Higher government bonds have weighed on gold prices since hitting 2020 record highs in early May 2023.
What is the best way to sell your gold jewelry, coins or scrap? It depends on what is important to you.
We evaluated online and in-person gold buying opportunities based on:
- Online customer reviews
- Best Business Bureau ratings
- References from authoritative publications
- Age of the company
- Ease of use of their websites
- Transparency in their process
- Overall feeling that these are quality companies that care about their customers
Keep reading to learn more about the best places to sell gold, including our #1 recommendation for selling gold online for cash,Cash at GuldUSA, which pays within 24 hours, 100% best price guarantee and has an A+ rating with the BBB.
This postis a good read if you need to understand gold prices today, as well as how to assess the value of your gold.
- Search for "online gold buyer"
- Search for "gold buyers near me"
- Search for "cash for gold near me"
- Currency traders
- Jewelry stores
- Antique shops
- Online shopping
1. Search for "online gold buyers"
Selling online can be intimidating. What if your item gets lost in the mail? Stolen? How can you trust an online gold, silver or jewelry buyer?
The benefits of selling your gold online include:
- Buying gold online is a very competitive field, so it is imperative that buyers are ethical, fair, and maintain a very high reputation both online with users and reviews, and with their industry associations, the Better Business Bureau and other agencies.
- Comfortably. Quality online gold buyers will send you a FedEx or USPS mailer or a link to print a label from home. So plan to pick up your package or have it delivered. Note that most gold buyers also buy silver - coins, cutlery, jewelry, candlesticks and more. CashforGoldUSA also buys diamonds and gemstones.
- Private. Some people are embarrassed to walk into a pawn shop or be seen selling family heirlooms at the local jewelry store.
To find out who is buying, search for "online gold buyers" or "online gold dealers". You will see many results and wonder if it is safe to sell gold online and if these are reliable online gold buyers.
Best Online Gold Buyer: CashforGoldUSA
Cash at GuldUSAare our choice for gold buyers because they meet our requirements: pay within 24 hours, offer a 10% bonus if you ship within a week of receiving your item, and 100% free shipping if you choose not to sell your item. They offer insured shipping up to $100,000 through Jeweler's Mutual Insurance and have an A+ rating with the Better Business Bureau.
Typically, the process of selling your gold online works like this:
- Get a quote online through the gold buyer, based on the weight and quality of your item. If you don't know the details, just calculate.
- The gold buyer should send you a free FedEx or USPS mail with a tracking number. They should also insure your item for free.
- Within a few days, a quality online gold buyer should give you a quote. Accept it or reject it.
- A gold buyer must then pay within a few days via PayPal or send a check if you prefer.
- A quality online gold buyer should also offer to return your item for free via a traceable sender if you choose not to sell.
Learn more about its pros and consCashforGoldUSA with our review.
Other online gold buyers
Other online gold dealers we looked at in our "best" gold buyer review included:
- Liberty gold and silver
- Penge Metal Exchange
- American gold buyers
- JM Bullion
- american rod
- Goldco Precious Metals
- Gold nerd
- Golden children
After an exhaustive review of these companies, here are all the reasons why we ruled them out and why CashforGoldUSA is the best:
- A strong focus on customer service, reflected in our BBB and TrustPilot ratings, as well as quick communication via whatever communication the customer prefers: SMS, phone or email.
- Free Worldwide Brand Shipping and Insurance.
- CashforGoldUSA is one of the oldest, most established and largest online gold buyers, founded in 2005.
- 24 hour payout is unprecedented in the industry.
sister site,Cash for SilverUSAspecializes in silver jewellery, silver coins, cutlery and scrap silver.Learn about the value of your silver,andwhere you can sell silver.
Their other site, Diamonds USA accepts all sizes and qualities of diamonds.
White Gold vs. Yellow Gold: What's the Difference, Which is Worth More?
2. Search for "gold buyers near me"
If you've searched online, or are considering searching for "gold buyers near me" (or silver buyers), you're likely to find: jewelry stores, pawn shops, and cash for gold stores that advertise "we buy gold."
