How to Sell Gold to Get Cash Quickly

5 Steps to Sell Gold for Cash

When you decide to sell gold, the process is a straightforward one: 

- Know what you have
- Research current gold prices
- Choose a gold buyer
- Evaluate offers and sell your gold
- Get paid

While the selling gold process is a simple, straightforward one, it gets complicated when you reach the “Choose a gold buyer” step. Will you sell gold to a “gold buyer near me,” like a jewelry shop, pawn shop, or cash for gold dealer? Will you opt for a private sale to an individual, or will you sell to an online gold buyer like Cash for Gold USA.

The choice you make here will have an impact on what you sell your gold for. Selling gold to local pawn shops, jewelers, or cash-for-gold dealers might seem convenient, but it often has drawbacks. These businesses typically have higher overhead costs and might offer lower payouts to cover their expenses. They might not have transparent pricing or offer the best rates based on the current market value of gold. 

Before you settle on selling gold “near me,” explore reputable online gold buyers like Cash for Gold USA because it often results in a better deal and a more streamlined experience. Simply start now by requesting a free, insured Appraisal Kit.

What You Should Know About Selling Gold

Thinking about selling gold? This resource covers the common questions on gold value, price, and more should you wish to sell gold for cash.

What Happens When I Sell Gold for Cash?

Regardless of where you choose to sell your gold, buyers have the same general process:

1. You provide the buyer with the gold items you want to sell (jewelry, scrap, coins, etc.).

2. The items appraised using the price of the precious metals and their weight.

3. The buyer calculates a value based on the spot price of gold that day, then makes you an offer.

4. You either agree to the amount and complete the sale, or decline and get your items back.

If a company does not guarantee that you will get your items back if you don’t sell your gold, that’s a red flag that you shouldn’t sell with them. Always make sure to ask if you don’t see it stated anywhere.

How Much is Gold Actually Worth?

For many sellers, the biggest question on their minds is how much does gold sell for. Typically, receiving the maximum payment for gold is a priority with sellers, regardless of the condition of the items.

The value of a gold bar, coin or piece of jewelry is based on the karat weight of the gold and the current market price of gold bullion.

Unless the gold is of the highest purity (24k or 99.9% gold), an item will be considered an alloy. Which means, it is a mixture of gold and other metals. The karat grade identifies how pure that item is, or what percentage of that item is comprised of gold. For example, 14 karat is 58.3% gold or (14 divided by 24).

White gold is an alloy that is often mixed with palladium. If it’s stamped 18k, it means it’s 75% gold.³

How Much Money Can I Get When Selling Gold?

The amount you can get when you sell gold depends on a number of things. The main factor in determining the payout is the market price for gold bullion⁴ at the time of the sale. It also depends on how much the buyer plans to make off of the transaction. If they want to make a higher profit, they’ll offer you a lower percentage of your gold’s value. You’re likely to get the best price from an online gold buyer who doesn’t have to factor in the costs of running a storefront.

To get an accurate account of your gold’s actual melt value, you can use our gold calculator or try to determine the melt value yourself. To do so, you will first need to know the purity or karat of your gold items.

You will have to weigh your gold items, making sure to separate the weights by karat if weighing multiple items.

Lastly, spot prices change regularly, so make sure to check the most current gold price when you plan to get cash for gold.

Once weighed, a simple calculation of your weight multiplied by the market price will provide you with the melt value. Keep in mind though that buyers will have to make some money on the transaction, so they will not pay the full spot price of your gold.

How to Prepare Your Gold to Sell

Genuine gold is what gold buyers look for. It can be frustrating when you are trying to sell what you think is valuable gold only to discover it has no worth to a gold buyer. So, what can you do to avoid this? Here’s how to check if you have real gold to sell:

01

Check for Markings

Look for a karat marking to make sure it is gold and not gold-plated or gold-filled.

Rub your gold against a piece of unglazed porcelain. If it leaves a black streak it’s likely “fool’s gold” (pyrite) rather than real gold. A gold-colored streak is what you are looking for.

Gold is not magnetic, so hold a magnet above the gold item. If your item is attracted to the magnet, it’s not likely to have a very high karat value or be gold at all.

(Even commercial home testing solutions are only rough field tests and cannot tell you the exact composition of your gold items. The only way you can be certain of an item’s purity and value is to have it assessed by a professional with access to proper equipment.)

02

Get a Free Appraisal Kit

Once you fill out the form, we will send you a free, insured mailer so that you can send your items to us. Our GIA certified appraisers will assess your items, and within 24 hours we will make you an offer based on the current spot price of gold.

Accept the offer and get paid, else we’ll ship your items back to you free of charge and insured. Our appraisers are equipped with Thermo-Fisher XRF Analyzers, high-tech gear that detects the purity and quality of your gold and precious metals with certainty.
‍
Best of all, the metal analysis is non-invasive and non-destructive, so it will not damage your valuables, including antiques and heirlooms.
‍
Cash for Gold USA’s high-tech equipment is good news for you when you choose to sell your gold to us because you can feel confident you will get a fair and accurate offer for your items.

03

Compare Offers

Evaluate multiple offers from gold buyers like jewelry stores, pawnshops, and online gold buyers (like Cash for Gold USA) before you decide where to sell. Compare offers, payment methods, and reputation.
‍
Because of our low overhead, we actually guarantee you get the best offer.

Reasons You Might Want to Sell Gold Now

Gold prices have been hovering near historic heights.
‍

Whether you have previously invested in gold bullion or are looking to make some extra cash by selling unwanted gold jewelry or other items, this is the perfect time to sell for a high amount; here are few reasons why it's a good time to sell gold:

Relatively Low Inflation

Even though higher inflation typically leads to higher gold prices, it’s also important to compare the rate of inflation to the rate at which the gold price is increasing.

High Prices

One of the primary rules of commodities trading is to buy low and sell high. In the case of gold, the current market price is close to its highest point on the gold chart in a century!

Uncertain Economy

Because gold is an investment commodity, gold value increases as the economy’s stability weakens. The current uncertainty bodes very well for anyone looking to sell.

Investor Enthusiasm

When the market began to change in 2020, sellers found themselves quickly selling out of gold coins and bullion. This intense enthusiasm on the part of investors means great demand and great prices for gold sales.

Immediate Funds

Whether you’re experiencing financial difficulties or simply need additional cash right away, selling your gold can provide an immediate influx of funds. This is especially helpful right now, when many Americans are facing their own uncertainty with regard to income and assets.

Cash for Gold USA guarantees we’ll beat any competitor’s offer for precious metals, gold, diamonds, and even your scrap gold. Items like gold accessories, single earrings, or dental scrap that could be worth more than you think.