The Best Places To Sell Gold For Cash
Working out where to sell gold can be confusing. Like with many things in life, the most visible and heavily advertised options particularly local gold buying kiosks arent always the best place to sell if youre looking to get a fair deal.
There are three main places to sell gold reputable online gold buyers, bullion pawn shops and local jewelers. We generally recommend selling online if youre looking for the highest possible price for your gold, although each option offers its own range of advantages and disadvantages.
Below, weve gone into more detail about how each of these options works, as well as the main pros and cons offered by each one. Click any of the links below to jump straight to that section:
How To Tell If Gold Is Real
Check for a stamp. A real gold item will have a purity marking on the back or inside. This stamp is typically either a carat number, such as 18K, or 12K, in the shape of a rectangle with the corners cut off, and with a number inside. Here is the meaning of those numbers:
999 = 24 karat, 99.9% gold990 = 22 karat, 99% gold 916 = 22 karat, 91.6% gold 750 = 18 karat, 75% gold 585 = 14 karat, 58.5% gold 375 = 9 carat, 37.5% gold
How to tell if gold is real with a lighter. Hold your gold jewelry or coin to the steady flame of a lighter or oven .Real gold will get bright hot after a while, but will not darken. Fake gold will darken or otherwise change color when exposed to fire. Also, if the piece is gold-plated , the thin gold plating will melt, revealing the inner metal.
Test your gold with a magnet. Gold is not magnetic. Using an extra-strong magnet , see if your gold jewelry is attracted to the magnet. One side note, sometimes a real-gold bracelet or necklace will have a clasp that is not made of real gold, and will be drawn to the magnet, while the rest of the item will not.
Float test. Real gold will not float, and will not rust. Drop your gold into a glass of water. If it floats, it’s fake.
Skin test. Real gold jewelry will not turn your skin black or green.
How Can I Tell If Gold Is Real
Before you try to sell your gold, youll want to know if your gold is real. If youre expecting a payday from selling gold, only to find that you dont have actual gold to sell, youll be sorely disappointed.
There are a few ways to determine whether your gold is real or fake.
One is to look for . Often, real gold jewelry is marked with its purity, usually on its clasps or the inner part of rings. It will be a number between 1 and 999 or 0K and 24K.
As a bonus, these markings indicate the purity of the gold, from 0 to 99.9%, or 0 karats to 24 karats.
These markings may be accompanied by a GF, GP, or GEP, standing for Gold Filled, Gold Plated, or Gold Electroplate respectively.
Another method is to see if yourgold floats. Authentic gold is quite heavy, so it will quickly sink in a bowl of water. If it floats, it is an 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, youll need a strong magnet for this test. Most kitchen magnets wont be enough.
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This Is The Melt Price
This value is what is known as the melt price of this particular chain. The melt price refers to the actual price that your jeweler would receive from a refiner if they chose to melt it down and just be paid for the value of the gold.
The melt price, like the gold price, changes on a daily basis, but as long as gold stays stable in price, it will pretty much remain the same for any given period of time. Keep in mind that the melt price does not take into consideration any other factors, such as labor to create the piece, any stones that may be set into the piece, or any margin for profit that will be added on at the point of sale. Well discuss these points below.
When Should I Sell My Gold Is Selling Gold For Cash Worth It
If you have to ask yes, sell your gold! Again, it is better to have cash that you very much need now to pay essential bills like rent, a car note, or utilities instead of gold coins, gold jewelry, bullion or scrap sitting in a drawer, or safety deposit box.
It can also make sense to sell gold for other investments, including stock funds in a retirement account, in real estate, or even education or a new business.
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Pawn Shops Near You That Buy Gold
Many pawn shops purchase gold jewelry, coins and bullion. Selling locally to a pawn shop is an easy way to sell your gold for cash quickly. However, youll almost always get a lower price than you would by selling to a reputable online gold buyer.
As weve explained in more detail in our guide to selling gold jewelry to a pawn shop, pawn shops usually offer significantly lower prices for jewelry than online buyers. In every secret shopping we tried, Abe Mor offered at least 10% more than the local pawn shop. Often much more.
The reason for this is that pawn shops make the majority of their revenue by loaning money to their customers. In order to get a good return on investment by buying gold, the pawn shop will need to buy it for a low enough price to be able to sell it with a reasonable profit margin.
There are also several other disadvantages to selling at a pawn shop, from employees that may not know much about gold to the occasional high-pressure sales process. Weve listed these a little further down the page.