Where can I sell gold near me?
Jewelry stores and pawn shops usually buy gold. This can be the fastest way to make money for your gold, due to low competition in local markets and the cost of maintaining a retail store, selling your gold locally may not make the most money.
However, you are free to shop and bargain and see what you can get for your gold.
It can also be much easier to ship and sell your item to a quality online gold buyer. There are many reputable jewelry stores that can offer onejewelry appraisalwhich can help you understand the quality and value of your item - whether you choose it or notsell for your jewelry.
Who Pays the Most for Gold: Pawn Shops or Gold Buyers Near Me?
Cash for gold stores or "buy gold" stores are places that only buy gold, and sometimes silver, and pay in cash (as the name suggests!). Pawn shops and jewelry stores will deal in metals, jewelry, engagement rings and other items.
Pawnbrokers and gold buyers or cash-for-gold stores usually pay the same - anywhere from 25% to 85% of today's gold price.
From, the US spot gold price is trading at $per ounce or $outline
The only way to find out what gold buyers near you are paying is to take your gold to several local companies that aggregate your bids.
3. Search for "cash for gold near me"
How much is gold or silver worth in a cash instead of gold?
Generally, cash-for-gold stores usually pay no more than 70% of the mint price, while pawn shops pay even less. Cash at GuldUSAreports that they pay an average of 80% of the molten gold price for jewelry, including all insurance and shipping - including free returns. Togold coinsand gold, expect a 95% melt value.
Whether you're selling your metal item at a pawn shop, a local jewelry store, or cash-for-gold/gold exchanges, the answer is: It depends.
You can search for local gold buyers on Yelp and the Better Business Bureau for information on a reputable buyer and call them to ask for their gold melting price.
Usually, the more money for gold buyers in your area, the more competitive they are and will offer you a higher price.
Ask the gold buyer how much they will pay above the spot, which is the basic purchase price, and find out before you decide where to sell your gold.
How does cash in gold stores work?
Whether you're selling online or near you, cash buyers for gold (also known as gold exchanges) work like this:
- Bring your gold jewelry, coins, etcscrap gold.
- The buyer weighs your item and tells you what karat gold it is.
- The buyer offers you a price for your product.
- Take it or leave it.
What rate does one pay in cash for gold?
Each gold buyer bids what he is willing to pay - a rate he may or may not explicitly disclose. In larger markets where there is more competition - including the Internet - cash for gold buyers can get only 3% to 5% above the spot price of gold that day.
It is typical for a gold exchange to earn 20% on each trade, but of course this is before their expenses such as rent, taxes and wages. Many get up to 50%.
Avoid cash for gold scams
When selling gold, it is important to do your research to ensure you are selling to a reputable gold buyer. Here are some tips to avoid cash-for-gold scams:
- Look up current gold prices so you know the difference between realistic, too-low and too-good-to-be-true offers.
- Check reviews on third-party sites such as the Better Business Bureau and Trustpilot. Liked by top online gold buyersCash at GuldUSAit is BBB accredited and has an A+ rating.
In other words, don't just call a random number on a billboard without researching the company first.
Pawn shops usually pay about 25% of the retail value of your item, but they also pay immediately in cash. You can find out herewhat pawnshops buyandhow pawn shops work.
5. Currency dealers
Currency traderscan range from gold and silver buyers to advanced specialists dealing with very rare and valuable coins. Learn more aboutsale of gold coinsand sellersilver coinsto reliable buyers.
6. Jewelry stores
Jewelry storesThey often buy scrap metal as well as vintage or estate pieces - either for cash or store credit.
7. Antique stores and auctions
Antique shopsAuctions often deal in estate jewelry and old coins and can help you get a fair price if you know what you have and work with qualityauction house- either online or near you.
Gold and silver recyclersis in the business of taking your scrap metal or old jewelry and turning it into cash.
9. Online shopping
You can sell gold online on sites like eBay, where online buyers can either buy your gold at a fixed price or bid on it in an auction-style sale. Gold jewelry can be sold on online consignment stores likePoshmarkandMust be purchasedtheI do now, I don't.
