If you have been binging on Marie Kondo and now want to do some spring cleaning, or you’re looking for some extra cash, selling gold is easier than you might think.
As one of the most precious metals on earth, the market for gold has been around since gold was first discovered.
With many uses, from electronics to fine jewelry, it will also continue to exist for the time to come.
In this article, we will be looking at everything you need to know to sell gold items, from appraisal to cashing out to maximizing how much you can get for your gold items.
5 Best Places To Sell Gold for Cash Online
Here are the best places to sell gold for cash online:
CashforGoldUSA is one of the oldest gold buyers. The company buys golden jewelry, scrap gold, and golden coins from anywhere in the world. They are known to have some of the best rates for gold among online jewelry buyers.
Reliability: Over many years CashforGoldUSA earned its customers’ trust for excellent and fast service and great rates. They also offer a “Gold Price Maximizer,” which will pay the difference in case the gold market price goes up within 30 days. The copmany is rated an A+ with the Better Business Bureau (BBB) and 4.7 out of 5 stars on Trustpilot.
How To Sell: To sell your golden items, you will first have to fill out a form on their website. A few days later, you will receive an envelope either via USPS Mailer or FedEx, which you will have to send back to them with your items inside. You will get paid 24 hours after receipt. The shipping is free, and all packages are insured.
Pay: The price you can expect for your golden items depends on the gold market as well as your item. You can find a calculator tool on their website to see how much you can get for a particular item. CashforGoldUSA claims to pay up to 3x more than their competition. If you are unhappy with the amount you received from them, you can send the money back to them, and they will return your gold.
CashForGoldUSA offers GIA certified assays that will appraise your gold item to help you get the most for your selling your gold.
2. Express Gold Cash
If you’re not sure if you can sell them your item, you can contact them via phone or through the online form.
Reliability: Express Gold Cash claims to be honest, transparent, and reliable with its calculations. The company is also rated A+ by Better Business Bureau and has 4.9 stars on Trustpilot with over 4,000 reviews.
How To Sell: If you wish to sell gold to Express Gold Cash, you will need to request your Appraisal Kit by filling out a form online. You will receive shipping instructions and get paid in 24 hours once they will receive the package. All shipments go through FedEx Overnight, are free, and are insured for up to $5,000.
Pay: Express Gold Cash pays as much as 90% of the gold bullion value and up to 85% of refined jewelry value. The price of gold depends on the current market price, which you can find updated daily on their website. You can also see many different items and the price paid by them on their website. The Best Price Guarantee matches a better offer from the competition when it’s over $1000 and gives a $100 bonus.
3. Liberty Gold and Silver
Liberty Gold and Silver buys all kinds of gold jewelry and gold coins. They have been in operation since 2012. There is not much information on their website, but they do have a 24/7 open phone line should you have any questions regarding your golden items, prices, or shipping.
Reliability: Liberty Gold and Silver have not been operating for as long as some of their competition. However, they are gaining customers’ trust and have an A rating from the Better Business Bureau.
How To Sell: First of all, you have to fill out the form on their website. You will then receive a secure UPS envelope, which you can leave at any UPS shipping center. Shipping is completely free and insured up to $1,000. If you cannot fit your items in the envelope or you believe it is worth more than $1000, you can send it through the US Postal Service and insure it yourself. In such cases, Liberty Gold and Silver will reimburse both shipping and insurance.
Pay: There is much information on their website about how they calculate the price for your golden items. They do offer a 110% price match guarantee, so if you find a better offer than they do, not only they will match it but also add extra 10%. Once the items are received, you will get a call or an email with a quote, and if you agree with it they will send you a check. If you prefer a bank transfer, this is also available but for an additional fee.
Luriya is a well-known name in Manhattan’s “Diamond District.” They’ve been buying gold for more than 20 years now, and if you cannot visit their store in New York, you can also sell your gold online.
Reliability: Luriya is known for its professional team and excellent customer service, which they have been offering for many years now. When moving their service online, they kept the same quality of customer experience they are known for, so you can only expect the best.
How To Sell: You can sell gold to Luriya by filling out their mail-in kit form. You can choose the delivery method from FedEx, DHL, UPS, or US Postal Service. Once you receive a kit, place your items in the envelope and send it back to them. Shipping is free and insured up to $1,000. If you need more insurance, they can make arrangements for up to $1 million.
Pay: Luriya does not have much information on how much they pay for gold on their website. To get an offer, you can either order a mail-in kit or fill in the details for free valuables appraisal. Their team of experts will then examine your golden item carefully and offer you a fair and competitive payout.
SellYourGold has been buying gold for over 50 years. The company uses proprietary technology to test golden items rigorously and provide you with the best offer. They buy all kinds of golden items, including jewelry, coins, and bullion.
Reliability: Many many people choose to sell their gold to SellYourGold. With so many years of experience and promises to offer the best price, it’s not a surprise. They are also rated A+ by the Better Business Bureau and have 4.8 stars on Trustpilot with over 6,600 reviews.
How To Sell: To sell your golden item to SellYourGold, you will need to go to their website and fill out the online form to receive your free appraisal kit. After packing your golden items securely, you will have to ship the package through FedEx. The shipping is free and insured for up to $1,000. If you need more insurance, this can be arranged over the phone. They promise to give you an offer the same day they receive the package and payout within 24 hours.
Pay: SellYourGold claims to have one of the best payouts in the market. They have paid over $27 million to their customers. The price, of course, depends on the market price for gold, which can be found on their website. SellYourGold will match competitors’ offers if you find a higher one. They also include a 5% bonus in your free appraisal kit.
