Where to sell gold scrap for the most cash safely in 2021

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Do you have old gold scrap laying around? Broken gold chains, bent gold bracelets, solo earrings without a mate?

Does that sound like you?

Selling scrap gold can be a quick way to make money, especially since it does not typically hold sentimental value like jewelry.

Below, learn more about scrap gold and the best places to sell it for the most money, including our No. 1 recommendation, CashforGoldUSA, which has an A+ Better Business Bureau rating, pays within 24 hours and was found by a news investigation to pay three-times its competitors.

Common questions about 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. Likewise, 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 components) 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.

Best place to sell scrap gold: CashforGoldUSA.com

If you’re looking for the absolute best place to sell your scrap gold where you can be sure you’re going to get the most money possible, our number one recommendation is CashforGoldUSA. We like CashforGoldUSA for a few big reasons. 

First, they’re one of the oldest and most reputable online gold buyers in the space, which means you can feel confident that they’re not going to rip you off.

Second, CashforGoldUSA has a reputation for paying top dollar when they buy gold. A Fox Business News investigation once found that CashforGoldUSA paid three times more than their competitors.

And third, CashforGoldUSA pays fast — within 24 hours, depending on how you choose to accept payment.

Some other reasons we recommend CashforGoldUSA:

  • A+ rating with the BBB
  • 100% free prepaid shipping envelope for you to send your gold
  • Insured up to $100,000
  • CashforGoldUSA also buys silver and diamonds, coins and gemstones, watches and engagement rings making it easy to clear out everything all at once instead of going to different buyers

To sell your gold through CashforGoldUSA:

  1. Go to CashforGoldUSA.com, fill out an estimate
  2. Send in your scrap gold once you receive the insured mailer
  3. CashforGoldUSA will appraise your items within 24 hours of receiving them and give you an offer
  4. If you accept the offer and choose to sell, they’ll pay you fast, within 24 hours.
  5. If you turn down their offer, they’ll return your items at completely no cost to you.

Get a 10% bonus if you send in your item within 7 days of receiving the mailer.

Learn more about CashforGoldUSA in our review.

What is the best way to sell scrap gold?

Generally, 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 prices up.

How can I sell my scrap gold? 3 scrap gold buyers

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 a big feature. 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.

3. “Sell scrap gold near me”

Where to sell scrap gold? Local or online cash-for-gold buyers, as well as pawnshops and some jewelers are happy to buy your scrap gold.

Scrap gold prices at pawn shops and other locations are the same as everywhere else, and based on spot gold prices.

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: The item’s weight, the item’s gold content, and the 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, so you should find the weight of your item in one of those units.

Spot price of gold

The spot price of gold is the current price that gold sells for on the open market. Gold prices are at a 7-year high.

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.

Finding the value of your gold

To determine how much your scrap gold is worth, all you need to do is take the 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 $61.21

This shows that the gold content in your scrap gold necklace is worth about $230. 

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 will usually pay 25-60% of the retail value of your item
  • Local gold exchanges or jewelry stores that purchase gold will usually pay a bit more than pawn shops, between 60 and 75% the value of your gold
  • Online gold buyers tend to pay the most for the gold they buy. This is because they have fewer business expenses (existing virtually) and have to compete with other buyers. While the exact percentage will depend on the buyer you choose, you can expect to get between 80 and 90% of the value of your gold. 

Learn more about selling gold and the best gold buyers.

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 
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.

How do I sell scrap gold?

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.”

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.

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).

Wealthysinglemommy.com founder Emma Johnson is an award-winning business journalist, activist, author and expert. A former Associated Press reporter and MSN Money columnist, Emma has appeared on CNBC, New York Times, Wall Street Journal, NPR, TIME, The Doctors, Elle, O, The Oprah Magazine. Winner of Parents magazine’s “Best of the Web” and a New York Observer “Most Eligible New Yorker," her #1 bestseller, The Kickass Single Mom (Penguin), was a New York Post Must Read. As an expert on divorce and gender, Emma presented at the United Nations Summit for Gender Equality and multiple state legislature hearings. More about Emma's credentials.

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