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The gold industry has recently reached its new record high. Nowadays, you can sell them for around $2,500 per ounce.
So, if you have been collecting gold recently or have inherited one from a family member who advised you to sell it only in times of financial crisis or economic downfall, then that moment has finally come.
I’ve been a firm believer that gold is a worthy investment. You might have learned the value of gold in school or on the news, but for me, it was my dad who taught me this.
My dad believes that gold is a good hedge against inflation and can be easily sold for cash when needed. I’ve never forgotten about this #investmentadvice, so I bought him a gold bar from Costco on one of his birthdays. (He seems to like it better than a brand-new iPhone)
However, my experience of selling gold taught me that although gold tends to retain its value over time, knowing the best places to sell these precious metals can help you get the most money.
There are many open establishments these days, and most of them guarantee $1,000 instant cash per transaction. For example, Worthy requires you to list jewelry valued at no less than a thousand dollars.
Interested to know other reliable platforms to sell your gold? Check out these top-rated buyers known for their reliability and fair offers.
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Best Places to Sell Gold Online
When selling gold online, don’t easily get swayed by high-bid offers without doing a background check on your buyers. Depending on how much your gold is worth, purchasing shipping insurance is a small price to pay. If you don’t have time to deal with online buyers individually, you can sell in bulk to gold dealers like APMEX and JM Bullion, but you’ll get less money compared to selling it privately.
Ready to sell online? Here are the best places to trade in your gold.
1. APMEX
In business since 2000, APMEX has been a leader in the market for consumer metals, dealing in everything from bullion to coins, and offering precious metal IRAs in platinum, silver, and gold. They have been in the industry for more than two decades and have bought and sold more than a billion dollars since its founding.
As of this writing, a John Wick 1 oz. continental coin is priced at $2,454.07. This price serves as an example of the market value should you decide to sell some of your unique coins.
It pays off to check their website as it will give you an idea of what type of currencies, gold bars, or metal items they buy from sellers. Unfortunately, though, their offer prices aren’t publicly available on their platform. Having to call or email APMEX to ask for a quote is a drawback of this gold dealer.
But the good thing about this company is that they will immediately respond to your inquiries. Their customer service is straightforward and transparent. Once they have given you a quote, that’s the same amount you’ll get from your sale.
The overall selling process may take 1 or 2 weeks. Patience is a virtue, indeed.
Pro: This platform provides a higher price offer for your precious metals than your local guy would. Unless you need quick cash, it’s advisable to sell gold to this company to get the highest possible payout.
Con: Customers outside the United States can only sell gold if stored at a Citadel Depository.
2. JM Bullion
Like APMEX, JM Bullion is a great place to make extra cash from metals made of gold, silver, platinum, copper, and palladium. However, collectible coins are more prominent on this website. Some rare, expensive pennies here are Harry Potter, James Bond, and Batman.
Trivia: The Harry Potter 1 oz. coin costs more than $3,000 on their website!
Looking to sell bulk quantities or pricey metals? You’ve found the right spot. It’s secure, consistently reliable, and utterly trustworthy.
JM Bullion strongly recommends that sellers ship their gold via USPS registered mail. While it’s an added fee, it’s better to be safe than sorry when sending your precious gold through the mail. In case anything happens, the insurance covers up to $25,000.
It doesn’t matter how many and what type of gold you’re going to sell; as long as they are worth at least $1,000, they will surely cater to your selling needs. And if you don’t meet their criteria, you can always check out their local directory to find other gold buyers near you.
Pro: Price match and fast payment guarantee with payment options to choose from such as electronic check (free), paper check (with $25 fee), and bank wire (with $35 fee). Payment is also issued within 1 to 3 business days after your time has been accepted and verified.
Con: The do-if-yourself selling feature may not be for everyone. Since gold is a valuable item, people may want a specialist to assist them in selling.
3. SD Bullion
SD Bullion is placed in the third spot for a reason. They tend to offer the 3rd highest prices as compared to APMEX and JM Bullion. Their advantage? They offer more competitive prices due to their lower overhead cost compared to larger gold dealers.
Established in 2012, SD Bullion is a successful online gold buyer and seller headquartered in Ottawa Lake, Michigan. They were ranked as the #1 fastest-growing metal dealer in 2017 and have been recently named the 177th growing company in the US by Inc.