Frequently asked questions about gold buyers
Gold buyers and sellers can seem mysterious and untrustworthy. There are quality places near you that buy gold of all kinds.
Get answers to common questions that can help you find a reliable, trustworthy gold buyer.
How do gold buyers make money?
Gold buyers procure in one of three ways:
- Buy your gold coins,raw gold, jewelry etcGold bars, and then sell it to another buyer - either wholesale or retail - at a higher price.
- Buy your broken or old jewelry, gold teeth or scrap gold and sell them to a smelter, which melts down the gold and extracts the pure gold metal from impurities and alloys so that it can be reused for other purposes.
- Hold the gold he buys and sells when the price of gold rises.
Is it safe to sell gold online?
Selling gold online is very safe with a trusted online gold buyer like CashforGoldUSA that offers insured shipping up to $100,000 through Mutual Jeweler's Insurance.
What do online gold buyers pay?
Online gold buyers usually pay gold sellers based on the current gold price plus the commission or fee they want to make money on. A 20% profit is common and reasonable. Sometimes you can negotiate the price the gold buyer offers to pay you.
From, the US spot gold price is trading at $per ounce or $outline
Gold remains high:
How can I find a reliable online gold buyer?
The gold money, pawn shop, gold exchange and online gold buying industry can have a shady reputation, with many stories of innocent people getting ripped off.
How to find a reliable online gold buyer before selling your gold:
- Ask your friends and family for a recommendation
- Check reviews and ratings from the Better Business Bureau, Trustpilot and Yelp!
- Google the name of a potential gold buyer + review
- Only work with online gold buyers who insure your item and guarantee to return your item free of charge if you decide not to sell it after submitting your coin, scrap or piece of jewelry.
Which online gold buyer pays the most?
CashforGoldUSA offers a top price guarantee.
Bottom line: Should I search for "gold buyers near me?"
If you need cash fast, search "gold buyers near me" to find local pawn shops, jewelry stores and cash for gold buyers in your area.
However, if you want the most money for your gold items, we recommend getting a quote from CashforGoldUSA because:
- Payments within 24 hours of receiving your gold
- 10% bonus if you ship within 7 days
- A+ rating from the Better Business Bureau
- Price Match Guarantee
- Free return guarantee
- He secured up to $100,000 from Lloyds of London while in custody
- It buys all gold weight and carats, as well as all diamonds and silver
Get a quote on your gold from CashforGoldUSA >>
What do gold buyers pay?
Gold buyers typically pay gold sellers based on the current price of gold plus a commission. A 20% profit is common and reasonable. Sometimes you can negotiate the price the gold buyer offers to pay you.
What rate does cash pay for gold?
It is typical for a gold exchange to earn 20% on each trade, but of course this is before their expenses such as rent, taxes and wages.
How do gold buyers make money?
Gold buyers make money in one of three ways: reselling your gold at a higher price, selling your broken jewelry to a smelter, or holding the gold until the price rises.
How much commission do gold buyers get?
Gold buyers earn an average of 20% in commission, although the percentage varies.
There are three main places to sell gold — reputable online gold buyers, bullion pawn shops and local jewelers. We generally recommend selling online if you're looking for the highest possible price for your gold, although each option offers its own range of advantages and disadvantages.How do you not get ripped off when selling gold? ›
- Don't act on impulse. Carefully evaluate every piece of jewelry that you are looking to sell. ...
- Get an appraisal. ...
- Know what you have. ...
- Find a reputable buyer. ...
- Shop around. ...
- Protect yourself. ...
- Know the price of gold. ...
- Get realistic.
Selling gold is a very good way to earn some extra cash. All precious metals, including gold, have high values even when prices are lower than usual. There are a few reasons why selling gold is such a great way to earn much-needed money.What is the easiest gold to sell? ›
Gold bullion is the most popular type of gold to hold as an investment or store of value, as it's generally easy to sell, and maintains its value well. When we're talking about selling gold, you can also get a good amount of money by selling gold wedding bands, engagement rings and other types of jewelry.How much gold can you get with $1,000 dollars? ›
Current value of 1000 USD in GOLD is 197,244.88 GOLD
This is the real-time data fetched from our partnered price aggregators. At the moment, you are looking at the conversion of 1000 USD when 1 USD is valued at 197.24 GOLD.
