Gold prices remain high after hitting an all-time high of $2,150 per ounce in December 2023, with retail investors predicting prices will rise again in the coming weeks. This is despite the Fed dashing hopes of a spring rate cut.1
If you already own gold bars or coins and want to sell before prices sink further, or just need the cash, this post outlines the best, safest ways to sell your bullion — both locally and online. We also go into detail about why our No. 1 recommended gold bullion buyer CashforGoldUSA, which pays within 24 hours and has an A+ rating with the BBB, and 100% free, trackable FedEx insurance.
Another quality gold buyer that accepts all weight and karat of gold is Alloy Market.
We also explain the process of how to sell gold bars and bullion, if you've never done that before.
How to sell gold bars, gold bullion
You can sell gold bars and gold bullion to a number of professional gold buyers, including bullion dealers, pawn shops, and online gold buyers.
To assess the value of your gold bar or bullion coin, you have to multiply the current spot price of gold times the weight of the bar or coin.
As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram.
The weight of a gold bar or bullion is typically stamped on its surface. However, you can also use a digital scale to find its weight, use the scale at your local post office, or ask to use a scale at a local jeweler or pawn shop.
Once you’ve determined how much your gold is worth, the process to sell gold bars and bullion to any reputable gold bullion buyer typically works like this:
- Request a quote online through the gold bullion buyer. Gold bars and gold bullion are nearly always 24k gold, so you’ll likely be able to sell close to the spot price of gold.
- A quality gold bullion buyer will send you a free FedEx or USPS mailer, along with a tracking number. Most buyers will insure your gold bullion up to a certain amount (CashforGoldUSA offers free Jewelers’ Mutual insurance up to $100,000 on each shipment, with your item being insured for that sum by Lloyds of London while at the facility).
- Within a few days of receipt, the gold bullion buyer should make you an offer, which you can accept or reject.
- A gold bullion buyer should then pay with a couple business days via PayPal or send a check overnight. CashforGoldUSA pays with 24 hours.
- A quality online gold buyer should also return your item for free via a trackable shipper if you reject the offer.
What is one gold brick worth?
The most common gold brick weighs 400 ounces. At a spot price of $2,000 per ounce, it would be worth about $800,000.
How much is a 1kg gold bar worth?
At a price of $70 per gram, a 1kg gold bar would be worth about $70,000.
What is a 5 lb gold bar worth?
At a price of $2,000 per ounce, a 5 lb gold bar would be worth about $160,000.
What is a 1,000 gram gold bar worth?
At a price of $70 per gram, a 1,000-gram gold bar (equal to a 1kg gold bar) would be worth about $70,000.
How much is one 24k gold bar worth?
That depends on its weight. A 24K gold bar is 99.99% pure and will be worth its weight times the current spot price of gold.
Best gold bar and gold bullion buyer: CashforGoldUSA.com
CashforGoldUSA is our recommendation for the best place to sell gold bullion and gold bars, based on our criteria for very high reputation, history of paying a fair price, speed, and overall intent to treat customers well.
In addition to paying within 24 hours, CashforGoldUSA offers a 10% bonus if you ship your gold bullion within a week of receiving your mailer. No minimum weight or resale value.
Pricing and payment
- CashforGoldUSA guarantees the highest price for your gold, coins and diamonds—free insured returns if you are not happy with the offer or service.
- Paid out millions of dollars to sellers since being founded in 2005.
- CashforGoldUSA pays a 10% bonus for items shipped within 7 days.
Speed to cash
- Get paid within 24 hours of accepted offer, up to 3 days of requesting an offer.
- A+ Better Business Bureau rating
- 4.6 stars on Trustpilot
- Founded in 2005
- Gold buyer based in the USA
- 100% free door-to-door free, trackable FedEx or USPS shipping
- Free Jewelers’ Mutual insurance up to $100,000 on each shipment
- CashforGoldUSA's facility insured by Lloyds of London
- Gold buyers are based in USA, no overseas shipping
- No minimum value (other gold buyers only work with shipments of $1,000+)
- Also buys all diamonds, silver flatware, and scrap gold and silver
You can read more about our experience with CashforGoldUSA in this review.
Gold bullion buyers “near me”
Pawn shops are also an option if you want immediate cash, though you can expect around 50% of the spot value of your gold. Benefits of selling your gold to a pawn broker:
- Immediate cash
- Pawn loan option if you're not ready to sell for good
- Feel good about doing business with a local company
You can also search “gold bullion buyers near me” or “gold bar buyers” for lists of local gold buyers who can give you an estimate on your gold bullion.
Pawn shops are also an option if you want immediate cash, though you can expect around 50% of the spot value of your gold.
Where else can I sell a gold bar?
Here is a list of other gold bullion dealers, gold bar buyers, and gold bar exchanges:
- Liberty Gold and Silver
- Money Metals Exchange
- US Gold Buyers
- JM Bullion
- American Bullion
- Goldco Precious Metals
- Gold Geek
- Gold Guys
If you’re wondering, “Do banks buy gold bars?” for the most part, the answer is no. When the United States operated on the gold standard — a system in which the value of money maintained a stable rate in exchange for gold — banks often accepted gold bars and gold bullion coins.
While there isn’t an official gold bar exchange, you can get paid for your gold bar from a reputable gold buyer or metals dealer, both online and in person.
Bottom line: What is the best way to sell gold bullion and gold bars?
Based on our extensive experience, selling gold bullion and gold bars online is the best option in most cases because:
- Online gold buying is a competitive space, which means online buyers must be ethical and fair and maintain a positive reputation with consumers, major trade organizations, and the Better Business Bureau.
- The selling process is easy. Quality online gold bullion and gold bar buyers will send you a prepaid FedEx or USPS mailer, or a link to print out a label from home. All you have to do is drop off or schedule your package for pickup.
- Online selling is discreet and private. You don't have to leave your home or walk into a pawn shop to sell your gold.
If you want to get the most cash for your gold bars and bullion, we recommend selling to CashforGoldUSA for a few reasons:
- Payouts within 24 hours
- Better Business Bureau A+ rating
- Insured up to $100,000 by Lloyds of London while held
- Price match guarantee
- Free return guarantee
- 10% bonus if you ship within 7 days
- “Wall Street bets on lower gold prices, Main Street sees gains next week,” Feb 02, 2024. Kitco. https://www.kitco.com/news/article/2024-02-02/wall-street-bets-lower-gold-prices-main-street-sees-gains-next-week
- “The Undoing of the Gold Standard,” Federal Reserve Bank of Philadelphia. June 4, 2023. https://www.philadelphiafed.org/the-economy/macroeconomics/the-undoing-of-the-gold-standard
The process to sell gold to any reputable gold bullion buyer typically works like this: Request a quote online through the gold bullion buyer. Gold bars and gold bullion are nearly always 24K gold, so you’ll likely be able to sell close to the market price of gold. Make sure to get a written offer from a buyer.
Gold bullion typically sells for 90% to 95% of the current resale value of gold. In comparison, most gold buyers offer between 70% and 80% for gold jewelry and other gold items, which are not usually pure gold.
Selling gold bullion is no harder than selling any other gold item. You can get an estimate on the price of your gold bullion gold calculator that is based on the current price of gold.
Banks nor credit unions buy gold anymore, including bars and bullion.
Gold bullion — whether in bars or coins — is the price of 24K gold. Reputable gold bullion buyers will pay you close to the current price of gold, since the buyer stands to make money as the value of gold appreciates.