Gold for Groceries? 7 in 10 Americans Selling Jewelry to Cover Essentials

BOSTON, Mass. – Despite gold prices increasing by nearly 45% over the past year, significantly more Americans have been selling gold to serve as a household lifeline rather than the precious metal's record high prices, according to a survey by a national online gold buyer.

More than 50% of respondents indicated that they sold gold for immediate cash to cover financial shortfalls, based on a June 2025 survey of 1,002 individuals who had previously sold precious metals, diamonds, jewelry, coins, watches, and other items to Cash for Gold USA. While 50.5% sold due to financial need, 68.4% stated that the money went to cover household essentials, specifically bills (52.6%) and groceries (15.9%). 

Respondents could choose more than one reason. In addition to helping to soften the blow of financial pressures, other reasons include selling because they had “unused or forgotten items” (45.4%) or inherited items (13.8%).

The reality is that nearly 70% of the survey respondents used the money to alleviate current or improve future financial conditions when factoring in those who paid down debt (13.4%) or paid their mortgage or rent (3.2%).

‍"We were shocked  by the responses," said Barry Schneider, co-founder of Cash for Gold USA. "We expected more people to tell us it was the record-high prices of gold driving their decision to sell, which have increased by around $1,000 per ounce over the past year. Gold has been selling for more than $3,300 an ounce."

‍The data shows a different story: 

- Though 50% cited financial need as a primary reason, other life events triggered sales: 10.8% cited a divorce or separation, 5.4% said it was due to job loss or reduced hours, and 3.6% attributed the sale to medical expenses. In all, 7 out of 10 sold due to a financial need or a change in their financial circumstances.

- Only 13.5% said they sold because of higher gold prices.

‍Nearly 70% of the people received $500 or less for the items they shipped, which suggests that the money helped people bridge the gap between paychecks. Schneider said, adding that Cash for Gold USA offers immediate payouts through options like ACH and PayPal.

‍More than 58% of those who sold to the online gold buyer are employed, and 21.7% are retired. Only 16.4% identified as unemployed. When juxtaposed with the financial stress the sellers have felt over the past six months, it paints a picture of money playing a significant role in their decision to sell.

Nearly 55% reported experiencing moderate to high financial stress, while another 28.6% reported experiencing some financial stress. Only 16.6% reported feeling no stress related to money over the period.

‍"What the survey shows is that many customers who have used our service are working individuals who are feeling a real strain on their budgets," Schneider said. "They gather a few pieces they no longer wear or use, mail them, and many are faced with financial challenges that require them to put the funds  they receive straight toward essentials. We’re genuinely honored to be the service they trust during such important moments, and we’re committed to making the process as smooth and supportive as possible."

‍Very few sellers used their payouts on anything other than the basics. Only 9% spent the money on a vacation, 4% bought new jewelry, and just 2% used it on electronics. So, less than 1 in 6 used their proceeds on what can be considered luxury items.

‍In noticing who is selling, what they are selling, and what they are being paid, Schneider noted that those in the employed group are stretched thin, so they are mailing in old jewelry to cover basic household expenses. For 70% of the people selling, the amount they received was $500 or less.

One-quarter of the respondents said they have more items to sell, indicating "trading gold for cash is turning into a regular safety net, not just a one-time lifeline," Schneider said.

‍More than half of the 587 employed respondents, 311, used money received from the sale of their gold and jewelry to pay bills while another 75 said they used the money for groceries, and 19 paid their mortgage or rent with the cash. Of the group employed, 490 reported experiencing some amount of financial stress, with 318 saying they felt moderate to high levels.

‍"This is not the gold rush of 1849, but this survey suggests to us that those employed in America face financial hardships, despite holding down jobs," Schneider said.

‍Of the 218 retirees who responded, 156 reported experiencing some level of financial stress. Of that group, 75 indicated they felt moderate to high levels of financial stress. Among retirees, 109 reported that the money they received was used to pay bills, and 38 reported that it was used for groceries. Only 2 used it to pay the mortgage or rent while 30 used money to pay down debt.

‍"The survey results show us that whether someone is employed or retired, many are using the proceeds from their sales to cover immediate financial needs or to ease future burdens by paying down debt," Schneider said. "While their motivation to sell doesn’t seem tied to the recent spike in gold prices, they have benefited from it and improved their financial stability."

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About Cash for Gold USA: Founded in 2005 and headquartered in Canton, MA, Cash for Gold USA pioneered the mail-in gold-buying model. Today, it is one of the nation’s largest buyers of gold, coins, bullion, sterling silver, platinum, and diamonds. The company provides free, insured Appraisal Kits, promises offers within 24 hours of receiving items, and delivers payments through multiple convenient options.