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 about the highest quality gold buyers who will pay you the best price with trustworthy customer service.
Who buys gold near me?
Many local jewelers, pawnshops, gold exchanges and cash for gold buyers near you typically buy gold, coins and jewelry for cash. Here is what you need to know before you visit a local “cash for gold” place:
- Search for “online gold buyer” and sell gold online
- Search for “gold buyers near me”
- Search for “cash for gold places near me”
- Bottom line: Best place to sell gold?
1. Search for “gold buyer” and sell gold online
Selling online can be scary. What if your item gets lost in the mail? Stolen? How can you trust an online gold 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.
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.
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.
Other 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
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.
2. Search for “gold buyers near me”
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 an 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.
3. Search for “cash for gold places near me”
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.
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.
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.
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.
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.
What you need to know before you visit a local “cash for gold” place nearby
How much is gold worth at a cash-for-gold?
Whether you are selling your gold 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.
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.
Frequently asked questions about gold buyers online
Gold buyers can seem mysterious and untrustworthy. There are quality places near you that buy gold of all kinds.
How much do gold buyers online pay for gold?
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.
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 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.
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 place to sell gold? Find an experienced 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 Lloyds of London and guarantees the highest offer.