Best Place to Sell Gold

Favorites, Gold, Pawn Loans

November 11, 2023
Author: Lenore Romano
Editor: Rachael Romano

How to Sell Gold: Finding the Best Place to Sell Gold Near Me

Gold, discovered man more than more than 5,000 years, captured the eye of early and continues to be the most sought-after materials on the planet.

Gold is malleable and a good electrical conductor. It has some useful properties other than jewelry and currency, such as being used in electronics, dentistry, medical tools, and the defense, aerospace, and automotive industries. It’s the appearance and rarity of gold, however, that make it so valuable. If you own any gold, you may be able to sell it for a good amount of money, but you should find a reputable buyer.

Before you get online and search “Best place to sell gold near me” there are some things you should know. Having an understanding of gold will help you ensure you get a fair price.

In this guide, we’ll cover everything you need to know about selling gold. Keep reading for more.

The Price of Gold?

There’s no denying gold has always been valuable, but the exact value can change quite a lot. Several factors will determine what a reasonable price for your gold will be.

The Spot Price

Spot price is perhaps the most important thing to know in terms of value. You’ll see it on almost any website that sells gold. The value of an asset at a specific moment is the spot price.

Therefore, the spot price of gold will therefore be exactly how much it’s worth at the time you’re looking (per ounce). The spot price of an asset is heavily influenced by its current demand in global markets. It changes often, so pay attention to it when you’re thinking of selling.

Resale Price

While it serves as a good indicator, you won’t get the same amount as the spot price for any gold you sell. This is simply because businesses that buy it from you need to make a profit, so it wouldn’t make financial sense for them to pay the spot price. They’ll consider the spot price alongside its resale value to determine how much they’re happy to pay.

Designer Price

This is another factor that typically relates to the type of item you have, particularly jewelry. If it’s made by a designer brand like Gucci or Chanel, gold items can be more valuable.

Purity

The purity of gold is measured in karats, and this directly affects the value of your gold. The term “pure gold” refers to gold that has 24 karats and there are no other metals in the mixture. Some items may have more metals other than gold present, so they’ll have a lower gold amount, lowering the karat rating.

Gold is a fairly soft metal. Often other metals are added to gold forming an alloy, though they can affect the color, to make gold items more durable. Some other metals often found in gold alloys include silver, copper, palladium, and zinc.

Gold karat varies although popularity varies between different countries. In the US, we have six types of karats most often used. Any gold sold in the US after 1906 will have a stamp that tells you how many karats it has, but if you have any gold lacking this, you may not be able to tell exactly how pure it is.

The different levels of purity are as follows:

- 9k: 37.5% gold, 42.5% silver, 20% copper

- 10k: 41.7% gold, 52% silver, 6.3% copper

- 14k: 58.3% gold, 30% silver, 11.7% copper

- 18k: 75% gold, 15% silver, 10% copper

- 22k: 91.7% gold, 5% silver, 2% copper, 1.3% zinc

- 24k: 100% gold

Types of Gold You Can Sell

Gold jewelry is one of the more common types, and it’s ideal for selling to gold buyers. There are also some other types like bullion and coins that you might have in your home or inheritance.

Jewelry

Rings, bracelets, and earrings are very popular. You may have different items, and as long as they’re genuine, they should be easy to sell.

Jewelry that’s used and less than 30 years old is known as “estate jewelry”. This is the most common type sold to buyers.

Anything that’s between 30 and 100 years old is known as “vintage”. This type of jewelry is rarer, and therefore can be more valuable.

Gold jewelry that’s more than 100 years old is considered “antique”. This is the rarest (and most expensive) type. It’s found more often in museums or the possession of collectors.

Bullion

Often called ingots or bars (as they’re typically bar-shaped), gold bullion is pure gold. These are widely held by central banks as gold reserves. Investors also often own gold bullion.

Coins

Like gold bullion, gold coins are often owned by investors. It’s also not uncommon for these to be passed down as family heirlooms. They tend to be slightly more valuable than gold bullion, depending on the rarity.

Finding a Reliable Gold Buyer

If you want to get a fair price for your gold, checking a potential buyer’s referrals are key. Check Google reviews for customer feedback.

Jeweler

This is typically a simple option. You can look up different jewelers beforehand and check out some reviews.

This will give you an idea of what to expect. Make sure the jewelers are certified and knowledgeable, so they’ll be able to answer any questions you might have about your gold.

Online Buyers

This can be a good option, but you need to be cautious. You want to make sure you get a fair price and that you’ll actually receive the money. It’s a slow process and usually you are mailed a check for payment. Mailing in your items, hoping it arrives can be stressful, and waiting for a check, if it gets there, can be a big drawback.

As with jewelers, you should look at reviews before going with any online buyer. If previous sellers have had a positive experience with them, you’ll likely get the same. Conversely, if you see a lot of negative reviews, you’ll probably want to find a different buyer.

Pawn Shops

Pawn shops have the most experience in precious metals transactions because jewelry, bullion and coins are the number one item pawned. They will appraise and test your items immediately in your presence. Make sure they are licensed by the state to deal in precious metals and have instruments that are state certified.
Pawn shops usually pay cash on the spot, so they’re the perfect option if you need cash for gold now. Reviews are your friend here too, and they’ll help you know which pawn shops you can trust and which ones you can’t.