Gold prices have hovered around record prices for the past year, and are only poised to increase more. No matter when you sell, cash-in-hand is usually more valuable than unused or broken jewelry, or an old coin collection. Here is what you need to know before you search for “gold buyers near me” or “cash for gold near me” to ensure you get the most money.
If you’re thinking about selling your gold, it’s important to find a buyer that you trust won’t rip you off. Below is a look at the best ways to sell gold, including our No. 1 recommendation when it comes to selling your gold, which is the CashforGoldUSA, which pays within 24 hours and has an A+ rating with the BBB.
1. Online gold buyers (many are silver buyers, too!)
Selling online can be scary. What if your item gets lost in the mail? Stolen? How can you trust an online gold, silver or jewelry buyer?
Online gold buying is a very competitive space, and therefore it behooves buyers to be ethical, fair and maintain a very high reputation both online with users and reviews, as well as with their trade organizations, the Better Business Bureau and other agencies. Note that most gold buyers also buy silver — coins, flatware, jewelry, candlesticks, and more.
CashforGoldUSA is our choice for gold buyers, because they meet these requirements and more, paying within 24 hours and offering a 10% bonus if you ship within a week of receiving your mailer. The company has an A+ rating with the Better Business Bureau.
You can learn more about the pros and cons of online gold buyers, as well as how gold prices work in this post. Typically, the process works like this:
- Get a quote online through the gold buyer, based on the weight and quality of your item. If you don't know the details, just estimate.
- The gold buyer should send you a free FedEx or USPS mailer, with a tracking number. They should also insure your item for free.
- Within a couple days, a quality online gold buyer should make you an offer. Accept or reject it.
- A gold buyer should then pay within a few days by PayPal or send a check, if you prefer.
- A quality online gold buyer should also offer to return your item for free via a trackable shipper if you choose not to sell.
Other online gold buyers
Those we considered when deciding on the “best” gold buyer included:
- Liberty Gold and Silver
- Money Metals Exchange
- US Gold Buyers
- JM Bullion
- American Bullion
- Goldco Precious Metals
- Gold Geek
- Gold Guys
After an exhaustive review of these companies, here are all the reasons we ruled them out and why CashforGoldUSA is the best:
- Strong customer service focus, which is reflected in the BBB and TrustPilot ratings, as well as prompt communication through whichever communication the customer prefers: Text, phone, or email.
- Guaranteed highest price paid, backed up by third-party news investigations.
- Free shipping and insurance with a global brand.
- CashforGoldUSA is one of the oldest, most established and largest online gold buyers.
- 24 hour payment is unprecedented in the industry.
What are online gold buyers paying?
Online gold buyers typically pay gold sellers based on the current spot gold price, plus any commission or fee that they want to make a profit. A 20% profit is common and fair. Sometimes you can negotiate the price the gold buyer offers to pay you.
2. “Gold and silver buyers near me”
If you searched online for or are thinking about searching for “gold buyers near me,” (or silver buyers) here’s what you’re likely to find: jewelry stores and pawn shops. These are fine options if you need to cash now, but not if you want the most cash for gold or silver.
Jewelry stores and pawn shops typically buy gold, though because the competition in local markets is less competitive, and the overhead of maintaining a retail location more expensive, selling your gold near you typically nets a lower payout to you. Also, it can be much easier to ship and sell your item to a quality online gold buyer.
There are many reputable jewelers who can offer a jewelry appraisal that can help you understand the quality and value of your item — whether or not you choose to sell to them, or elsewhere. This post goes into detail about selling fine jewelry.
Who pays more for gold: pawn shops or gold buyers near me?
Cash for gold stores, or “We Buy Gold” stores are locations that solely buy gold, and sometimes silver, and pay cash (just like the name says!). Pawnbrokers and jewelry stores will deal in metals, as well as other items.
Pawn brokers and gold buyers or cash-for-gold shops typically pay similarly — anywhere from 25% to 85% of the day's spot price of gold.