Advantages of selling gold to a pawn shop include:
- Instant payment. When you sell gold jewelry, coins or other gold items at a pawn shop, youll usually be paid right away. This can be a huge advantage if you need to get cash right now and cant afford to wait for several days.
Disadvantages of selling gold to a pawn shop include:
Bottom Line Recommendation:
Can You Sell Gold That You Find How Do I Sell Raw Gold
You can typically sell your raw gold the same way that you would sell refined gold products like jewelry, coins, or bullion though keep in mind that gold found through prospecting, or other raw gold does not fetch the same high price as government-backed gold products. Pawn shops, gold exchanges, and online gold buyers all purchase raw gold, though certain establishments may have their own policies.
Our recommendation? CashforGoldUSA. The company pays fast and consistently pays top dollar for gold. Plus, they will help you determine the exact composition of your raw gold so that you can feel confident that you are getting a fair price.
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Three Reasons It Costs Way More In The Store
But wait! In the store that 20 gram chain is selling for $1,500.00 Whats up with that?1. Our calculations up to this point havent included the cost of the other metals.
2. We havent figured in the cost of labor to make the chain.
3. We havent bumped up the price to a retail level. So far, we’ve been figuring things out on a beginning level.
Alternatives To Selling Gold
There are a lot of reasons that you might wish to sell your gold. Maybe you realize that you own gold you dont need and want to cash it in for a large purchase or other investments.
Or you might have inherited the gold and dont want to deal with storing it.
If youre selling gold because youre in financial trouble and need help making ends meet, there might be alternatives.
Many gold buyers wont give you the actual value of your gold if youre desperate to sell it. And knowing the other options can provide you with time to get the full amount for your precious metals.
It can also help you avoid selling jewelry or other gold with sentimental value.
If youre experiencing a financial emergency or are facing an unexpected bill, a personal loan may be a good way to get the money that you need. Check out this list of the top personal loan companies.
You will have to pay the loan back, and youll pay interest on the money that you borrow, but it can save you from selling gold that you dont really want to sell. It can also buy you time to make sure you can get the full value of your gold.
While borrowing money shouldnt be your first resort, there are some situations where it makes the most sense, especially when the alternative is selling something for far less than its worth.
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When Is The Best Time To Sell Gold
The best time to sell gold is when the spot price of gold is high and youre comfortable with the idea of selling your gold coins, jewelry, bullion or other gold items.
Gold, like other commodities, constantly fluctuates in value. Like the stock market, working out whether the price of gold will increase or decrease isnt easy, and beating the market for gold is something that even the savviest investors struggle to do with any consistency.
If you have a significant amount of gold and want to sell at the best possible time, you can use gold forecasts and analyses to stay on top of market trends. These can offer useful information on gold prices, but like anything else market-related, their predictions arent always perfect.
Because of this, its best to sell gold when you need cash, and when you feel that the price of gold is at a high enough point for you to justify parting with your gold items.
Selling Scrap & Broken Gold
If you have broken gold jewelry to sell for example, a broken necklace or damaged wedding ring you can generally take it to the same places that youd sell other gold items. Most pawn shops, cash for gold shops and some local jewelers will buy broken gold items.
Broken gold items are generally valued based on their scrap gold value the value of the pure, 24 karat gold thats left once the item has been melted down.
Just like with other types of gold, we recommend selling your scrap and broken gold to Abe Mor Diamond Cutters. Not only are their prices significantly better than pawn shops and local jewelry stores their gold buying process is also quick, easy and convenient for you as a seller.
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How Much Is 18k Gold Worth
18k gold consists of 75% gold and 25% some other metal. Since it is less pure than 24k gold, youll get less money for an item that is 18k gold than one that is 24k gold.
To find out how much money your 18k gold item is worth, all you need to go is:
- Look of the current spot price of gold in grams
- Weigh your 18k gold and multiply that number by 0.75. This will tell you how much pure gold you have.
- Multiply that number with the current spot price of gold.
Can I Sell Gold Jewelry
Yes, its possible to sell gold jewelry. If you do choose to sell gold jewelry, youll need to decide whether youre trying to sell it as jewelry or as gold, as this will impact your options when looking for a buyer.
If you want to sell your jewelry as jewelry, youll want to look to jewelers, pawn shops, or a way to sell to other consumers, such as through eBay or Craigslist.
If the jewelry is old, you might also have luck selling it to a person or shop that focuses on antique goods.
