Fri. Jun 21st, 2024

11 Best Places To Sell Gold For Cash

Apr 30, 2024

Do you want to learn how to sell gold for cash? Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased.  Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra…

Do you want to learn how to sell gold for cash?

Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased. 

Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra money from it.

In this article, we’ll go over the strategies to turn your short stories into a profitable side hustle, and you will learn:

  • List of the best places to sell gold
  • How to calculate how much your gold is worth
  • What place gives you the most money for gold
  • If you have to pay taxes for the gold

Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money

Best Places To Sell Gold For Cash

Here’s a list of the 11 best places to sell gold for cash.

1. Worthy

Worthy is an online auction platform specifically for selling jewelry and this is usually the best place to sell gold jewelry for cash. They buy jewelry (bracelets, rings, necklaces, etc.), diamonds, watches, platinum jewelry, and other valuables. The platform helps connect you to a group of professional buyers which may lead you to getting a better price for your gold. 

This is one of the best places to sell your gold due to the convenience and reliability of the website. Worthy is built with the seller and buyer in mind, making it as easy as possible to buy and sell jewelry. 

Here’s how to sell your gold on Worthy.

  1. Tell Worthy about the item by answering a few basic questions.
  2. Schedule shipping of the item via FedEx. Item is insured FedEx shipping by Worthy (and it is free shipping).
  3. Worthy prepares the sale by cleaning and photographing items for you.
  4. An online auction takes place where you can select a reserve price and the highest offer wins.
  5. Once your gold is sold, you’ll receive payment via bank transfer, PayPal, or check.

You can start selling your gold jewelry on Worthy by clicking here.

Recommended reading: Worthy Review – Is Selling Jewelry On Worthy Legit?

2. Cash For Gold USA

Cash For Gold USA is an online platform that buys gold, such as gold jewelry and gold coins, with benefits such as being A+ on BBB, $100,000 insurance on every shipment, with over $150 million bought and sold on the website.

Here’s how Cash For Gold USA works:

  1. Enter your shipping info to receive a free appraisal kit. Send your gold to Cash For Gold USA.
  2. Receive an appraisal from Cash For Gold USA within 24 hours of them receiving your kit.
  3. Accept an offer and get paid via direct deposit, PayPal, virtual credit card, or check.

Cash For Gold USA even has a gold calculator on their home page that gives you a rough estimate of what you can get for your gold. If you do not like the estimate or no longer want to sell your gold, you can decline the offer and Cash For Gold USA will return your item free of charge.

3. Express Gold Cash

Express Gold Cash is a reputable online platform for selling gold (even dental gold!). With over 5,000 positive Trustpilot reviews, you can feel peace of mind knowing you’re working with a reputable gold dealer.

This is how Express Gold Cash works:

  • Request a free appraisal kit with a prepaid FedEx return label.
  • Send Express Gold Cash your gold. Packages are insured up to $5,000, so keep that amount in mind.
  • Once received, Express Gold Cash will calculate the cash value and send you an offer that you can accept or decline.

4. The Alloy Market

Alloy is an online market that offers a seamless way to sell your gold for cash. Similar to Express Gold Cash and Cash For Gold USA, Ally works by sending in your gold via appraisal kit. Alloy covers shipping and up to $100,000 insurance at no cost to you.

Once receiving your package, Alloy will inspect, weigh, and test the gold to give you an accurate valuation. Once the team appraises the items, an Alloy Advisor will reach out to you and give you a cash offer. The Alloy Advisor can also answer any questions you may have.

Once you accept an offer, the payout is processed. How quickly you get your money depends on which payment option you choose. Choosing PayPal or Venmo pays out immediately.

cash money in front of a pawn shop sign.

sell gold to pawn shop

5. Local Pawn Shops

Selling your gold to a local pawn shop is one of the quickest ways to get cash. Research local pawn shops in your area and check for reviews and recommendations from friends or family. Check current market prices for gold to get an idea of what your gold is worth. Bring your gold to the pawn shop for assessment where the pawnbroker will check for quality, purity, and weight of the gold.

The pawnbroker will give you an offer. If you don’t like the offer, you can negotiate for a higher price. If you accept the offer, the pawnshop will give you cash on the spot. If you pawned your items instead of selling them outright, you’ll need to repay the loan amount plus any interest fees within the agreed loan period.

6. Consignment Stores

A consignment store is a popular spot for selling gold for cash if you’re looking for a hands-off approach to selling your gold. Consignment stores work by handling the selling process on your behalf and in exchange, the consignment store earns a percentage of the sale price of your item.

To get started, research consignment stores in your area and look for places with good reviews and recommendations.

Once you find one (or some) that you’re interested in, give them a phone call and ask them about their terms and fees. You should prepare your gold items before taking them in by cleaning and making them presentable.

Bring your gold to the consignment store where they may assess the quality and condition of the item. Once that is finished, you’ll likely sign a consignment agreement with the store which includes the agreed-upon sale price, fees, and consignment period.

Once your gold is sold, the consignment fee will be deducted from the sale price and provide you with the remaining amount.

7. Local Jewelry Stores

Selling your gold to a local jewelry store is a convenient option if you want to make cash quickly.

You can start by researching local jewelry stores in your area to see if they buy gold. Also, make sure the jewelry store has good reviews and recommendations.

I recommend that you write down the details of the gold you want to sell such as the weight and purity, and then check the current market price of gold. Then, call local jewelry stores to see if they have specific days or times when they handle gold buying.

8. Local Coin Shops

If you want to sell your gold right away, a local coin shop may be a good option.

To get started, research local coin shops and check the reviews. Gather important details about your gold including its weight, purity, and any certificates or special documentation. Then, get in touch with local coin shops and schedule an appointment if necessary.