To find out what are gold buyers near you are paying, it is a good practice to take your gold to several local businesses that buy gold and find the highest offer.
3. “Cash for gold near me”
How much is gold or silver worth at a cash-for-gold?
Whether you are selling your metal item at a pawn shop, local jeweler, or a cash-for-gold / gold exchange location, the answer is: It depends.
You can look up your local gold buyers on Yelp and the Better Business Bureau for info on a reputable buyer, and call them to ask their gold melt price.
Typically, the more cash for gold buyers in your area, the more competitive they are, and will offer you a higher price. Remember: most will also buy silver.
Ask the gold buyer how much they pay above “spot,” which is the base market rate. In that way, you can shop around before deciding where to sell your gold.
Generally speaking, cash-for-gold stores typically pay a maximum of 70% of melt price, while pawn shops pay even less. CashforGoldUSA reports paying an average of 80% of gold melt price for jewelry, inclusive of all insurance and shipping — including free returns. For gold coins and gold bars, expect 95% melt price.
How do cash for gold stores work?
Whether you sell online or near you, cash-for-gold buyers (a.k.a. gold exchanges) work like this:
- You bring in your gold jewelry, coins or scrap.
- The buyer weighs your item and tells you what karat gold it is.
- The buyer offers you a price for your item.
- Take it or leave it.
What percentage does a cash for gold pay?
Each gold buyer offers you a different rate — which they may or may not disclose to you. In larger markets where there is more competition — including on the Internet! — cash for gold buyers may take just 3% to 5% on top of the spot price of gold that day. It is typical for a gold exchange to earn 20% on each transaction, but of course that is before their expenses such as rent, taxes and payroll.
Where to get cash for gold in New York City
- Albert & Sons 47th St Buyers: Not rated or credentialed by the Better Business Bureau.
- New York Gold Buyers: Their parent company, Buyers of New York, is not rated or credentialed by the Better Business Bureau.
- Luriya: Operates a physical location in Manhattan and also acts as an online gold buyer; has an A+ rating from the Better Business Bureau.
Best gold buyer in New York City, according to Yelp reviews: Global Gold & SilverRead Amanda B.‘s review of Global Gold & Silver on Yelp
Where to get cash for gold in Atlanta
- Peachtree Gold Exchange: Not rated or credentialed by the Better Business Bureau.
- Atlanta Gold & Coin Buyers: Accredited with the Better Business Bureau since 2010; has an A+ rating.
- Alex Lexington: Accredited with the Better Business Bureau since 2010 under the name Atlanta Gold & Silver LLC; has an A+ rating.
Best gold buyer in Atlanta, according to Yelp reviews: Worthmore JewelersRead Michael K.‘s review of Worthmore Jewelers on Yelp
Where to get cash for gold in Chicago
- Chicago Gold Gallery: Accredited with the Better Business Bureau since 2013; has an A+ rating.
- West Town Jewelry & Loan: Not rated or credentialed by the Better Business Bureau.
- Archie’s Coins, Jewelry & Collectibles: Accredited with the Better Business Bureau since 2011 under the name Archie’s Precious Metals Corp.; has an A+ rating.
Best gold buyer in Chicago, according to Yelp reviews: A& R Estate BuyersRead Regina A.‘s review of A&R Estate Buyers on Yelp
Where to get cash for gold in Dallas
- Valley Goldmine: Not accredited with the Better Business Bureau, but maintains an A+ rating.
- Hebron Jewelry Exchange, LLC: Not rated or credentialed by the Better Business Bureau.
- Dallas Gold & Silver Exchange: Accredited with the Better Business Bureau since 1990; has an A+ rating.
Best gold buyer in Dallas, according to Yelp reviews: Diamond and Gold WarehouseRead David N.‘s review of Diamond and Gold Warehouse on Yelp
Where to get cash for gold in Los Angeles
- Los Angeles Gold Buyers: Their parent company, Pacific Gold Trading Inc., is not rated or credentialed by the Better Business Bureau.