If you still have doubts, you can browse through Reddit’s r/Gold. You’ll surely see SD Bullion being recommended by other members.
Pro: Trusted gold dealer with good customer service. They will assist you from the moment you start talking to them until you receive your money.
Con: It can be time-consuming to require sellers to call them to receive a quote over the phone. They will not accept gold under 1 oz.
4. Online Marketplaces
To be honest, online marketplaces like Facebook, Craigslist, and Reddit (r/Pmforsale) don’t even need an introduction. You might be using one of them right now as we speak, or you might have used them to buy or sell all kinds of products, goods, and services imaginable.
With these platforms, you can sell any type of gold and expect substantial traffic (possible buyers) from all over the world. The obvious downside, though, is that you’re responsible for preparing your gold for sale. For instance, cleaning, taking photos, and listing items on the platform fall entirely on your shoulders.
For newbie sellers, you can take advantage of the services offered by the trusted members of the precious metals community on Reddit. r/Pmsforsale provides a middleman service that uses a SIGMA verifier to help confirm the authenticity of your gold. Once verified as genuine, they will instruct the buyer to send you the payment.
The service fee is actually very reasonable. For large transactions, their commission fee is generally 1%, and for smaller deals, it’s even lower. You can negotiate this fee directly with the middlemen.
Pro: Online marketplaces offer flexibility, convenience, wider reach, and low selling fees.
Con: Although online marketplaces expose you to millions of gold dealers on earth, these people also have many sellers to choose from, and the massive volume of competition may compel you to reduce prices.
5. Worthy
Are you a fan of Paris Fashion Week? Do you enjoy the parade of models wearing luxury items, leading you to impulsively buy the jewelry they wear? Don’t be guilty; I know a lot of people who do that, too.
Worthy is an online version of an auction house that deals with luxury brands. It is popular among people who love to sell designer jewelry like diamonds, watches, earrings, rings, necklaces, and whatnot.
In case you want to dispose of those gold items you have hoarded back in the day, you will be delighted to know that Worthy is the best place to sell gold online if you want to target high-end customers.
With a strong focus on fashionable yet valuable items, the site attracts a niche audience looking for premium offers. Got a Serpenti necklace from Bvlgari? They will gladly accept it for auction in a heartbeat.
Reliability and trustability are never a problem with this company. In fact, they have been featured in various media platforms like CBS, Forbes, and NYT as a go-to online marketplace. They have also recently collaborated with GIA (Gemological Institute of America), so there’s no reason why you should not patronize the company.
Pro: Preparing your jewelry for sale is free. You won’t spend even a single centavo shipping, cleaning, taking photos, appraisal, and listing gold.
Con: Worthy takes commission fees as high as 18% of the auction sale.
6. Cash for Gold USA
Cash for Gold USA is one for the books. It’s one of the few companies I know that accepts any type of gold. Got a broken gold dental scrap from your grandma? Try to sell them here!
Kidding aside, this one is a reputable family-owned company that buys gold jewelry. But despite its name, this is also an excellent place to sell diamonds, silver, and platinum – not just gold!
They have been in the business since 2005 and have gained good reviews, especially from Trust Pilot (4.3 rating) and Better Business Bureau (A+ rating).
You can also look forward to some other key features including:
- Mutual insurance up to $100,000 per shipment
- Free and trackable USPS and FedEx shipping
- Purchases gold items with no minimum value
My favorite perk so far is that you can sell as many items and receive payment quickly, within 24 hours upon the arrival of your shipment.
Pro: They don’t care whether your gold is pre-owned, damaged, or broken. It’s rare to see one that accepts all types of weight, qualities, and quantities of gold.
Con: You may not get the highest offer from diamonds and other high-end jewelry from luxury brands.
Best Places to Sell Gold Near You
Money is tight. This happens. The reasons may vary, such as losing a job, medical problems, high tuition fees, or your business not doing well. These instances call for quick cash, and if you know you have gold just sitting pretty in your drawer, don’t hesitate to sell it to places near you.
7. Local Jewelry Stores
The fastest way to make money today is to walk into local jewelry stores and get a quote for your gold. I understand that some people have urgency, so a local jeweler is an easy option for people who need the fastest turnaround.
Local jewelry stores are also easy to locate. Our phones have dedicated Google Maps that will help us find the exact direction of the places we want to go to. Take advantage of these online maps to find reputable jewelry near you.
