LemonTrades
TL;DR
- Pawn shops, jewelers, coin dealers and mail-in refiners all buy gold. Coin and bullion dealers usually pay best for coins and bars.
- Work out the melt value yourself before you go, using the live table below. Then you’ll know a low offer when you hear one.
- Get at least three offers, watch them weigh it, and be wary of mail-in offers you can’t reverse.
- LemonTrades follows the gold price for you and tells you what moved it, and why, so you can pick your moment.
Almost every town has someone buying gold. What they pay can differ a lot, so it pays to know your number first.
Who buys gold, and how they compare
| Buyer | Good for | Watch out for |
|---|---|---|
| Coin and bullion dealers | Coins and bars; prices tied to spot | May not want broken jewelry |
| Local jewelers | Jewelry, and pieces worth more than their gold | Many buy to resell or send for refining, and pay less |
| Pawn shops | Fast cash, no appointment | Often lower offers; they need room for profit |
| Mail-in refiners | Scrap gold, large amounts | You send gold first; check reviews and return terms |
| “Cash for gold” kiosks and events | Convenience | Often among the lowest offers |
Before you sell
- Sort it by karat. Check the stamp: 10K, 14K, 18K or 417, 585, 750. Buyers should weigh each karat separately.
- Weigh it in grams, and work out the melt value from the table above.
- Set aside anything special. Antique, designer or stone-set pieces may be worth more than their gold, so get them appraised first.
- Check it’s real. See how to tell if gold is real.
How to get a fair deal
- Get at least three offers, as a percentage of melt value.
- Watch them weigh and test it, and ask to see the scale.
- Ask about fees for testing or refining.
- Bring ID. Many states require it, and some make buyers hold items for a time.
- Be careful with mail-in offers. Insure the package and know how you can get it back if you reject the offer.
When to sell
Your offer follows the spot price, which moves every minute. Check the gold price live and why gold goes up. In the US, a profit on gold is generally a taxable gain; if you’ve held it for over a year, it’s taxed as a collectible, at up to 28%.
Sources
- FTC: Guides for the jewelry and precious metals industries (16 CFR 23)
- IRS: Topic 409, capital gains and losses
Education, not financial or tax advice. See our disclaimer.