- South Bay Coin: Not rated or credentialed by the Better Business Bureau.
- Los Angeles Gold & Silver: Not accredited with the Better Business Bureau, but maintains an A+ rating.
Best gold buyer in Los Angeles, according to Yelp reviews: LA Cash for GoldRead Mallory L.‘s review of LA Cash For Gold on Yelp Read Emma C.‘s review of Bidrussian Jewelry on Yelp
Frequently asked questions about gold buyers
Gold buyers can seem mysterious and untrustworthy. There are quality places near you that buy gold of all kinds.
How do gold buyers make money?
Gold buyers make money one of three ways:
- A gold buyer can buy your gold coins, jewelry or bullion, and then sell it to another buyer — either wholesale or retail buyer — for a higher price.
- A gold buyer may buy your broken or old jewelry, gold teeth or scrap gold and sell it to a smelter, who melts down the gold, extracting out the pure gold metal from the impurities and alloys, so it can be reused for other purposes.
- A gold buyer may choose to hold on to gold he or she buys, and resell it when the price of gold goes up.
How do I find a reputable gold buyer? How do I find a reputable gold buyer online?
The cash for gold, pawn shop, gold exchange and online gold buyer industry can have a shady reputation, with plenty of stories of innocent people getting ripped off. To check out a gold buyer before selling or recycling your gold:
- Ask friends and family for a recommendation
- Check reviews and ratings from the Better Business Bureau, Trustpilot and Yelp!
- Google the name of a potential gold buyer + review
- Only work with online gold buyers that insure your item, and have a guarantee to return your item free of charge should you decide not to sell after sending in your coin, scrap or jewelry.
What are gold buyers paying?
Gold buyers typically pay gold sellers based on the current spot gold price, plus a commission. A 20% profit is common and fair. Sometimes you can negotiate the price the gold buyer offers to pay you.
How much commission do gold buyers take?
Gold buyers make an average of 20% commission, though the portion varies. Arm yourself with an understanding of the day's gold price to best negotiate the sale of your gold.
Gold prices are at a 7-year high. As of , the gold resale value in the USA was at a near-record price of $ per ounce, or $ per gram.
Where to find gold and silver buyers near me?
You can find quality gold and silver buyers in our community through Yelp, word-of-mouth, a Google search, or your local chamber of commerce.
What are gold parties? Should I sell gold at a gold party?
Gold parties are like Tupperware, Pampered Chef or Mary Kay, Pure Romance or any other multi-level marketing program. However, instead of selling you items you probably won't use, gold party hosts will buy your gold jewelry that you don't use.
These are legit businesses, but news investigations find that gold parties do not pay as much as other gold buyers. After all, the gold party host takes a commission, then sells the gold to another buyer who takes a commission.
While it may sound fun to hang out with some local ladies, have drinks and make a little cash, that free booze may lower your inhibitions and good sense when unloading your precious metals. You are less likely to push back against the price offered by someone you know personally, in front of people in your community, when compared with a local or online gold buyer. Plus, how knowledgeable about gold is the host? Most likely: Not very.
Bottom line: Best gold buyer?
CashforGoldUSA has an A Better Business Bureau rating, has bought more than $53 million in gold jewelry, coin and scrap, and also will buy your diamonds, estate jewelry, watches and other precious metals and gemstones. This family-owned business promises to pay within 24 hours, insures your item up to $100,000 through Jeweler's Mutual insurance and guarantees the highest offer.
Online gold buyers typically pay gold sellers based on the current spot gold price, plus any commission or fee that they want to make a profit.
Cash for gold buyers may take just 3% to 5% on top of the spot price of gold that day.
Gold buyers make money one of three ways: reselling your gold for a higher price, selling your broken jewelry to a smelter, or hold on to the gold until the price goes up.
Gold buyers make an average of 20% commission, though the portion varies.