Sell Your Gold Without Getting Cheated

Stack of Euro coins in golden light, close-up

With the price of gold at an all-time high, many people have considered selling their gold for profit. A lot of the gold people bought as an investment, or as jewelry, has increased in value significantly since the purchase date. This creates an opportunity to cash in on this value and provide a one-time boost to your income. There are two types of sales most will deal with: standardized gold and scrap gold. Standardized gold are things like bullion, krugerrands, gold eagle coins and the like. These pieces of gold are a measured standard, typically one troy ounce of gold, which can be sold for near the value of the current spot price of gold. To sell these gold pieces you will need to find either a coin or gold broker. These pieces will provide the maximum return on investment. You'll end up getting about 4% less than the market value for the gold to cover the broker's cost.

A troy ounce is actually around 1.097 ounces.

If they offer you less than 5-6% of its value then find another dealer.

The other type of gold transaction is selling your scrap gold. Scrap gold comes in the form of jewelry you no longer wish to keep. While it seems harsh to call personal pieces of jewelry scrap, that is how it is viewed to buyers who cannot use it for anything other than melting it down. Any stones and other material that is not gold must be removed so the metal content can be refined refined. Jewelers and scrap gold buyers send large batches of this scrap to refiners that will assay the scrap and pay out 98% of the gold value to the seller. Realistically, you will receive between 30-50% of the gold value in cash. Fifty percent is the highest anyone will payout for scrap gold. This value can really only be attained at a jeweler you have a personal relationship with. Thirty-five percent is the nominal price you will receive from most gold buyers.

Pawnshops and other types of resellers will give you even less so it is not worth your time to even travel to these places.

It is not possible to sell the gold to the refiners yourself. They will only accept gold from authorized sellers and mainly deal with large batches of scrap for refining.

While it can be difficult to part with your precious metal investment or personal jewelry pieces now is a great time to cash in on its value if you need the capital. Just take the necessary steps to get the most out of your gold and you'll walk away with money you need to pay bills, reinvest, or provide a bit of financial security during uncertain times.

To see gold pieces you will need to find a coin or gold broker