Selling jewelry as jewelry is usually best if it has some historical or artistic value. A plain gold necklace will be worth less than a well-preserved, hundred-year-old necklace that contains the same quantity of gold because the old necklace has historical significance.
If you want to sell your jewelry for the value of the gold it consists of, youll want to focus on selling to gold dealers or other companies that specialize in dealing with precious metals.
With these buyers, the value of your jewelry will be tied to the amount of gold it contains. Jewelry with higher purity gold will be worth more by weight than jewelry with lower purity gold.
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What Is Gold Used For
Aside from jewelry, and as an investment, gold’s durability and heat-conducting properties make it valuable for many other uses. These include:
Industry and technology, including wiring and data storage, as well as a reflector on glass.
Space technology, as NASA uses gold on astronauts’ visors, as well as in the wiring of space equipment.
Medicine, as gold’s healing and diagnostic properties are applied to treat cancers and rheumatoid arthritis.
Fun fact: Did you know that gold prices historically soar during a recession? Learn more about why it makes sense to sell gold during a down economy, and other financial tips for surviving and thriving in a recession.
How Much Does Gold Sell For
Gold prices are at a 7-year high. As of September 13, 2021, the gold melt price in the USA was at a near-record price of $1790.90 per ounce, or $57.59 per gram. Gold prices have been near record highs and are poised to go up, as historically, gold prices have increased when the stock market goes down.
You likely have some gold sitting around. Maybe it is old jewelry that you no longer like, or perhaps it was a gift from someone you have negative feelings about. Perhaps you have some old gold coins you inherited, or even gold dental work sitting in the back of a drawer!
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Kalyan Jewellers Gold Chain Designs
Candere by Kalyan Jewellers is the online concern of Kalyan Jewellers. The gold chains you find here belong to Sankalp and Nivara Collection. The other wedding collections are Vedha, Nimah Collection, Mudhra Collection, and Rang which also includes rings, earrings, pendants, bangles, necklaces, and kadas.While you are at it, feel free to browse through the multiple Kalyan Jewellers diamond collections – Glo Collection, Ziah Collection, and Laya Collection.
How Much Is 14k White Gold Worth
14k white gold contains 58.3% gold. Because gold is a soft metal, and 14k gold has less gold in it, youll typically find that 14k white gold will be sturdier than 18k white gold.
To find out how much your 14k white gold is worth, you will need to:
- Look up the current spot price of gold.
- Weight your 14k white gold and multiply that number by 0.583 to determine how much pure gold is in the item.
- Multiply the number above with the current spot price of gold to determine how much it is worth.
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How Much Is Gold Worth
The resale value of your gold is based on the current market price of gold bullion, but considers several other factors. The higher the percentage of gold in your jewelry or coin, the higher the value.
Gold is measured in karats, with 24-karat being the purest gold, with the highest gold melt value. Unless you have gold bullion or another form of pure gold, your gold item is mixed with other metals or alloys.
Shop Around For The Best Deal
Once you have a rough idea of what your gold is worth, you shouldnt accept the first offer you get thats close to the right number. Take the time to look up multiple gold buyers and shop around.
Dont be afraid to take your collection to several buyers and have them give you an offer. Making buyers compete usually means youll get a better deal.
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Bottom Line: Sell Your Gold To A Legit Online Gold Buyer Now
Online gold buyers are in a strong position to offer high prices, since they dont have the expensive overhead of a retail store, and the competitive nature of the Internet means they are motivated to lower their fees.
Plus, you enjoy the convenience and safety of not leaving your home, and in the case of our recommended gold buyer a 100% guaranteed highest price for selling gold jewelry, gold watches, scrap and gold coins. Get started with CashforGoldUSA now > >
Need cash? Learn about our $500 single-mom monthly grant.
*10% bonus offer. Customers who send in their item within 7 days of receiving the shipping materials will automatically receive an additional 10 percent bonus on top of the appraisal value of their items, compared to standard pricing. Total payout may not exceed melt value of items. The 10% bonus offer is not valid or able to be combined with any other special offers.
How much do you get for selling gold?
Where you sell your gold, what type of gold coins, jewelry, bullion, scrap and whether you sell online or at a location near you all affect how much money you can get for your gold.
What is the best way to sell gold?
While there are certainly reputable local jewelers who can give you an honest gold resale price for your jewelry, coins, bullion or other items, selling your gold online with a reputable business is advantageous.
Is it safe to sell gold online?
Reputable gold buyers guarantee safety by insuring your shipments.
How can I sell my gold online?