Well, the grime, dirt, and stain accumulated over time will make it look worn out and devalued. While this often doesn't matter in the case of scrap gold, and buyers such as pawnshops likely clean the item before selling it anyway, you likely want to give off the best impression.How much gold can you buy without it being reported? ›
The answer is that there is no limit on how much gold you can purchase without reporting it. However, any sale of precious metals, including gold coins, must be reported on your tax return. So, while there is no limit on how much gold you can purchase, you will still need to report any sales to the IRS.Is it illegal to own too much gold? ›
The limitation on gold ownership in the United States was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified in Pub. L. 93–373, which went into effect December 31, 1974.Is it a good time to sell gold jewelry 2023? ›
Why should you sell gold for cash in 2023? For one, gold is very valuable. The market price is reasonable and will continue to rise throughout the year. This means a significant chance of earning lots of money by selling some of your old gold items.What is the best day to sell gold? ›
Some of the best times to sell gold are right before Mother's Day, Father's Day, Valentine's Day, and Christmas. You may also be able to get a good price for your gold if you sell it during the summer months, as many people take vacations during this time and may be looking to spend money on jewellery for their trips.
Despite recent market fluctuations, gold remains a stable investment option. Some analysts believe the first quarter of 2023 is an opportune time to trade or invest in gold, as it is expected to maintain its status as a safe-haven asset throughout the year.Is it better to pawn gold or sell gold? ›
Some people think it's better to sell an item as they believe you'll get more money for it than if you pawn it. Others believe exactly the opposite. The simple truth is there's no general rule that you'll get more money for either selling or pawning your valuables.What type of gold is best to sell? ›
Gold Bars. This is the form of gold bullion that has the most value. Gold bars can range from 1 ounce to a few kilos. One can get as much value in a gold bar as one can afford.What is the best 1 oz gold coin to buy? ›
- Gold American Eagle.
- American Gold Buffalo.
- South African Gold Krugerrand.
- Canadian Gold Maple Leaf.
- Gold Britannia.
- Gold Austrian Philharmonic.
- Gold Australian Kangaroo.
- Chinese Gold Panda.
The value of a 14k gold necklace can range from about $1000 to $2000. Depending on the quality and size, it can be worth more. The weight of the gold metal and gemstones included in a 14K gold chain will determine the price. The amount of gold per ounce varies, but the price per gram remains the same.How much will I get if I sell my gold? ›
Expect to receive 90% to 95% of the current market value or spot price if you're selling gold coins or bars. For jewelry, expect to receive about 70% of the melt value.How much gold can you get for $500? ›
The conversion value for 500 USD to 21486892.996 GOLD.How much gold will $100 buy? ›
The conversion value for 100 USD to 4297378.6 GOLD.How much will a 1000 gold be worth in 10 years? ›
At the time of writing, the 10-year increase is 55.67%. This means that if you invested $1,000 in gold 10 years ago, it would be worth $1,550 today. Additionally, reviewing the pricing trends for 2020, you can see that gold prices spiked during the global pandemic as investors favored commodities over stocks.Is it worth keeping gold? ›
Gold is considered a hedge against inflation
Gold and other precious metals have long been considered a smart way to fight inflation. That's because it tends to hold its value and preserve your purchasing power over the long haul, despite fluctuations in the dollar.
Gold should be stored in an area that is protected against high humidity and fluctuating temperatures. A lock-enabled jewelry box or a safe are both great investments for storing and protecting jewelry and other small gold valuables. Safety deposit boxes are also a popular option for storing metals like gold.How can you tell if gold is dirty? ›
It's simple: Solid gold never tarnishes, while faux gold—or gold-plated metal—does. If your jewelry has started to discolor and tarnish, or if it turns your skin blue or green where it comes in contact, then it's not solid gold.How does IRS know you sold gold? ›
Under certain circumstances, a dealer is required to file a form 1099-B with the IRS to report proceeds paid to a non-corporate seller of precious metals. This helps the IRS determine whether the sellers have properly reported this income on their tax returns.
