How And Where to Sell Gold (Near You & Online)

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Last Updated on: 18th October 2024, 02:15 pm

Selling gold and silver can be profitable, but you must take precautions and understand several crucial elements before getting started. We’ve created a comprehensive walkthrough so you can feel comfortable selling your gold and silver and learning about the best places to do so…

Whether you are an investor, a gold IRA owner, a collector, someone who has received an inheritance, been gifted precious metals, or simply have a selection of old jewelry, you need to know the basics in order to sell your collection for its present value. Once you get the hang of it, the process is simple. It boils down to finding the right partner, selling at the right time, knowing the industry basics,  and the current price of gold and current price of silver.

Where to Sell Your Gold Or Silver

There are two popular options for selling your gold or silver at Local Shops or Online Dealers.

The Same Gold Dealer You Bought It From

The obvious place to start is to go to exactly the same gold company you bought from initially, especially if you bought a premium/collectible coin. The initial gold company will know the true value of the coin they sold you. Now, if you did your homework BEFORE you bought the gold from them, you should have inquired about their “buyback policy” so you should know how much they will pay you back for any premium you paid above spot price. Most gold companies have a buyback policy. The question is what kind of premium they will pay you over spot. We recommend you contact different companies to ensure you are getting the best price. 

Local Shops That Buy And Sell Gold

Any local jeweler or coin shop near you should also be a place to go to, because they tend to give fair prices for coins and bullion while still paying you immediately upon the completion of the sale. Local gold dealers and auctions may pay more, but local coin shops tend to be fair without waiting very long for recompense. 

Coin shows are another excellent choice for numismatic coins. Many different dealers are available at these events to assess your coins all in one visit. This dealer variety means that you have a good chance to receive the highest price.

Online Dealers That Buy and Sell Gold

Online auctions (like eBay) and gold dealers are the third option. Several online coin buyers are reputable and willing to purchase bullion and numismatic coins worldwide. Their rates for silver and gold are arguably the best, but such dealers tend to set a minimum amount in dollars before considering the purchase of your coins. 

You must also ship your coins, paying this cost, and then await the arrival of your payment. One advantage of online dealers is the relief of not engaging with the tactics of coin shops and pawn shops that are high in pressure, but sometimes there is no substitute for talking to a real person.  

Know What You’re Selling: Gold and Silver Categories

Having found a buyer, you need to understand what you own so you can present your collection for sale. You must know what gold types are accepted by the buyer. Your buyer will typically need knowledge of what gold and silver you hold. You will usually have gold and silver in these categories; Jewelry, Coins, Bars and Bullion, Private Mint or Sovereign Currency.

Gold and Silver Jewelry:

Made from silver, sterling, or gold, jewelry is a very common item sold in the precious metals market. Tip: Review your jewelry with experts before selling just for the weight of the metal. Vintage brooches, rings, and necklaces – or those made by a famous designer – can be worth more than the small amount of metal they are made with.

Gold and Silver Coins:

Sometimes vintage and collectible, sometimes pure bullion. Tip: Make sure to assess their value independently of the precious metals at a coin show or with a reputable coin dealer before selling for their weight!

Gold and Silver Bullion in Bars, Coins or Ingots:

These items will often be the highest form of purity. This tends to make it the easiest to sell, especially if it has a well documented history or mark.

Private Mint or Sovereign Currency:

Sovereign currency is legal tender that has been minted by a country’s mint. For example, if you can invest in gold from the Royal Mint. In contrast, Private Bullion is minted by a private company.

Understanding what you have is paramount as you sell your silver and gold. You can use our Gold Calculator to get an idea of how much your pieces might be worth. As you increase your understanding you will increase your confidence. Those are all factors that will help to determine the price you will receive overall and the price according to the ounce.

Before Selling

Is the buyer trustworthy? That's the first question you need to ask. Other questions you need to answer:

• Experience and understanding in the industry. What are their credentials? You can research prospective buyers by checking for verifiable business premises, a current (positive) rating with the Better Business Bureau, or a license to sell and buy gold.
• Lack of complaints made by previous sellers. How long have they been in business? Look for companies that have been serving their community for 5 or more years.
• Presence of added fees, seller costs, and in the case of online gold dealers – any additional shipping costs.

