Do you have old gold scrap laying around? Broken gold chains, bent gold bracelets, old dental fillings, solo earrings without a mate?
Scrapping gold can be a quick way to make money, especially since gold does not usually hold sentimental value like jewelry. With gold prices hovering around record prices of $2,100 per ounce, now is an excellent time to sell any gold.
Common questions about scrap gold:
- What is scrap gold?
- How to sell scrap gold
- Where can I sell my scrap gold (including near me)?
- What is scrap gold worth?
- What is scrap gold selling for?
- Where can I find scrap gold?
What is scrap gold?
Scrap gold is any piece of gold that is not used as anything else — not jewelry or a coin, for example. Also, any gold that isn’t or can’t be used in the way it was originally intended to be used (such as broken jewelry, old gold dental components, or electronic scrap) is considered to be scrap.
Lower-end jewelry is considered scrap gold when selling it because it will be melted down and resold as gold bullion — opposed to the necklace, ring setting, or bracelet that it once was.
How to sell scrap gold
You can sell scrap gold in a number of ways — both online and in person. This post offers a guide to selling gold.
At a minimum, your gold scrap will always be worth at least the value of the gold that it contains. This will depend on the purity of the metal and the weight of the coin. Once you know this information, you should be able to quickly figure out the rough value of your gold.
As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram.
Where to sell scrap gold
1. Scrap gold buyers online
Our number one recommended online gold buyer is CashforGoldUSA. Some other online scrap gold buyers you might consider include:
- American Bullion
- APMEX
- Goldco Precious Metals
- Gold Geek
- JM Bullion
- Kitco
- Liberty Gold and Silver
- Luriya
- Money Metals Exchange
- SellYourGold.com
- US Gold Buyers
2. “Scrap gold buyers near me”
If you search for scrap gold buyers near you, you’ll find local buyers where you can physically bring your gold to sell. Pawn shops, local jewelers, and precious metal exchanges are likely to fall under this category.
For some people who are nervous about sending their scrap gold through the mail, the fact that they can bring their gold in person is positive of using local scrap gold buyers. But it’s also important to note that pawn shops, local jewelers, and gold exchanges are unlikely to pay as much for your gold as an online gold buyer is.
If you want to see if there are other scrap gold dealers in your area, you can search for “who buys scrap gold near me” or “where to sell scrap gold near me:”
Who pays the most for scrap gold?
Typically, you’ll get the most money for your gold by selling it to a trusted online gold buyer. These buyers tend to pay out more for gold than other buyers (like pawn shops and local jewelry shops) because they don’t have the overhead of a physical store. Online gold buyers must also compete on a national level, not just a local level, which tends to drive up the amount they pay out to gold sellers.
Scrap gold price today:
As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram.
Gold prices have edged up over $2,000 per ounce as of the week of March 20, with experts predicting a surge through the year as the stock market falters on inflation and bank failures.
What is scrap gold worth?
Scrap gold is exactly that: gold. That means that scrap gold is worth just as much as any other type of gold. The fact that it’s scrap makes absolutely no difference at all.
Not sure how much your scrap gold is worth? Ultimately, it will depend on three things, which we explain below:
- Weight
- Gold content (purity)
- Current spot price of gold
Gold content
Gold content is measured in karats. The higher the karat number, the more gold is in your scrap gold. Below is a list that shows the gold content that you’ll find:
- 24K: 99.9% gold
- 22K: 91.7% gold
- 18K: 75% gold
- 14K: 58.3% gold
- 12K: 50% gold
- 10K: 41.7% gold
- 9K: 37.5% gold
Weight
To know how much your gold is worth, you’ll need to find its weight. Gold is usually measured in either grams or ounces. You can invest in a small digital scale, or take your gold to a local jeweler or pawnshop to weigh it.
Spot price of gold
The spot price of gold is the current price that gold sells for on the open market. Gold prices hit record high of $2,148 on Dec. 4, 2023 and have held steady since.
How much do you get for scrapping gold?
To determine how much your scrap gold is worth, take it’s weight, multiply it by its gold content, and then multiply that number by the spot price of gold.
For example, imagine that you have a scrap 18K gold necklace that weighs 5 grams. To determine how much it is worth, you would:
- Multiply 5 grams by .75 (which equals 3.75)
- Multiply 3.75 grams by the spot price of $61.21
This shows that the gold content in your scrap gold necklace is worth about $230. Don't forget to consider the buyer's commission of 5% to 50%.
Where to find a “scrap yard near me” to sell scrap metal in 2024
How much does scrap gold sell for?
How much money you get for your scrap gold will ultimately depend on how you sell it. In any case, you are unlikely to get the full value of your gold. (After all, the buyer needs to make a profit when they go to resell it in the future).
That being said, some general rules of thumb you should keep in mind are:
- Pawn shops: Pawn shops will usually pay 25-60% of the retail value of your item
- Local gold exchanges or jewelry stores: These buyers that purchase gold will usually pay a bit more than pawn shops, between 60 and 75% the value of your gold
- Online gold buyers: You can expect to get between 80% and 90% of the value of your gold with online gold buyers. Online gold buyers tend to make comeptitive offers, in part because they have fewer expenses (no expensive retail space), do larger volumes of business and have to compete in a national marketplace. Plus, they are on the hook for the cost to return your item if you don't reach a deal — so are incentivized to reach a deal!
Where can I find scrap gold?
Scrap gold that you may have on hand to sell includes:
- Gold dental fillings, bridges and gold crowns
- Broken jewelry
- Antique china — you can chip off gold trim on these dishes
- Gold plated silverware
- Gold is found in the processors and connectors in computers, circuit boards, tablets, and smartphones use gold — though extracting this gold is complicated
- Gold heat shields, gold reflectors, gold mirrors, gold optics
- Gold solder
- Gold found metal detecting
Not sure if what you have is real gold? Learn more about how to tell if gold is real.
Bottom line: Where is the best place to sell scrap gold?
If you need quick cash, a quality local pawnbroker or jewelry store is a good option for selling your gold. However, if you have a few days to spare, CashforGoldUSA promises fair prices based on a very strong online reputation, very fast payment, secure shipping and
Scrap gold is any piece of gold that is not used as anything else — not jewelry or a coin, for example.
Typically, you’ll get the most money for your gold by selling it to a trusted online gold buyer. These buyers tend to pay out more for gold than other buyers (like pawn shops and local jewelry shops) because they don’t have the overhead of a physical store. Online gold buyers must also compete on a national level, not just a local level, which tends to drive up the amount they pay out to gold sellers.
Scrap gold is exactly that: gold. That means that scrap gold is worth just as much as any other type of gold. The fact that it’s scrap makes absolutely no difference at all.
How much money you get for your scrap gold will ultimately depend on how you sell it. In any case, you are unlikely to get the full value of your gold. (After all, the buyer needs to make a profit when they go to resell it in the future). Current prices are about $2,000 per ounce.
To sell scrap gold, you can use an online gold buyer, search for “scrap gold buyers near me,” or search for “sell scrap gold near me.”
Scrap gold that you may have on hand to sell includes: dental work, broken jewelry, flatware, and more.
