There are several options for selling precious metals, and the best place to sell gold depends on your objective. Do you need cash for gold immediately, or can you wait a week or more for a higher payment? Most people buy gold as a long-term investment, so you need to understand your options for selling the investment when the time comes to cash out.
- Fees waived with minimum IRA
- Personalized customer service and education
Gold Buyback Programs
A gold buyback program may sound like the company you bought gold from repurchasing your precious metal, but this is not always the case. Gold buyback programs are for investors who want to sell their gold, regardless of where they acquired the asset.
Contact a few companies for quotes by either calling or filling out an online form. Some of these online dealers list the price they pay for gold and silver coins and bars and other precious metals on the website. Most companies pay via wire transfer or direct deposit a week or two after the sale, depending on the time required to ship and verify the value.
- Fast and easy quotes, but you may pay for shipping and insurance
- Accepting quotes creates a confirmed sale and a contractual agreement
Online Gold Auctions
You can also sell your gold using online auction platforms like invaluable.com or Barneby’s auction site. Selling gold via an online precious metals auction exposes you to potential buyers from all around the world. Gold auction websites offer a secure place for managing your transactions.
Get your gold appraised before you sell it at an online auction by answering a few questions and uploading a photo of your gold. The fee for a virtual appraisal is usually under $30. Appraisals are typically accurate but not guaranteed. Have your appraisal done by a third party for the best results
- Auction payouts can take about two weeks to post to your bank account
- You’ll pay a higher commission to sell smaller amounts of precious metals
Sell Your Gold on eBay
eBay is an auction site, but you won’t have to wait for the highest bidder to sell your gold. eBay buys gold from individuals using APMEX’s gold buyback program.
To sell your gold on eBay, use the provided email form to snap a photo of your precious metals and write a short description. Hit the send button, and eBay’s buyback partner should make an offer. Lock in the price by accepting the offer, and then ship the gold.
- You receive payment the same day eBay receives the gold
- You are responsible for insured shipping
Local Gold Dealers
If you live in or near a highly-populated area, you can probably find several local gold dealers. Avoid “cash for gold” pop up shops and events, which rarely pay fair prices. If you’re selling gold coins, look for a dealer in the American Numismatic Association’s database. You can also get a recommendation from friends for a local gold dealer, and check with the Better Business Bureau for business ratings.
Get a quote and shipping costs from two or three online gold buyback programs before you go to a local store. The local shop may not match a quote from an online buyer, but may make an acceptable deal considering there will be no shipping costs.
Local jewelry stores may buy gold but offer payment in the form of a discount on a purchase. Many only deal with scrap gold.
- Get paid immediately for your gold with no shipping costs
- Dedicated precious metal gold dealers usually offer a better deal than jewelry shops
Selling Gold in Pawn Shops
Pawnshops do not generally pay the best prices for gold bars, IRS-approved coins and bullion. If you decide to pawn gold for quick cash, choose a shop with a National Pawnbrokers Association membership.
If you are trying to sell jewelry or rare coins, the local pawn shop may give you an acceptable quote, but know the accurate weight of your metals beforehand. The pawn shop’s scale should be verified by your state’s department of weights and measures.
How to Sell Gold Wisely
Do some research before you sell your gold. Your priority is to find a reputable dealer, whether at a brick and mortar store or an online shop. Do an online search using the dealer’s name and “bankruptcy” to avoid unstable businesses. If you ever feel intimidated, rushed or confused by a gold buyer, walk away.
- Determine a good time to sell gold based on what influences gold prices
- Shop around and get a few quotes
- Know the commission percentages and shipping fees on auction sites
- Know the spot price of your gold, and use the World Gold Council’s online valuation tool for realistic values
- Consider how capital gains taxes affect your profits
Selling Gold is Not Difficult
Given gold’s historical liquidity, there’s always a buyer for your precious metals. Creating a sale is an easy process, but you need to do some due diligence to find the best quote for your gold. Research your options when you’re close to selling, and don’t believe buyers who tell you that you won’t be able to sell your gold elsewhere.