No Limits. Luckily, there's no limit on how much gold bullion an individual can acquire and own. There are no laws prohibiting anyone from buying as much gold bullion as possible. You can hold as much gold bullion as you can afford and purchase.Does the government know when you buy gold? ›
Do I have to report my gold coin purchases to the Government ? No, there is no branch of federal, state, or local government that is interested in how much gold you might own. The U.S.Can the US government take your gold? ›
Under current federal law, gold bullion can be confiscated by the federal government in times of national crisis. As collectibles, rare coins do not fall within the provisions permitting confiscation. No federal law or Treasury department regulation supports these contentions.How much gold can I keep? ›
A married woman is allowed to keep at least 500gm of gold with her. For the unmarried woman, the prescribed quantity is 250gm, said a report by Kotak Life. In case of a male member of a family, a man is allowed to keep 100gm of gold or jewellery.What coin is illegal to own? ›
Currently, with the exception of the one sold on July 30, 2002, 1933 double eagle coins cannot be the legal possession of any member of the public, as they were never issued and hence remain the property of the United States government.What will be gold prediction for 2023? ›
Gold investments could return 11% in 2023, but spread your purchases. Analysts expect the metal to return another 11% in 2023. Since January, gold has topped the performance charts vis-a-vis equities and debt, ...Will gold go back up in 2023? ›
Other asset managers are even more bullish on gold in 2023. In December, Swiss Asia Capital managing director and chief investment officer Juerg Kiener said mild global recessions in 2023 could send gold's price as high as $4,000 an ounce by the end of the year.
If you plan to buy low and sell high, the annual lowest price of gold generally occurs around the second week of January. From there, the price often makes a steady rise through to the end of the year, with a summer dip in price between April and June.Which month is cheapest to buy gold? ›
Best Month of the Year to Buy Gold
Since 1975, the gold price has tended to drop the most in March. The daily chart above shows April might offer a slightly lower overall price, but history shows March is the month gold falls the most and is thus one of the best times to buy.
According to GoldSilver, an online precious metals dealer, the best times of the year to purchase gold are in early January, March and early April, or from mid-June to early July.Does gold go up in value everyday? ›
The price of gold fluctuates based on a combination of supply, demand, and buyer perceptions and behavior. But, unlike paper money, the gold supply doesn't change much over time, so its value is relatively constant.What will gold price be at the end of 2023? ›
Gold price stood at $1,978.50 per troy ounce
According to the latest long-term forecast, Gold price will hit $2,000 by the middle of 2023 and then $2,500 by the end of 2024. Gold will rise to $3,000 within the year of 2027, $3,500 in 2030 and $4,000 in 2032.
Despite ongoing market volatility and a sluggish start to 2023, the price of gold and silver continues to outperform on Wall Street while maintaining an upward trend towards historic highs.What will gold prices be in the next 5 years? ›
Gold price predictions for next 5 years: experts' analysis
The banking group saw the precious metal trading at $2,000 at the end of 2023, accelerating to $2,075 by September 2024. A poll of 38 analysts conducted by Reuters in January was less optimistic as they expected the gold price to average at $1,890 in 2024.
For pricing and appraisals, selling to jewelry stores is better than pawn shops. Pawn shops have high overhead costs and typically resell items at a lower price. Jewelry stores have in-house master jewelers who can provide accurate appraisals and higher prices for your jewelry.How much is an ounce of gold? ›
Gold bullion is the most popular type of gold to hold as an investment or store of value, as it's generally easy to sell, and maintains its value well.