But sellers, listen. Prior to selling gold jewelry, make sure that you already know the value of your valuable pieces. Some jewelers do appraisals, but it’s best that you know their worth so you can compare prices and negotiate for a price you’ll be happy with.
Also, independent jewelry stores, or those that are not outlets of famous brands, don’t have strict product qualifications. They will most likely buy necklaces, rings, bracelets, and watches as long as they are in good condition and have designs that are easier to resell.
Pro: Besides fast payout, you can get free appraisals from an expert.
Con: Some jewelry stores have strict buying policies. They might not accept broken or damaged jewelry.
8. Facebook Marketplace
Facebook has 3.07 billion active monthly users. With these numbers, it’s definitely easy to connect with people interested in buying every item you sell. I say “every item” because I want to highlight that even those pre-owned shoes, clothes, or furniture can be sold here.
While you can sell gold on your Facebook timeline, this platform has a dedicated space for buying and selling goods – the Facebook Marketplace. I highly suggest you use this feature so that the algorithm will recommend your items to people who are recently looking for jewelry and gold.
To sell gold, you only need to take quality photos, add a short description (i.e., brand, condition, appraisal certificate, if any), and name your price.
On the marketplace, you can find buyers willing to arrange a meetup to pick up the item they want to buy from you. If you don’t know the person, make sure to meet them in a public, well-lit place. It also pays off having a friend or a relative to accompany you.
Pro: Facebook allows the seller to reach both local and nationwide buyers.
Con: It can be dangerous to sell gold on the Facebook Marketplace since users can trace you or know your identity. Gold is valuable, and considering the high inflation nowadays, you can be a target of theft or other serious criminal activities.
9. Pawnshops
For most people, pawnshops are still the first option that comes to mind when asked, “Where to sell gold?” It’s no surprise, considering many pawnshops are still out there despite the rise of online and local jewelry stores.
These shops are relatively easy to find as most cities have at least one or two pawnshops. Indeed, it is the closest and fastest way to sell gold if you ever need money now. All you need to do is walk in with your gold, get it appraised, accept the offer, and leave with your money.
However, while it’s true that they provide easier means to get instant cash, you will not get the highest return from your gold. My tip? Don’t be shy to negotiate prices or hesitate to walk away and look for other pawnshops if the previous one didn’t offer a fair price.
Pro: Walk in and sell. There is no need to go through the hassle of listing the item online or shipping it to the buyer.
Con: Pawnshops may guarantee immediate sales, but you might need to visit several of them to get higher sales.
Tips for Selling Gold
Know your gold
Know your gold by checking some of its special characteristics. Is it larger in size? A 24k gold? Or is it engraved with a date or designer brand logo?
Gold with these features, especially those made by noteworthy brands like Cartier or Bulgari is expected to be more valuable. However, those simple gold that are smaller in size or karat are most likely to be priced at their scrap value.
Assess the market
Here’s another #investment101 everyone needs to learn. The market condition will impact the value of gold. That’s a fact.
In times of economic uncertainty, financial crisis, and geopolitical tensions, expect them to be more expensive.
This is because when world tensions arise, gold outperforms numerous investments. While it’s worth it selling gold all year round, it’s during tough times when you could get the most money from them.
Choose the best places to sell gold
Gone are the days when gold could only be sold at physical stores. Today, you can sell them online and in a few streets away from home.
Sure, there are pros and cons to whichever option you choose to sell your gold. Speaking from experience, I get the most money online, while instant cash is guaranteed in brick-and-mortar stores.
FAQs
1. Is it worth it to sell my gold?
Yes, it is worth it to sell gold, whether in the form of coins, jewelry, or bars. The truth about gold is that it usually retains its value and its worth increases over the years.
If you’ve been a gold collector who believes the adage “buy low, sell high,” now is the time to sell your gold because of its new record high of $2,350 per ounce. Should you need instant cash, selling gold can help you overcome tough times.
2. What is the most profitable way to sell gold?
The most profitable way to sell for both categories – online and in places near you is through online marketplaces such as Facebook and Reddit.
The reason behind this is that you’re allowed to set your prices and incur lower commission fees, or none at all. If time is not an issue, listing your items and personally dealing with customers is worth it because you can find customers all over the world and receive payment quickly. I highly recommend you use r/Pmforsale’s middleman service, which charges roughly a 1% service fee, to have a safe and fast sale.
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