How Do I Sell Gold for Cash?
Once you have decided to sell your gold items, such as jewelry, coins, or gold teeth (yep, you read that right, teeth), you need to know exactly what it is you have and how much you can expect to get for it.
You can quickly get an estimated worth of your golden item using online calculators. Once you know how much you can expect, see which of the available selling methods is the most convenient for you. You can also check with a few places and compare what they offer, helping you get the most buck for your gold.
You can sell your gold items, both online or offline. There are many online gold buyers to choose from, which is typically the easiest, quickest way to sell gold.
Offline places are physical stores and pawn shops that buy gold. Look around your neighborhood to see if there are any.
Where to Sell Gold for Cash Offline
No matter which city you live in, you probably have seen many places where you could sell gold for cash near you. Not all outlets have a great reputation, but some of them really do.
Three Main Types of Outlets To Sell Gold For Cash:
- Pawnshops: Pawnshops are known to be a better offline place to sell your gold than cash-for-gold places near you. They usually offer higher prices, and the process takes just 5-15 minutes. While these kinds of outlets might not have a good reputation, you can always choose chain outlets, which are great and clean.
- Local Jewelers: Many local jewelers near you will buy gold from people, similar to cash for gold outlets. It might be a convenient option if you have one of these shops in your surroundings. Some of them offer a reasonable price, but it is always best to check with a few buyers to find the best offer.
- Gold Exchanges or Cash for Gold: There are many of these kinds of outlets in every city. It is a fast and convenient way to get cash for your gold. They buy gold for melting and reusing, so the price they will offer might be a bit lower than other options.
Is it Better to Sell Gold at a Pawn Shop?
Pawnshops are great for fast cash. Most of the time, they offer better rates than other offline outlets, especially chain pawn shops.
The main advantage pawn shops have when compared to online buyers is time. By choosing to sell your gold in a pawn shop, you can get it over with in 10 minutes or maybe a bit more if you decide to visit a few of them and pick the best offer.
If you choose to sell your gold online, you will have the convenience of not going anywhere and saving your time there.
On the other hand, you will most likely have to wait a few days to receive an offer, and if you are not happy with it, you can send the item to a different buyer. This will take another few days.
How To Check If Your Gold Is Real
If you can’t find a stamp on your golden item, there are a few tricks to check if the item you have is gold or not. While only a professional will be able to tell you exactly the karat of your golden item, you can check if it is fake or real with one or more of the following tricks:
- Heat: Hold the item over a steady flame. You can use a lighter or a stove, but not a blow torch. Fake gold gets darker or changes its color in another way. Real gold gets brighter when hot.
- Magnet: Use a strong magnet to see if the item is attracted to it. You can get a strong enough magnet from a hardware store. Gold is not magnetic and will not be attracted to it. If your item is magnetic, then, unfortunately, it is not gold.
- Skin: If the jewelry colors your skin green or black, it is not gold. Golden jewelry will never color your skin.
- Water: Put your golden item in a glass of water and leave it for a bit. Real gold will sink, so if it floats, it’s not gold. Unlike some metals, gold will not get rusty, no matter how long you leave in the water.
How To Calculate The Price Of Your Gold Item
There are many gold price calculators online where you can calculate the price of your gold item.
To get an accurate calculation, you will need to enter the weight and karat. To get the weight of your item, simply use a sensitive kitchen scale.
The karat number can usually be found on the item itself. You should be able to find a stamp on the back or inside of the item. You will most likely find karats, for example, 18K, which means the item is 18 karat gold.
Golden items might also have a three-digit number on the stamp. See the meanings of those numbers below:
- 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
Frequently Asked Questions
How Much Does Gold Sell For?
Selling prices for gold depend on many factors. The market price for gold changes daily, but prices here are for gold bullion and other forms of pure gold. If you have other golden items, the price will not match the market price and, in most cases, will be lower.
The selling price can be higher if you have rare gold coins, jewelry, or other items that have added value. It is easy to calculate the price you can sell your items for using online calculators. If your item has added value, it would be best to consult professional jewelers or experts at coin shops to get an accurate value.
How Much Is Gold Worth Per Ounce?
The value is based on many factors, but the main one is the current gold bullion market price. The average price per ounce for 2022 is $1,775. This price is set for pure gold like gold bullion. If you have jewelry or other golden items, they are most likely mixed with other metals, and as such, the price will be lower. The price of gold for 2023 is predicted to decrease to $1,700/ounce.
How Much Can I Get For a Golden Dollar Coin?
The price of a golden dollar coin depends on many factors. You can expect to get anywhere from $200 to tens of thousands of dollars for a coin. You can easily find online calculators to check how much you can get for your golden dollar coin.
Factors Determining Price:
- Purity. As with other golden items, the higher the karat, the higher the value of your coin.
- Weight. Since the price of gold is calculated per gram or ounce, each gram your coin weighs counts.
- Condition. Great or mint condition of your golden coin can increase the value of your coin multiple times.
- Rarity. Rare coins are worth much more than common ones.
Should You Sell Your Gold?
Selling gold is a great way to make extra cash real quick. With many appraisal tools and buyers available, getting the most cash possible is also relatively easy.
Here, getting different quotes as well as keeping an eye on the gold market can help you make even more money.
If you’re in a hurry to get cash for your gold, there are always different offline options. Be sure to visit as many outlets as you can, and bargain whenever you can.