Buyers who lack these credentials likely lack the experience you seek.

Methods of Payment When Selling Gold

One critical query you must consider when selling your gold is the means of payment once your transaction is complete. Are you in a hurry to liquidate, and looking for payment at once? Are you willing to wait for more profitable circumstances that will permit you to realize a greater premium on your bars or coins? 

Make sure you understand exactly how your payout will be calculated, including fees, and the timeline of when you will receive that payment.

Your urgency when selling gold and silver can also impact your choice of buyer. While a pawnshop may give you an immediate payment, you will receive a lesser price than utilizing an auction or more reputable shop. Auctions may take more time to deliver your money, but you usually end up with greater gains when selling your gold and silver this way.

Buy or Sell Gold and Silver The Right Way

The factors above are vital to your success. It is necessary to know who your buyer is, what your product is, how urgently you wish to sell your product, and where to sell it. Ultimately, the best place to sell your silver and gold is the one that matches your needs at the time you’re ready to sell your precious metals.

If you do decide to buy or sell precious metals, make sure you do it right. The best tip comes down to comparing prices from different gold companies and local dealers near you. 

FAQ: Selling Gold and Silver

1. How do I know the value of my gold before selling it?

The value of gold is determined by its purity, weight, and the current market price (spot price). To estimate your gold’s worth:

• Check the current spot price for gold.
• Determine the purity (karat) and weight of your gold.
• Use an online gold calculator like the one on our website, to get an estimate. If you have rare coins or vintage jewelry, consult with a professional appraiser to assess their value beyond just the metal content.

2. What types of gold can I sell?

You can sell various types of gold, including:

• Jewelry (rings, necklaces, etc.)
• Gold coins (numismatic or bullion)
• Gold bars or bullion
• Scrap gold (broken jewelry or dental gold) Each type may have different considerations, especially for collectible or vintage items, so it’s best to get an expert opinion.

3. What is the difference between spot price and the price I will receive?

The spot price is the current market price of gold. However, when selling, you might not receive the full spot price due to:

• Dealer premiums: The fee a buyer charges to make a profit.
• Purity and form: Coins or jewelry with lower purity or collectible value may fetch different prices. Always clarify how much over or under the spot price a buyer is willing to pay.

4. What is a buyback policy?

A buyback policy is an agreement by a gold dealer to repurchase gold from you at a certain price, typically at or above the spot price. It’s important to check the details of this policy when purchasing gold to ensure you get a fair price if you decide to sell it back later to the same company.

5. What are the risks of selling gold online?

When selling gold online, consider:

• Shipping fees and insurance: Ensure your package is fully insured to avoid losses.
• Payment delays: Online buyers may take longer to process and send your payment.
• Trustworthiness of buyers: Research online dealers’ reviews, on sites like Google Reviews, TrustPilot, BBB ratings, and track record to avoid scams.

6. What should I avoid when selling gold?

• Pawnshops: They offer fast payments but generally lower prices than gold dealers or online buyers.
• High-pressure sales tactics: Avoid shops or buyers that push you into selling quickly without fair valuation.
• Unlicensed buyers: Always ensure that the buyer has proper credentials and a track record of fair business practices.

7. Is now a good time to sell my gold?

Nobody can answer this question but yourself. Some of the questions you need to ask yourself are:

• What is your economic outlook?
• How confident are you that the gold price will keep going up?
• Do you think the U.S. economy is headed in the right direction?
• How are your other investments doing?
• Do you absolutely need the funds now or can you wait?

Gold prices fluctuate based on market conditions, geopolitical events, and inflation. While prices are currently high, it's wise to research market trends or consult a financial advisor if you're uncertain. Timing the market is always a challenge, so selling during peak periods of gold demand often results in better returns.

8. How will I be paid for my gold?

• Cash or wire transfer: For in-person sales at local shops or dealers.
• Check or PayPal: Common for online sales but could involve delays. Ensure you understand the payment method and any associated fees before agreeing to sell.

9. Can I sell broken or damaged gold?

Yes, absolutely. You can sell broken or damaged gold. However, its value will be based primarily on its weight and purity, not its condition. This is often referred to as scrap gold, and you should expect to receive a lower price compared to intact, well-maintained pieces.