8 Best Places to Sell Gold For The Most Money
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Whether you have gold coins or gold jewelry, you can sell gold online in several places. Knowing what your gold is worth and where to sell it is key to getting your money’s worth.
Once you’ve decided to sell your gold, you have plenty of places to get cash for it. Take the time to shop around to make the most money.
Here are the top places to sell gold for the most money.
Table of Contents
1. Alloy
Alloy is one of the best places to sell gold. Simply request a free appraisal kit and follow the step-by-step instructions. The kit includes free, insured shipping. The appraisal offered is a free cash offer. That means an upfront offer with no hidden fees. They even provide a video of the appraisal so you can understand how they arrived at the appraisal amount.
If you’re looking for a safe, efficient way to sell your gold, look no further than Alloy, the premier online marketplace for precious metals. Alloy offers a Double Pay model, where sellers receive an initial payout and automatically earn 25% of the profit if their item resells on The Alloy Market Shop.
1. Cash for Gold USA
Cash for Gold USA is one of the oldest internet-based gold buyers in the United States. Its website is simple, featuring an easy-to-use calculator to determine the actual melt value of your gold.
Cash for Gold USA will provide a free shipping label to send your gold. They also have a price match guarantee. If you get a better deal from a competitor, they will match it.
You can request payment by check, bank wire, or PayPal, and you can get paid in as few as 24 hours after your gold arrives.
Learn More: Is Cash For Gold USA Legit?
3. Express Gold Cash
You can sell gold coins, necklaces, bracelets, earrings, and rings to Express Gold Cash. The company will send you a prepaid FedEx shipping box insured for up to $5,000.
Once your gold arrives, Express Gold Cash will send you an offer. If you accept, they will mail your check within 24 hours.
4. SellYourGold.com
Like other sellers, SellYourGold.com will send you a free mailer that you can use to ship your metals through FedEx. The mailer comes with $1,000 in insurance. You can also request increased coverage up to $25,000.
Once the company receives your items, you’ll get paid within 24 hours. You can request payment through a direct deposit or PayPal.
5. Luriya
Luriya is based in Manhattan, New York, and takes sales through the mail or in person at its store. You can schedule an in-person transaction or request a prepaid mailer to ship your precious metals.
Items Luriya purchases:
- Watches
- Jewelry
- Gold coins
- Diamonds
- Gems
By default, Luriya offers up to $1,000 in shipping insurance, but you can increase it to $1 million, making it an appealing choice for those who want to ship a large quantity of gold for sale.
Related: 10 Best Places to Sell Coins Online
6. Pawn Shops
Pawn shops frequently purchase gold jewelry, so you can try bringing your metal to a local pawn shop to sell. However, pawn shops often aren’t equipped to accurately measure gold purity and may not make the best offer.
As a result, you should know your gold’s real value before trying to sell it at a pawn shop. And, if the offer you get isn’t good enough, don’t be afraid to refuse to complete the sale.
7. Local Precious Metals Dealers
If you live near a precious metals dealer, you can sell your gold to them. These buyers have experience determining the authenticity of precious metals and assessing their true worth.
With a reputable dealer, you have a good chance of getting a good deal and the convenience of selling in person.
8. Local Jewelers
Some jewelers will buy precious metals, so you can visit your local jeweler if you want to sell. If you’re selling gold jewelry, the jeweler can also tell you whether it is worth more than the value of the metal it contains, making sure you get a good deal.
Frequently Asked Questions
Here are answers to some of the most common questions about gold.
What Is Gold Worth?
Gold is a precious metal and a commonly traded commodity. Its market price changes daily.
You’ll have to look up that day’s prices to know what gold is worth. You can easily do this at goldprice.org.
Why is Gold so Valuable?
It may seem strange that gold is so expensive. It looks nice, but why does everyone agree gold should be costly?
History
One reason for gold’s high value is its history. Gold has been a standard system of money throughout human history. Many currencies, including the US dollar, originally had their value tied to gold.
At one point, you could even redeem your paper currency for gold with the government. As paper currencies have experienced inflation, deflation, and wild volatility, gold has retained its value.
While its price changes, many people see it as a stable asset and a hedge against uncertainty. This perception, along with gold’s long-standing popularity, helps give it value.
Scarcity
The law of supply and demand dictates that scarce things have relatively high prices. Gold is a limited resource. There’s only so much of it, and it’s hard to find more.
