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Bottom Line Recommendation:
Gold prices are currently at their highest levels since 2013. If you have old gold jewelry or gold bullion, selling it can be a great way to get cash immediately while taking advantage of today’s high gold prices.
There are plenty of different places to sell gold, not all of which are equally good. The best way to sell your gold is online through a reputable buyer, as you’ll get a better price than you would selling through a local pawn shop or jewelry store.
For gold wedding bands, engagement rings and other gold jewelry, we recommend selling to Abe Mor Diamond Cutters. They’ll almost always offer the best price for your gold, with a fast, friendly process that’s free of any hard-sell sales tactics.
Below, we’ve provided more information about selling gold locally and online below, including our recommendations to help you get the best possible deal.
As of September 9, 2020, the price of gold in the USA is $1,924.27 per ounce or $61.87 per gram — a recent record and one of the highest gold prices on record since 2013. Gold prices typically increase as the value of the stock market declines, putting them at recent record highs because of the recent drop in the value of most stock indices.
Many people have gold, either around the house in the form of old jewelry, as old gold coins, or in the form of gold bullion purchased as an investment.
With gold prices at a recent record high, now is a great time to think about selling gold to free up some extra cash.
Although the process of selling gold can seem confusing, there are reliable, trustworthy buyers out there that will give you a great price for your gold jewelry, coins or other types of gold.
Below, we’ve explained everything you need to know about selling gold. Our guide covers how gold prices work, how much your gold is worth, the best ways to sell it for the highest price and the basic process of selling gold online.
We’ve also gone into detail on common mistakes to avoid when selling gold, as well as the pros and cons of selling gold online versus locally through a pawn shop, jewelry store or other type of gold buyer.
Finally, we’ve provided some expert tips to help you get the best possible price for your old gold jewelry or other gold items.
Gold is priced according to its weight, with prices normally provided for one gram, one ounce and one kilogram of pure gold.
For example, the current price of gold (as of September 9, 2020) is $61.87 per gram, $1,924.27 per ounce and $61,837.62 per kilogram. As with other commodities, the price of gold changes often, making it important to check the latest rates if you’d like to buy or sell gold.
Unless otherwise noted, the price of gold refers to 24k gold, or “pure” gold, which consists of 99.99% pure gold. If you know what karat gold you have, you can use this gold price calculator. To use it, type in an item’s weight, then select its karatage. The calculator will provide an estimate for the item’s value should you decide to send it in for appraisal.
Pure 24k gold has an intense orange color and is quite soft and malleable. It’s the type of gold that’s used for investment grade coins and gold bars (known as bullion). Because it’s soft and bright in color, 24k gold isn’t used for jewelry.
Instead, less pure forms of gold, such as 10k, 14k and 18k gold, are commonly used for rings, earrings, bracelets, watches and other gold jewelry. We’ve explained how 24k gold differs from the gold commonly used in jewelry in our detailed guide to gold types.
Luckily, this doesn’t mean that you can’t sell 10k, 14k, 18k or 22k gold. If you want to sell these types of gold (for example, a gold wedding band), the price you’ll get in exchange will be based on the pure gold content that can be extracted from the item after it’s melted and refined.
We’ve explained this in more detail below, with information on how you can roughly determine the total amount of pure gold in various common gold items.
If you’ve ever visited a gold price or gold buying website, you’ve probably seen the term “gold spot price” thrown around. The term “spot price” refers to the price at which any commodity (in this case, pure gold) can be bought or sold at that specific moment.
The spot price of gold often differs from the price of gold futures contracts, which involve the future delivery of gold. In simple terms, the spot price is the market’s current price for gold right now, and the most important price that you should pay attention to if you’re looking to sell.
As we mentioned above, the price of gold changes often. Gold is a popular commodity that’s traded worldwide on markets like New York’s COMEX and London’s Bullion Market. As such, the spot price of gold can vary based on the current level of demand for gold futures.
All businesses that buy gold in small quantities will buy it for less than the spot price, meaning you won’t get exactly what the gold is worth when you sell it.
This is simply a reality of business. All businesses have expenses, and the companies buying gold need to be able to make a profit in order to stay in business. They also need to cover the costs associated with melting and refining your gold jewelry so that it can be reused.
As such, the amount of money you’ll receive from the business buying your gold won’t be the exact gold spot price. Instead, it’ll be the spot price minus the fee the buyer adds to make the transaction economical for them.
The amount you’ll lose compared to the spot price depends on the type of gold you’re selling and the merchant you sell it to.
If you’re selling old gold jewelry in small quantities, you’ll generally get a lower price per gram than you would if you were selling, for example, a larger amount of gold in the form of bullion coins or bars.
As for gold buyers, commissions can vary hugely. We generally recommend Abe Mor for gold jewelry, as their fees are lower than other gold buyers, meaning you’ll get a higher percentage of the spot price for the gold you sell. However, there are many other buyers out there.