|$ 1 - $ 136,999||$ 2,084.31||6.00%|
|$ 137,000 - $ 342,999||$ 2,080.38||5.80%|
|$ 343,000 - $ 684,999||$ 2,077.80||5.67%|
|$ 685,000 - $ 1,368,999||$ 2,075.18||5.53%|
Consisting of 91.67 percent gold, the American Gold Eagle gold coin leads the pack of the top investment coins. It's “safe” as well, since the weight is backed by the U.S. government. In 2021, these coins were redesigned to include enhanced counterfeiting measures.How much can I sell a 1 oz gold coin for? ›
The current Monex bid selling price for a one ounce Gold American Eagle coin is $2021.60.What is the cheapest form of gold to buy? ›
Pure Gold Bullion Bars Are Cheaper Because of the Lower Premium. Buying in bulk allows you to pay a lower premium over the spot price. The same applies to silver. For this reason, gold coins generally cost more than gold bars.Will banks give you gold dollars? ›
Some U.S. banks do sell gold bars and coins as well as silver coins, but the vast majority of U.S. banks do not make gold or silver available to the public. Banks usually avoid selling precious metals because of their price fluctuations.Can you still get rich from gold? ›
But can gold still deliver wealth and prosperity to the modern investor? Gold helps investors hedge against inflation, protect against economic downturns, and achieve superior returns. That's where Vaulted comes in, making gold investing simpler and accessible for everyone. The answer is yes, absolutely!Will banks buy gold? ›
The banks accounted for 34% of total demand in the third quarter of 2022. During that time, central banks bought a record 399 tonnes of gold, worth approximately $20 billion. Demand in the first nine months of 2022 was up 18% year over year and back to pre-pandemic levels.Is gold better than cash in the bank? ›
So, if you have cash, you're effectively losing money. Gold, on the other hand, is often considered a hedge against inflation. As the value of the dollar goes down, value of gold may increase. Not everyone agrees and gold may not always rise when inflation goes up, but it could still be an investment factor.Is it worth keeping gold dollars? ›
Although the price of gold can be volatile in the short term, it always has maintained its value over the long term. Through the years, gold has served as a hedge against inflation and the erosion of major currencies, and thus is an investment well worth considering. World Gold Council. “Money and Gold.”
- 1808 Capped Draped Bust Quarter Eagle. Value: $2.35 million. ...
- 1795 $10 9 Leaves Eagle. ...
- 1907 Ultra High Relief Double Eagle. ...
- 1804 Plain 4 Draped Bust Eagle. ...
- 1870 $3 S Indian Princess Head Gold. ...
- 1822 Capped Head Left Half Eagle. ...
- 1787 Brasher Doubloon. ...
- 1933 Saint-Gaudens Double Eagle.
Don't Wait to Buy Gold, Buy Gold & Wait
There are plenty of potential economic, geopolitical, and social factors next year that could propel gold prices to new highs. Expert predictions and institutional investments clearly indicate that gold is a good investment in 2023.
Investing in a gold stock, ETF or mutual fund is often the best way to get exposure to gold in your portfolio. In order to buy a gold stock or fund, you'll need a brokerage account, which you can open with an online broker (here's a step-by-step guide to opening a brokerage account).Which bank is safe for gold? ›
|1||Muthoot Finance||7 days-12 months (normal schemes)/36 months (EMI based Scheme)|
|2||IIFL||3 months -11 months|
|3||HDFC Bank||3 months -24 months|
|4||ICICI Bank||3 months-12 months|
Technically, there is no limit up to which one can own gold jewellery or ornaments in India.What bank holds all the gold? ›
The New York Fed acts as the guardian and custodian of the gold on behalf of account holders, which include the U.S. government, foreign governments, other central banks, and official international organizations.How much gold can you legally own in the US? ›
Physical gold. According to the CBDT's most recent circular, men, regardless of marital status, are only allowed to possess 100 g of real gold in the form of jewelry and ornaments. Married women are allowed to possess 500 g, unmarried women 250 g, and men 500 g.How much gold should I own? ›
In general, though, financial experts often recommend putting between 5 and 20% of your portfolio into gold or other precious metals, though some suggest an even greater allocation.Who is buying gold right now? ›
Countries Are Buying Up Gold
The Gleasons are betting the future is golden. After all, countries like Turkey, China, Russia and Poland are reportedly buying up huge amounts of gold. They're also worried about inflation and geopolitical conflict.