Step-by-Step Selling Guide

1

Prepare Your Scrap Gold

Sort by karat: Separate 10K, 14K, 18K, etc. Different purities = different prices
Remove stones: Take out diamonds, gems - they're usually not included in scrap price
Clean items: Remove dirt, but don't use harsh chemicals
Weigh accurately: Use a precise digital scale (0.1g accuracy minimum)

2

Research Current Prices

Check live prices: Use our gold prices page
Calculate estimates: Use our scrap gold calculator
Know the formula: Weight × Price per gram × Purity × Payout %
Understand payout rates: Expect 85-98% of melt value

3

Find Reputable Buyers

Local coin shops: Often pay competitive rates, build relationships
Jewelry stores: Some buy scrap, especially if they do repairs
Precious metals dealers: Specialize in buying, usually fair prices
Online buyers: Convenient but verify reputation and insurance
Pawn shops: Quick but often lowest prices

4

Get Multiple Quotes

Visit 3-5 buyers: Prices can vary significantly
Ask for breakdown: Weight, purity, price per gram, payout %
Don't accept first offer: Use quotes to negotiate
Verify testing: Watch them test your gold

Red Flags to Avoid

🚨 Warning Signs of Bad Buyers

No testing: Legitimate buyers always test purity
Pressure tactics: "Limited time offer" or rushing you
No breakdown: Won't explain how they calculated the price
Unusually high offers: If it seems too good to be true, it is
No business license: Always verify they're legitimate
Cash only: Reputable dealers offer multiple payment options

Types of Gold Buyers

🏪 Pawn Shops

Typical Payout: 60-80% of melt value

Pros: Quick cash, no appointment needed, widespread locations

Cons: Lower prices, limited expertise, may not separate by karat

Best For: Small amounts, urgent cash needs

Negotiation Tip: Ask if they can match competitor prices

💍 Jewelry Stores

Typical Payout: 70-85% of melt value

Pros: Better expertise, proper testing equipment, established reputation

Cons: May focus on retail customers, limited buying hours

Best For: Quality pieces, when you want expert evaluation

Negotiation Tip: Mention you're a potential customer for new jewelry

🏭 Precious Metals Dealers

Typical Payout: 85-95% of melt value

Pros: Highest prices, professional testing, transparent pricing

Cons: May require appointments, minimum quantities

Best For: Larger quantities, maximum value

Negotiation Tip: Ask about volume discounts for repeat business

🌐 Online Buyers

Typical Payout: 75-90% of melt value

Pros: Convenient, competitive rates, insured shipping

Cons: Shipping risks, no face-to-face negotiation, processing delays

Best For: Convenience, when local options are limited

Negotiation Tip: Read reviews and compare multiple online buyers

🔄 Coin Shops

Typical Payout: 80-90% of melt value

Pros: Knowledgeable about precious metals, fair pricing

Cons: May prefer coins over scrap, limited locations

Best For: Gold coins, when you want numismatic expertise

Negotiation Tip: Ask if they buy scrap gold regularly

🏦 Banks & Credit Unions

Typical Payout: 70-85% of melt value

Pros: Trusted institutions, secure transactions, established reputation

Cons: Limited gold buying programs, may require account relationship

Best For: Large amounts, when security is priority

Negotiation Tip: Ask about member or customer discounts

Advanced Negotiation Tactics

🎯 Preparation Strategies

Research current spot price: Know the exact gold price that day
Calculate melt value: Use our calculator to know your minimum
Get multiple quotes: Visit 3-5 buyers before deciding
Separate by karat: Don't let them mix different purities
Document everything: Take photos and notes at each location

💬 Conversation Techniques

Start with questions: "What percentage of spot do you typically pay?"
Mention competition: "ABC Metals offered 90%, can you match that?"
Ask for breakdown: "Can you show me how you calculated this?"
Bundle items: "I have more gold at home if the price is right"
Create urgency: "I'm deciding today between a few offers"
Be willing to walk: "Let me think about it" often brings better offers

⚖️ Testing & Verification

Watch the testing: Ensure they test each piece properly
Question low results: "This tested as 14K, but it's marked 18K"
Request retesting: If results seem off, ask for a second test
Understand deductions: Ask about stones, clasps, or other materials
Verify scales: Ensure their scale matches your measurements

🚫 Red Flags to Avoid

Pressure tactics: "This offer expires in 5 minutes"
No testing: Buyers who don't test each piece
Vague pricing: Won't explain their calculation method
No credentials: Can't show business license or certifications
Unrealistic offers: Significantly above market rate
Cash only deals: No paper trail or documentation

Documentation & Safety

📋 What to Bring

Valid ID: Driver's license or passport required
Proof of ownership: Receipts, inheritance docs if available
Your calculations: Printed estimates from our calculator
Scale readings: Your own weight measurements

🛡️ Safety Precautions

Meet in public: Avoid private homes or isolated areas
Bring a friend: Extra security and witness
Trust your instincts: Leave if something feels wrong
Get receipts: Always get written documentation
Count money carefully: Verify payment before leaving

Ready to Sell?

Use our calculator to know your gold's value before you sell. Knowledge is power in negotiations!

Calculate Gold Value Check Current Prices

How to Sell Scrap Gold