Below, we’ve explained what you do to get the best price for the type of gold you’re selling.
The best time to sell gold is when the spot price of gold is high and you’re 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 isn’t 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 aren’t always perfect.
Because of this, it’s 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.
As we mentioned above, the gold spot prices you can find online refer to pure 24k gold, not the 10k, 14k and 18k gold that’s commonly used to manufacture jewelry.
The pure gold content of 10k gold is approximately 41.7%. 14k gold has a 58.3% gold content, while 18k gold has a 75% gold content. This means that you can’t accurately use the gold spot price quoted online to calculate the value of most gold jewelry based on its own.
Some gold selling websites provide calculators that allow you to quickly and easily work out the pure gold content of a gold ring or other jewelry, then calculate an approximate price for the gold used to make the item.
You can use this gold price calculator. To use it, type in an item’s weight, then select its karatage. The calculator will provide an estimate for the item’s value should you decide to send it in for appraisal.
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 — aren’t always the best place to sell if you’re 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 you’re looking for the highest possible price for your gold, although each option offers its own range of advantages and disadvantages.
Below, we’ve 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:
If you have gold jewelry, coins, bullion, or any other type of gold that you want to sell as soon as possible for cash, selling it online will almost always get you the best price.
The main reason for this, as we’ve explained in many of our reviews of jewelry stores, is that it’s much more economical to operate a business online than it is to run a large network of physical, brick-and-mortar locations.
Because of these lower operating costs, online gold buyers can afford to take a lower margin on the products they purchase and then sell. This means that you, as the party selling gold, will get a better price than you usually will from a brick-and-mortar store.
Selling gold online is a simple process. Although the exact involved steps can vary based on the specific gold buyer you choose, most of the time the process is something like this:
Advantages of selling gold online include:
Disadvantages of selling gold online include:
Bottom Line Recommendation:
Selling gold online will usually get you the best price, although you’ll need to send your gold items to the buyer for an appraisal (most will provide a prepaid mailer) and wait 24-48 hours after appraisal to receive your payment.
If you have gold bullion — a type of gold coins or bars sold primarily for investment — selling to a buyer that specializes in gold jewelry isn’t a good idea, as you’ll generally receive less than you would get by selling to a dealer that specializes in gold bullion.
If you contact Abe Mor directly, they are willing to give a better rate for larger purchases of gold like bullion or coins. These days, online gold bullion buyers will usually provide a quote based on the weight of gold that you want to sell, then provide an address for you to send the gold via an insured, track and trace delivery service. Some also work with local partners at which you can drop off the gold.
Note that these companies generally won’t buy old gold jewelry — instead, they only deal in gold bullion.
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 you’d 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 that’s 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.
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, you’ll almost always get a lower price than you would by selling to a reputable online gold buyer.
As we’ve 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 (I guess selling in this case) 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. We’ve listed these a little further down the page.
Advantages of selling gold to a pawn shop include:
Disadvantages of selling gold to a pawn shop include:
Bottom Line Recommendation:
Selling gold to a pawn shop will give you instant cash, but you usually won’t get the best price. If you decide to sell to a pawn shop, use our tips to negotiate a reasonable price and avoid getting ripped off.
Another option is to sell your old gold jewelry to a local jewelry store. While not all jewelry stores will buy gold jewelry, some will, although you’ll face many of the same downsides that you would if you sold to a pawn shop.
Advantages of selling gold to a local jewelry store include:
Disadvantages of selling gold to a local jewelry store include:
Bottom Line Recommendation:
In general, the experience selling gold at a jewelry store is similar to the one we’ve described in our guide to selling diamonds. If they’re willing to buy your gold jewelry, which isn’t guaranteed, they’ll generally offer to buy it as cheaply as possible.
|Selling Gold Online||Selling Gold Bullion Online||Pawn Shop||Local Jewelers|
|Price paid for your gold||High||Highest||Low to medium||Low to medium|
|Paid within||24-48 hours||24-72 hours||Instantly||Instantly|
|Minimum purchase||Usually none||Usually $1,000+||Varies||Varies|
|Price guarantee||Usually available||Varies||Varies||Varies|
The best place to sell gold online depends on the type of gold you’re selling. If you have gold in the form of bullion bars or coins, you’ll get by far the best prices by selling them to a dealer that specializes in gold bullion.
For gold watches and other brand name gold jewelry, you’ll get the best price selling privately or through a company that specializes in this type of product.
For gold jewelry that doesn’t have any brand name, such as most engagement rings, earrings, bracelets and other gold items, you’ll get the best prices by selling to an online gold buyer such as Abe Mor.
As we explained in our full review, we’re fans of Abe Mor Diamond Cutters. As well as being a great place to sell diamonds, they’re one of the best options out there if you have gold jewelry that you want to sell at the best possible price.
