Written in partnership with Chris GallagherSelling your old, broken, or unwanted gold jewelry is a quick and easy way to earn several hundred, or even thousands of dollars, but choosing the right method to sell your items is important in order to guarantee the best payout. Below are five items to consider to get the most for your gold.
1. Determine if You Want To Sell Your Gold Locally or Online
There are pros and cons to both methods of selling your items and the best option depends on your needs and preference. If you need cash the same day, then selling locally is likely to be your best option. If you have some time to shop around, then the best place to sell gold for you might be online. Here are some pros and cons to consider:
| Selling Locally | Selling Online | |
| Pros | ● Same day payouts ● Supporting local economy | ● Don’t have to drive to get quotes ● Does not require in-person negotiations ● Can get the best price guarantee and price matching with the right buyer |
| Cons | ● Requires driving to get estimates ● Requires in-person negotiations to get the best price ● Typically not the best payouts depending on which type of local buyer you choose | ● Can take longer depending on what type of platform you choose ● Not all buyers offer high payout rates |
Selling online can save you driving time and spare you from having to negotiate in person. You can compare buyers from the convenience of your home and choose a vendor with the best price and price match guarantee. Unless you need cash the same day, selling online is the simpler option that can yield you the highest payouts.
2. Choosing the Right Places to Sell
Peer-to-peer marketplaces
The type of gold you plan to sell and how much time you have to sell it plays a critical role in determining the most appropriate place to sell your items. If you are not in a rush and want to get close to retail value for your items, then platforms like eBay or Etsy might be the best option for you. The con of peer-to-peer marketplaces is that they require you to create a listing, deal with buyers, returns, shipping and insurance, and pay fees, plus you don’t know how long you will wait for someone to purchase your item.
Antique and consignment shops
If you have antique items, then going to a consignment store or a local antique store might be the best place to get the most for your gold items. This does require more time and negotiation but for items with higher retail value, it can be worth the extra effort if you have the time.
Local jewelry and coin buyers
The best place to sell gold locally is either a jewelry store or coin dealer if you have bullion or coins. These types of establishments are more likely to pay you more versus a local pawn shop. You also get to support your local economy, but this option does require more time and some negotiation skills.
Online gold buyers
Many people would consider online as the best place to sell gold. By selling online you don’t have to drive or negotiate in person. Other pros of selling online include not having to take pictures, create a listing, and not having to deal with retail buyers. Many online buyers also offer free insured shipping and returns. Another advantage is that it’s fast. Because you are selling to a buyer directly, you don’t have to wait around for someone to buy your item like you would on peer-to-peer marketplaces.
Before choosing an online buyer, be sure to check out their reviews and ensure they are BBB accredited. Online buyers such as The Alloy Market make the process simple by providing free upfront estimates. They also have a no-haggle best price and price match guarantee, are accredited by the BBB, and have many positive reviews online.
3. Understand How Gold is Priced
Spot price is the current price that gold is selling for. A simple search on Google for “current gold spot price” will tell you how much the current price of gold is. When selling gold, you typically will not get the full spot price or higher unless you sell on a retail marketplace such as eBay or Etsy, but selling on those types of marketplaces comes with their own set of drawbacks as mentioned earlier.
Gold buying companies either local or online, typically pay melt value for your gold, which is spot price, minus a percentage that they charge for melting the items so they can be used for other purposes such as components in electronics or medical equipment. Offer can vary wildly from 20-90% of the spot price, so do your research before accepting an offer.
Also, consider that not all gold is priced the same. For example, 24 karat gold is pure gold or 100% gold, while 14K gold is 58.3% gold and the rest is composed of other metals, so offers for the items of the same weight will differ based on the type of gold you have. An honest buyer will explain the difference and price your items accordingly.
Beware of companies that only make claims of how much they pay up to. For example, a company can claim that they pay up to 99% of the spot price but only offer 40% or less of what your items are worth. Certain companies, such as our recommended online buyer, The Alloy Market, have advertised minimum offers that they pay, such as 90% of the spot price for 24K gold. This ensures that you get a fair value for your items.
1. Get an Upfront Estimate If Possible
Many local and online buyers don’t offer upfront estimates. The reason for not offering upfront estimates is that the most accurate estimates are done in person with tests, scales, or professional equipment that provides accurate pricing. Some honest buyers will be happy to provide you with a ballpark upfront estimate if you contact them ahead of time and also discuss how much they pay for the type of item and gold that you are selling.
Keep in mind that your estimate will only be finalized when the buyer can test the item. If you provided accurate information regarding your item, then your estimate should match up accurately, otherwise it might change a bit.
2. Trust Your Buyer
It’s important that you trust the platform or company you’re selling your items to. Do your own research on the company, get several quotes if needed, and don’t get pushed into selling your items for 60% or less than their melt value. Aim to get between 65-90% of the melt value for your gold items and sell to through a buyer or service you feel comfortable with and that has a good reputation.
In Conclusion
Selling old or unwanted jewelry can help garner you quick and needed cash. The answer to the best place to sell gold is based on your preference. If you prefer an in-person experience and want to support your local shops, then consider selling locally. If you have some extra time and want to get higher than melt value for your items, consider selling on a peer-to-peer platform. If you don’t like haggling in person and want to ensure you get a fair price for your items, then consider going with a trusted online marketplace. Last, but not least, make sure to do your research on the current price and melt price of gold before accepting an offer, and don’t accept an offer that is 60% or less than the current melt value of your item.
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