
How Gold Prices Work
Gold prices can be a bit of a mystery for new sellers and investors.
In this section, we’ll lay it all out, helping you understand the process and what impacts gold’s value.
We’ll focus particularly on how much gold is worth per ounce.
Understanding Gold’s Worth per Ounce
First, let’s address what you are selling when you sell gold – primarily, the value of the gold itself, not any added stones or design elements.
The type of gold and its weight are what buyers pay attention to.
They then sell it to a gold refiner, who will melt it down and repurpose it.
Gold is often alloyed with other metals such as silver, copper, platinum, or palladium to increase its strength since pure gold is quite soft.
Different types of gold can be worth different amounts, affecting the price.
Gold alloys are measured in karats, with one karat equaling one part in twenty-four.
For example, an 18-karat gold ring contains 18 parts pure gold and 6 parts alloy material.
The higher the karat number, the more pure gold it contains and the higher the price.
Like any asset, gold experiences volatility in the short term, with prices occasionally rising and falling.
However, over the long term, gold retains its value fairly well.
Gold prices are impacted by various factors, including supply and demand, market speculation, and inflation.
Gold prices are set by several banks and oversight committees, with Comex in the US being a key player.
While it’s a complex system, it’s important to remember that gold prices can fluctuate but generally remain fairly stable compared to other assets.
As for the big question – how much is gold worth per ounce right now?
According to recent data, gold is valued at $1,995 per ounce, or $63.92 per gram (as of early May 2023).
Remember that this number may change depending on the current gold market, but it’s a great starting point to understand the worth of your gold pieces.
What’s Your Gold Piece Worth?
Step One: Weigh Your Gold
First, get a digital scale (a kitchen one will do) and weigh your gold items in grams.
For example, a light necklace with a small pendant might only weigh 1 gram, while a ring could weigh around 3 grams.
Step Two: Determine the Gold Content
To find out the purity of your gold jewelry, look for a tiny stamp indicating the karat value.
Use a bright light and a magnifying glass to spot it. The stamps usually indicate:
- 24 karats = 100% gold
- 18 karats = 75% gold
- 14 karats = 58.3% gold
- 10 karats = 41.7% gold
For instance, imagine you’ve got a 14-karat gold chain weighing 10 grams (a decent-sized chain).
Remember, 14-karat gold is only 58.3% pure gold.
Multiply the weight by 0.583 to find the amount of pure gold: 10 grams x 0.583 = 5.83 grams of pure gold.
Step Three: Calculate Your Item’s Value
Now that you know your gold piece contains about 5.83 grams of gold check the current price of gold per gram.
Let’s say gold is trading at $64 per gram; the value of the gold in your item is roughly $373.
To calculate this, use the formula: pure gold weight in grams x price per gram = gold item’s value.
In this case: 5.83 grams x $64 price per gram = $373.
Tips for Selling Gold Jewelry
Hold your horses!
Before selling gold jewelry, make sure you’re truly ready to let go, especially if it holds sentimental value.
Here are some effective tips to get the most out of your gold sale:
- Knowledge is power: Familiarize yourself with the jewelry’s karat and weight. This information will help you negotiate better deals.
- Find trustworthy buyers: Choose reputable buyers like Cash for Gold USA or read reviews of local jewelry or gold exchange stores.
- Compare offers: Call multiple places to inquire about their gold buying prices and payment methods (check, cash, PayPal, etc.).
- Stay updated on gold prices: Regularly check for the latest gold prices, with websites like this provide up-to-date figures in grams and ounces.
- Beware of online scams: Avoid sketchy websites that claim to pay more. If mailing your gold, ensure the buyer is legitimate before sending it off.
- Understand the business aspect: Remember, gold-buying businesses need to make a profit. They will offer slightly less than the gold’s full value. However, don’t settle for extremely low offers.
By following these tips, you’ll confidently navigate the gold selling process and get the best possible deals for your precious items!
Best Places to Sell Gold: FAQs
What types of gold can I sell?
You can sell various gold items, including jewelry, coins, bullion, and scrap gold.
What factors affect the value of my gold?
The value of your gold is determined by several factors, including its weight, purity, and market price.
How do I find reputable places to sell my gold?
Look for businesses that are licensed and insured, have a good reputation, and offer fair prices for your gold.
Should I sell my gold online or in person?
It depends on your preferences and the value of your gold.
In-person sales may be more convenient for smaller items, while online sales may be more convenient for larger items.
How can I ensure I get the best price for my gold?
Shop around and get quotes from several different buyers.
Be sure to compare prices and read reviews before making a decision.
Best Places to Sell Gold: Wrapping Up
Understanding how to sell gold can be daunting, especially if it’s your first time.
Fortunately, with helpful information and resources, you can be confident in finding reliable buyers in your area, assessing the value of your gold, and obtaining a fair price for it.
A critical aspect of this process is receiving excellent customer service and making a well-informed investment decision.
Cleaning out your jewelry box shouldn’t be a hassle, so go ahead and take action today, knowing that everything you need has been laid out for you!
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