Abe Mor buy gold engagement rings, bracelets, earrings and other gold jewelry, as well as gold bars or coins. The only gold items that they don’t buy are those that are gold filled or plated, as these items have a tiny gold content that’s of minimal scrap value.
In our experience, Abe Mor offer higher prices for gold than almost all of the other online “cash for gold” stores. Unlike most stores, which pay approximately 50 cents for every dollar of scrap gold value, Abe Mor usually offer up to 75 percent of the gold jewelry’s scrap value.
Abe Mor specialize in diamonds and as such, are a good place to sell gold jewelry that features diamonds. Depending on the size and quality, they’ll also pay for the small diamonds featured in some pieces of jewelry, such as pavé, side-stone and halo engagement rings.
For gold bullion coins and bars, Abe Mor offer up to 95% of the value. Generally, the greater the amount of gold you send in, the better the rate. Since Abe Mor purchase gold jewelry based on the scrap value of its gold, they’ll also buy broken gold jewelry.
They also offer a price match guarantee, meaning you’ll always receive more than you would by selling to any competitor that provides a substantiated quote.
While you won’t get back what you paid for your ring, earrings, bracelet or other gold jewelry, you will get significantly more from Abe Mor than you would from other gold buyers. As such, this is the first place we suggest contacting if you have gold jewelry that you’d like to sell.
The selling process with Abe Mor is simple. First, you’ll need to send them an email letting them know what you’re selling. Abe Mor have a $300 minimum value for gold purchases. If you attach an image of your gold ring, earrings or other item, they’ll let you know if it meets the minimum.
Abe Mor will then provide a prepaid mailer with insurance and tracking for you to use to send in your gold. Once they receive and appraise your gold items, you’ll receive payment on the same day by overnight check or wire transfer.
There are also countless other places to sell your gold online. The gold prices offered by these buyers can vary, as can the level of convenience and customer service.
You can find these merchants by searching Google for phrases like “sell gold jewelry” and “sell gold bullion.” We haven’t used these companies before and as such can’t provide any personal recommendations.
In general, we recommend being cautious and applying the precautions listed further down the page to avoid selling your gold for less than it’s worth.
Most gold jewelry is sold based on its scrap gold value. After buying a gold engagement ring, a vendor will normally melt it down (or sell it onwards to a third party precious metals refinery) so that the gold can be reused for a new item.
Luxurious, brand name items are different. While a regular gold wedding band will sell based on its scrap gold value, an item like a gold wristwatch or a brand name gold bracelet from a popular fashion house usually has much more value in its finished form than it does as scrap gold.
For example, a gold Rolex Day-Date, which is made from 18k gold, contains about 51 grams of pure gold. Even at the current gold spot price (which is far higher than the per-gram price most gold buyers will typically pay), it’s only worth about $2,700 based on its gold content.
As such, selling it based on its scrap gold value is not a good idea, when even the oldest, most poorly maintained watch of this type will usually sell for thousands of dollars more elsewhere.
Likewise, used jewelry from brands like Hermès, Gucci and other high fashion brands may only contain a tiny amount of gold, but still have a significant value as pre-owned jewelry.
If you have a brand name gold ring, earrings, bracelet or other jewelry that you’d like to sell, we recommend getting in touch with Abe Mor. If it’s something they buy, they’ll offer the best price; if not, they may be able to recommend a suitable place to sell it.
For brand name gold or two-tone watches worth more than $1,000, you’ll generally get the best price by selling to a vendor that specializes in pre-owned watches. These can be found online or locally.
There are several things you’ll want to keep in mind when you’re selling gold jewelry or other gold items. Our general recommendations include:
Selling your gold online will usually get you the best price, especially compared to selling it to a local pawn shop or jewelry store. We recommend using the following tips to get the best deal on your gold jewelry, coins or other items:
Selling gold bullion is generally a simpler process than selling gold jewelry, as the amount you’ll receive is typically closer to the spot price. As always, make sure to check a buyer’s reputation before committing to a sale, and don’t be afraid to say no if you receive an overly low offer.
As we mentioned above, we generally don’t recommend selling gold jewelry or other gold items to a pawn shop, as the prices pawn shops offer are almost always lower than those offered by specialist online gold buyers.
If you do decide to sell your gold to a pawn shop, we recommend using the following tips to get the best deal:
If you’re selling at a jewelry store, we recommend using the tips listed above for selling gold at a pawn shop. If possible, visit several locations, bring boxes and receipts, and be prepared to say no if you get an offer that you think is too low compared to the gold spot price.
With gold prices at their highest level in years, selling gold for cash is a quick and effective way to turn old jewelry and unused gifts into usable cash. As we covered above, Abe Mor is usually the best place to sell gold jewelry, as you’ll almost always get the highest price for your items.
If you sell locally instead of online, make sure to apply the tips listed above to avoid bad offers and get the best possible price for your gold.
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