Where to sell scrap gold in 2023

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

Scrapping gold can be a quick way to make money, especially since gold does not usually hold sentimental value like jewelry. With gold prices hovering around record prices of $2,000 per ounce, now is an excellent time to sell any gold.

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 offers a 10% bonus. Plus, they accept all gold—no minimum weight or purity.

We like CashforGoldUSA for important 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 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 scrap 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.

Read the details of shopping the gold chain around for the highest price in this post about selling gold.

Common questions about scrap gold:

• What is scrap gold?
• How to sell scrap gold
• Where to sell scrap gold
• What is scrap gold worth?
• How much does scrap gold sell for?

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. Also, 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 scrap) 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.

How to sell scrap gold

A little homework goes a long way in getting the best price from the most reputable scrap gold buyer.

At a minimum, your gold scrap will always be worth at least the value of the gold that it contains. This will depend on the purity of the metal and the weight of the coin. Once you know this information, you should be able to quickly figure out the rough value of your gold.

1. Determine the purity of your gold scrap

Your gold is worth its purity (karat) x weight.

If you have gold jewelry, understand the markings on your gold to help understand the purity. 

If there are no markings, you can buy a gold testing kit for less than $25 from Amazon that will help you identify your gold pieces as 10K, 14K, 18K, 20K or 22K gold. This video details how these kits work:

Then, sort your gold by purity — being sure to separate any coins, as those may have value from their rarity.

2. Weigh your gold.

You might want to invest in a digital scale to understand the true weight of your gold. You can also use the scale at your local post office, or ask to use a scale at a local jeweler or pawnshop.

3. Check today’s gold price

We update the price of gold here daily:

As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram. 

Learn more about the current price for gold and selling gold for cash in this post.

4. Calculate how much your gold scrap value

For each group of gold, divide the karat by 24, then multiply that number by today's gold price per gram.

For example, if you have 18K gold and the current price of gold is $1,900 per ounce or $61.09 per gram ($1,600/31.1), then the price of your scrap gold is $61.09 x .4167 = $45.82 per gram. 

Use the following conversions to value your gold.

• 10K = 10/24 = .4167
• 14K = 14/24 = .5833
• 18K = 18/24 = .750
• 22K = 22/24 = .9167

This gold calculator from CashforGoldUSA will give you an approximate value of your scrap. Keep in mind that any gold buyer will take a commission of at least 5%.

Instead of investing in gold testing and weighing tools, you can always take your gold to a pawnshop or jewelry store, gold buyer or coin dealer who will weight and value your scrap.

5. Choose a reputable gold buyer

You may be tempted to sell your scrap gold on ebay or another marketplace — but unless you have a robust ebay store with a lot of different listing, this is a very time-consuming, complicated process that we recommend skipping.

Instead, you have several quality options for selling your scrap gold.

If you need cash immedaitely, most communities have at least some of these businesses that offer immediate cash, if that is what you prefer. Research quality local gold buyers through personal referrals, Yelp and Google reviews:

• Pawnbrokers
• Jewelry buyers
• Gold, diamond and silver buyers
• Coin dealers
• Some antique stores

However, if you choose to sell your gold coins to an online gold buyer, you’ll send your coins to them for evaluation. The buyer will make an offer, you are free to negotiate. A quality buyer will pay for insured and trackable shipping with FedEx, UPS or USPS, free,insured returns, and prompt payment.

A quality online gold buyer should also have a strong online reputation with ratings on sites like Better Business Bureau, Trustpilot and Reddit discussions.

6. Get multiple offers

No matter where you sell, be sure to get multiple offers — and do not be shy about negotiating for the highest price. Whoever buys your gold will melt it down and sell it for spot price that day—so any negotiating just comes out of their commission with very little risk to the buyer. Online buyers bear the cost of returning the item to you, so they are especially incentivized to make you a strong offer.

We recommend CashforGoldUSA because:

• A+ Better Business Bureau rating
• Buys all gold, silver and diamonds—no matter the weight or quality
• Up to $100,000 insurance
• 100% highest-offer guarantee, and free shipping both ways
• Get paid within 24 hours of accepted offer — and 3 days total time from requesting a mailer
• Pays by your choice: Paypal, print-at-home check, direct deposit, personal check by Fedex or First Class USPS or Virtual Visa credit card.
• 10% bonus if you ship within 7 days

Read more about the pros and cons of CashforGoldUSA in our review, or learn about other quality gold buyers.

Or, see the melt value of your gold coins is at today's gold price >>

This calculator is for information purposes only and is not the amount you should expect to receive. It provides the highest melt value of your gold today, not an offer. Your offer will depend on your appraisal.

Where to sell scrap gold

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 positive of using local scrap gold buyers. 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.

If you want to see if there are other scrap gold dealers in your area, you can search for “who buys scrap gold near me” or “where to sell scrap gold near me:”

Who pays the most for scrap gold?

Typically, 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 up the amount they pay out to gold sellers.

Scrap gold price today:

As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram. 

Gold prices have edged up over $2,000 per ounce as of the week of March 20, with experts predicting a surge through the year as the stock market falters on inflation and bank failures.

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, which we explain below:

• Weight
• Gold content (purity)
• 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. You can invest in a small digital scale, or take your gold to a local jeweler or pawnshop to weigh it.

Spot price of gold

The spot price of gold is the current price that gold sells for on the open market. Gold prices hit record high of $2074.88 in August of 2020.

How much do you get for scrapping gold?

To determine how much your scrap gold is worth, take 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 the spot price of $61.21

This shows that the gold content in your scrap gold necklace is worth about $230. Don't forget to consider the buyer's commission of 5% to 50%.

Where to find a “scrap yard near me” to sell scrap metal in 2023

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: Pawn shops will usually pay 25-60% of the retail value of your item
• Local gold exchanges or jewelry stores: These buyers that purchase gold will usually pay a bit more than pawn shops, between 60 and 75% the value of your gold
• Online gold buyers: You can expect to get between 80% and 90% of the value of your gold with online gold buyers. Online gold buyers tend to make comeptitive offers, in part because they have fewer expenses (no expensive retail space), do larger volumes of business and have to compete in a national marketplace. Plus, they are on the hook for the cost to return your item if you don't reach a deal — so are incentivized to reach a deal!

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
• Gold found metal detecting

Bottom line: Where is the best place to sell scrap gold?

If you need quick cash, a quality local pawnbroker or jewelry store is a good option for selling your gold. However, if you have a few days to spare, CashforGoldUSA promises fair prices based on a very strong online reputation, very fast payment, secure shipping and