Before going to any local coin shops, check the current market price of gold to get a rough estimate of what gold is worth.

You may want to negotiate the price if the shop’s buying policies allow it. Shops need to make a profit when reselling these items, so keep that in mind when getting your offer. Online buyers may pay you more for your gold coins due to having less overhead costs, but going to a local coin shop may be easier or faster because you don’t have to ship anything.

9. eBay

eBay is another option for selling your gold jewelry. eBay has the benefit of an international customer base which may increase your profit.

To get started selling on eBay, research the current market price of gold to give you an idea of what you should sell your gold for.

In your eBay listing, use a descriptive title including the gold, weight, and purity. The description should include detailed info about the piece of gold including weight, purity (18k, 24k, etc.), dimensions, and certificates of authenticity. Include high-quality photos of the gold including close-ups. Share the condition the item is in and if it’s new, used, or like new.

10. JM Bullion

JM Bullion is a website that buys gold for cash. This site is rated 4.8 on Shopper Approved with over 370,000 reviews.

To get started, you need to create an account at JM Bullion. Similarly to other gold buying platforms, JM Bullion sends you a prepaid shipping label and package mailer so that you can send them your jewelry.

Once JM Bullion receives your package, they’ll get started inspecting your item and approving the sale. After approval, payment will be issued to you.

11. Luriya

Luriya is a New York-based jewelry buyer who has in-store appointments or mail-in kits to sell jewelry.

To get started, you can request a mail-in kit from Luriya and send your jewelry to them. The mail-in kits are insured for up to $1,000, but you can pay extra to have your items insured for up to $1,000,000.

Once the item is received, Luriya will contact you to confirm they’ve received it. Within 24-48 hours, you’ll have an offer.

How much will I get if I sell my gold?

The amount you’ll receive from selling your gold will depend on factors such as:

  • Purity and weight of the gold
  • The current market price of gold
  • Buyers fees (pawn shops and jewelers often charge a fee for their services)
  • Local market demand

To get an idea of how much you’ll receive for your gold, weigh your gold in grams. Check the purity and identify the karat of your gold. Once you know this information, you can research current gold prices which are usually quoted per ounce or gram.

You can also calculate the value of your gold with this equation:

Multiply the weight of gold by its purity (percentage of pure gold) and then by the current price of gold per gram or ounce. 

Understand that this is just a ballpark estimate to give you an idea and isn’t the exact amount you’ll receive.

Also, I do want to say that online gold buyers many times will pay more because as an online purchaser, they have lower operating costs.

Now, if we’re talking gold jewelry, then the amount will be a little different. This is because the value of jewelry can depend on so many things, such as the brand, quality, and more. To get the best price for your gold jewelry, then you may want to compare offers and shop around.

Frequently Asked Questions 

Below are answers to common questions about how to sell your gold for cash.

What place gives you the most money for gold? Where can I convert gold to cash?

The place that gives you the most money for your gold include options like local jewelry stores or pawn shops, auction sites like Worthy, and gold buyers and dealers.

To maximize your earnings for selling your gold, get quotes from multiple buyers to compare prices. Make sure any buyer you talk to is reputable and licensed and check with organizations like Better Business Bureau for complaints. 

How much is 14k gold worth today? How much is a 14K gold necklace worth at a pawn shop?

The value of 14k gold fluctuates daily based on the current market price of gold. As of April 2024, 14k gold price per gram is $43.68.

How much you’ll get at a pawn shop depends on their fees and overhead costs. Get quotes from multiple pawn shops and dealers to compare offers to ensure you’re getting a fair price.

Do I have to pay taxes when I sell my gold? 

Gold is considered an asset, so any profit you earn from selling your gold is taxed by the IRS. How much you owe depends on factors like:

  • How long you had the gold before selling
  • How much of a profit you make
  • Your tax filing status

Is it better to sell gold jewelry or pawn it?

Whether or not you should sell gold or pawn it depends on how quickly you need cash. If you need cash quickly, pawning gold jewelry at a pawnshop can get you cash quickly, even within the hour.

When you pawn gold (this is different from selling gold to a pawn shop), you’ll receive a loan amount based on the appraised value of the item. You’ll need to repay the loan, interest, and fees within the loan period to get your gold back.

If you’re not in a rush to get cash now, it may be better to sell your gold jewelry as you’ll likely get more cash this way.

How do pawn shops determine the value of gold?

Pawn shops determine the value of gold based on several factors, including:

  • Purity of the gold
  • Weight of the gold
  • Current market prices
  •  Condition of the item

What are the best places to sell gold for cash online?

The best places to sell gold for cash online include places like:

  • Cash for Gold USA
  • Worthy (if you want to sell gold jewelry for cash)
  • Express Gold Cash
  • eBay

Each platform has different fees, so make sure to read the fine print clearly and research reviews for each website from Better Business Bureau. You’ll also want to think about factors like shipping costs, insurance coverage, and payment methods for each website. 

Where can I sell gold for cash near me?

To sell gold for cash near you, there are a few options to try selling at. Here are some places you can sell gold for cash near you.

  • Local jewelry stores 
  • Pawn shops
  • Coin shops
  • Gold buyers and dealers
  • Local precious metals refinery

Best Places To Sell Gold For Cash – Summary

I hope you enjoyed this article on the best places to sell gold for cash.

If you want to sell your gold for cash and get the most money, you can try selling your gold on auction sites like Worthy or gold dealers. Evaluate your gold items based on purity and weight to get a better idea of how much your gold is worth.

I also recommend getting multiple quotes to compare offers so you get the best deal for your gold. Take the time to understand any fees that may impact your profit like overhead costs at pawnshops and other buyer fees.

Are you interested in selling your gold for cash?

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