The days of gold rushes and panning for gold are over, so most gold is extracted through expensive mining operations. This limited supply and the difficulty of mining more gold make gold valuable.
Common Uses of Gold
Beyond making pretty jewelry, gold has several industrial uses, so demand will remain steady. Gold is commonly used in electronics, computers, medical devices, and dental implants.
Gold’s scarcity, combined with its uses, means demand will remain strong. Thus, there will always be a gold market.
How Can I Tell If My Gold Is Real?
Before you try to sell your gold, you’ll want to know if it’s real. If you’re expecting a payday from selling gold, only to find that you don’t have actual gold to sell, you’ll be sorely disappointed.
There are a few ways to determine whether your gold is real or fake.
One is to look for markings on the gold. Authentic gold jewelry is often marked with its purity, usually on the clasp or the inside of rings. It will be between 1 and 999 or 0K and 24K.
As a bonus, these markings indicate the gold’s purity, ranging from 0 to 99.9% (0 to 24 karats).
These markings may be accompanied by a GF, GP, or GEP, which stands for gold-filled, gold-plated, or gold electroplated.
Another method is to see if your gold floats. Authentic gold is quite heavy, so it will quickly sink into a bowl of water. If it floats, it’s imitation or fake gold.
Real gold is not magnetic. If you have a powerful magnet, see if it attracts your gold. If it does, the gold is impure or false. However, you’ll need a strong magnet for this test. Most kitchen magnets won’t be enough.
Can I Sell My Gold Jewelry?
Yes, it’s possible to sell gold jewelry. The first thing you need to decide, if you choose to sell jewelry, is whether you’re selling it as jewelry or as gold, which will affect your options for finding a buyer.
If you want to sell your gold jewelry as jewelry, look to jewelers, pawn shops, or other consumers, such as through eBay or Craigslist. If the jewelry is old, you might also be able to sell it to someone or a shop that specializes in antiques.
Why Do People Invest in Gold?
People invest in gold for various reasons. Gold has a rich history. It has been valuable for a long time and was frequently used as currency, which has helped sustain its value. Gold is also seen as a stable store of wealth. When currency values fluctuate, many investors buy gold to ride out the uncertainty.
It has also gotten easier to buy and sell gold. Before, you needed to purchase and store physical gold. When you sell your investment, you must ship or transport it to the buyer. Today, you can buy securities that track gold’s value without holding physical gold yourself.
What Is a Troy Ounce?
A troy ounce is a unit of weight used in the precious metal industry. That means that gold is typically weighed, bought, and sold in troy ounces.
The Troy weight system originated in 15th-century England. In the Troy weight system, 24 grains comprise a pennyweight, and 20 pennyweights equal one ounce. Twelve troy ounces equal one troy pound.
One troy ounce equals roughly 31.1 grams or 1.097 regular ounces. For rough approximations, assume a troy ounce is 10% heavier than a regular ounce. That means that if you have one regular ounce of gold, you have .91 troy ounces.
How to Get The Most Money For Your Gold
If you are selling gold, you want to ensure you get the most value from the sale.
To give yourself the best chance of getting a good deal, you should follow these steps:
Estimate Your Gold’s Value
Before doing anything else, estimate the value of your gold. However, this can be a bit complicated because you must account for its purity and changing value.
To start, sort your gold by purity, grouping each karat level. Once you’ve organized everything, weigh each group separately, then multiply the weight by the gold’s purity.
You can put together a table like this to help with the process:
| Karats | Ounces | Purity | Weight of Gold in Ounces |
| 24 | 2 | 99.9% | 1.998 |
| 22 | 0 | 91.6% | 0 |
| 20 | 1 | 83.3% | .833 |
| 18 | 1 | 75% | .75 |
| 14 | 4 | 58.3% | 2.332 |
| 12 | 8 | 50% | 4 |
| 6 | 16 | 25% | 4 |
| TOTAL: | 13.913 |
Once you know how much pure gold you have, you can multiply the weight by the current gold price.
While you’ll have trouble getting the full value of your gold from most buyers, this will give you a ballpark measure of the price you should get.
For example, if you have 4 ounces of gold and gold is selling for $3,200 per ounce, you’ll know that your metal is worth $12,800.
If you receive an offer for $8,000, you’ll know it’s a bad deal. If you receive an offer for $11,000, it’s much more reasonable.
Summary
Gold is one of the world’s most popular precious metals, so many businesses are interested in buying it. If you want to sell gold, choose one of the options above to ensure you’re paid what it’s worth.
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