scroll top

Gold bullion and gold bar buyers: 13 places to sell gold in 2024

We earn commissions for transactions made through links in this post. Here's more on how we make money.

Gold prices hit a record high price of $2,164.5 per troy ounce as expectations continue to rise that the Federal Reserve will cut interest rates in June.1

If you want to sell your bullion while prices are high, this post outlines the best, safest ways to sell — both locally and online.

We also go into detail about why our No. 1 recommended gold bullion buyer is CashforGoldUSA, which pays within 24 hours and has an A+ rating with the BBB, plus 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:

Understanding gold bullion

How to trade gold bullion

How to know what your gold bullion is worth

Where to sell gold bullion locally

Where to sell your gold bullion online

Is it a good time to sell bullion? Where can I sell safely?

Understanding gold bullion

First: What is gold bullion?

Bullion is physical gold and silver of high purity (99%+) that is usually kept in the form of bars, ingots, or coins for the purpose of investments.

Bullion can sometimes be considered legal tender, and is often held as reserves by central banks or held by institutional investors. However, the gold standard is not currently used by any government, and the United States abandoned the system in 1933.

Learn more about understanding whether your coin is more valuable as scrap, a collectible or bullion.

15 coins worth money in 2024: Do you have any at your house?

How to trade gold bullion

Those who actively trade in bullion typically do so through dealers with access to one of the gold bullion markets, though it is simpler to trade through futures contracts or ETFs, such as iShares Gold Trust Micro ETF of Benef Interest (IAUM), VanEck Merk Gold Trust (OUNZ) or Goldman Sachs Physical Gold ETF (AAAU).

More casual, individual investors may chose to buy and sell gold bullion through gold bullion dealers, pawn shops, and online gold buyers. Costco has made headlines for selling gold bullion recently.2

How to know what your gold bullion is worth

To assess the value of your gold bar or ingot, multiply the current spot price of gold times the weight of the bar or ingot.

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.

A gold buyer should pay 90% or more gold bullion (while the percent will be less for scrap, jewelry or dental gold).

How much is one gold bullion bar worth?

The most common gold bullion bar — a.k.a. a gold brick — weighs 400 ounces. At a spot price of $2,100 per ounce, it would be worth about $840,000.

How much is a 1kg gold bar worth? 

At a price of $75 per gram, a 1kg gold bar would be worth about $75,000. 

What is a 5 lb gold bar worth?

At a price of $2,100 per ounce, a 5 lb gold bar would be worth about $168,000.

What is a 1,000 gram gold bar worth? 

At a price of $75 per gram, a 1,000-gram gold bar (equal to a 1kg gold bar) would be worth about $75,000.

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.

Where to sell gold bullion locally

If you prefer to sell locally, or want to get a quote, this post explains how to find a reputable pawnbroker in your community. A gold buyer, jeweler or recycler can also be a good place to sell. Check local Yelp and Google reviews and ask friends and family for recommendations.

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. 

Since that went away, banks don't deal in precious metals anymore.

CashforGoldUSA display ad

Where to sell your gold bullion online

Learn about all the top online gold buyers for selling your gold bullion online.

The process to sell gold bars and bullion to a reputable online gold bullion buyer typically works like this: 

  1. 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. 
  2. 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.
  3. Within a few days of receipt, the gold bullion buyer should make you an offer, which you can accept or reject. 
  4. A gold bullion buyer should then pay within a couple business days via PayPal or send a check overnight. CashforGoldUSA pays within 24 hours.
  5. A quality online gold buyer should also return your item for free via a trackable shipper if you reject the offer. 

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. Learn more in our CashforGoldUSA review.

google-maps-usa-image

Bottom line: Is it a good time to sell bullion? Where can I sell safely?

As gold prices have hit two record highs in the past few months, it is an excellent time to sell any gold. Gold bullion is easy to sell and for a low commission.

Always shop around locally and/or online for a reputable gold buyer who guarantees a minimum payout for your bullion, offers free shipping and insurance.

If you choose to sell your bullion online, 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

Get a quote with CashforGoldUSA now >>


SOURCES

  1. “Gold price strengthens ahead of data-packed week, Fed Powell’s testimony,” March 4, 2024. FXStreet. https://www.fxstreet.com/news/gold-price-holds-onto-gains-as-fed-rate-cut-bets-advance-fed-powells-testimony-in-focus-202403041042
  2. “Yes, You Can Buy Gold At Costco — And Now Silver Too,” March 12, 2024. Kiplinger. https://www.kiplinger.com/personal-finance/you-can-buy-gold-at-costco
  3. “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
How do I sell my gold bar?

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.

How much does gold bullion sell for?

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.

Is gold bullion easy to sell?

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.

Will banks buy gold bars?

Banks nor credit unions buy gold anymore, including bars and bullion.

What is bullion gold worth?

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.

How much is a gold bar worth?

The value of a gold bar is the spot price of gold times its weight. For example, at a spot price of $2,123 per ounce (March 4, 2024 price), a 1 troy ounce gold bar would be worth $2,106.

Leave a Reply

Your email address will not be published. Required fields are marked *