If you have gold coins, bars, or scrap you want to turn into cash, you may have questions about selling your gold and getting the best price. Selling gold for cash can help you receive extra funds, especially with the right buyer willing to pay a fair price.
At AU Precious Metals, we buy a variety of gold items and offer competitive prices to ensure you get the most value for your gold. The following frequently asked questions about selling gold for cash can help you navigate the process and get a good trade-in deal on your pieces.
What Types of Gold Can I Sell for Cash?
Any object that contains measurable amounts of gold may be worth selling. Typical gold items you can sell for cash include:
- Gold coins. Investors and numismatic enthusiasts seek out many types of collectible gold coins, making them worth selling. Examples include American Gold Eagles, Canadian Maple Leafs, and South African Krugerrands.
- Gold jewelry. Jewelry is one of the most common categories of gold items sold for cash. This can include rings, necklaces, bracelets, pendants, and other wearables and accessories. Many gold jewelry pieces made of 14K gold or above have some value, regardless of age, provenance, or condition.
- Gold bars. If you have gold bars ranging from small fractions of a troy ounce to large 500-gram and 1,000-gram sizes, you can sell them for quick cash. These bars are typically 99.9% pure, making them easy to sell, and are worth close to the market price due to their high purity.
- Scrap gold and other pieces. Precious metal scrap can include gold dental fillings, gold sponge, sheet metal, broken jewelry, gold alloys, gold ingots, gold nuggets, and grains of gold. Often overlooked as waste, you can sell this scrap gold for cash to raise extra funds.
How is the Value of My Gold Determined?
The value of your gold items is calculated based on the quantity of pure gold they contain, measured in troy ounces, and the current market value of a troy ounce of gold.
When selling your gold for cash, AU Precious Metals will always use the current, most up-to-date market values when providing an estimate. We use state-of-the-art equipment to weigh your gold items and assess their pure gold content, ensuring you get a highly accurate estimate of your gold’s value.
For example, you bring in a piece of 14K gold jewelry. Using an XRF spectrometer and scales, we determine the piece contains 0.5 troy ounces of gold. Given the current market price of gold at $2,313.40 per troy ounce (June 13, 2024), we’d value your piece at about $1,156.70 ($2,313.40 x .5) before applicable processing fees.
This assessment ensures you receive a competitive offer based on the exact weight and the current gold market value.
Where Should I Sell My Scrap Gold?
While many establishments may accept and buy scrap gold, prioritize reputable, local gold buyers over jewelry stores or pawn shops. For instance, AU Precious Metals in Rochester and Detroit, Michigan, is a trusted buyer specializing in buying and selling precious metals. When you work with us to sell your gold for cash, you get the following benefits:
- No pressure. We won’t push you toward a quick sale. Instead, our staff will guide you through the process and ensure you get the most out of visiting us, whether helping you discover the value of your scrap gold or discussing your investment goals regarding precious metals.
- Transparency. We are open about our processes and methods to evaluate the value of your gold items, ensuring you are fully informed before choosing to sell.
- Customer service. Our friendly and knowledgeable staff can provide personalized advice for your needs and financial objectives. We can help you decide whether to sell and when is the best time.
Do I Need to Have My Gold Appraised Before Selling?
Not necessarily. Appraisals, especially from establishments like jewelry stores, primarily consider the value of your gold items for insurance replacement. They may not give you an accurate estimate of your gold objects’ true value.
If you need a value estimate, visit AU Precious Metals and request an evaluation of your items. We can tell you their gold content with non-invasive assaying methods, such as state-of-the-art X-ray Fluorescence (XRF) spectrometry. Our staff will then give you a dollar estimate based on the current market value of gold.
How Do I Know if My Gold is Real?
If you inherited or found gold when gold mining, you might be curious about how to tell if it’s real before trying to sell it. Here are a few different methods for assessing the genuineness of your scrap:
- Hallmarks. The easiest way is to inspect your objects and look for identifying markings and stamps. Three-digit purity numbers (999, 916, 917, 750, etc.) or karat markings (24K, 22K, or 18K) show the object’s pure gold content, indicating it likely contains real gold.
- Corrosion and tarnishing. Real pure gold does not rust, corrode, or tarnish. Tarnish can appear on jewelry made using gold alloys with relatively low gold content, so if you see visible signs of corrosion, your gold may have less than 50% gold content.
- Magnet test. Real gold items are constructed entirely from pure gold or alloys of gold and other non-magnetic precious metals. These properties mean they should not be attracted to neodymium magnets. If your item sticks to a magnet, it may contain iron, steel, or another ferrous metal.
- Professional assessment. If you want the most accurate assessment of your items’ gold content, contact AU Precious Metals. We can use non-destructive testing methods and provide a breakdown of your items’ gold content.
What is the Difference Between Grams and Karats?
Karats and grams are two different ways to measure your gold items. Any gold object can be measured in both karats and grams.
- Grams (g). This unit measures your gold item’s actual mass. As a metric unit, grams are more commonly seen than troy ounces in gold items manufactured outside the United States or the United Kingdom.
- Karats (k). Karats measure fractions of gold purity, or what percentage of the item is made of pure gold. 1 karat is equal to 1/24 pure gold. For example, an 18K gold object is 18 parts pure gold and 6 parts other metals, equivalent to 750 purity. The highest number of karats a gold object can have is 24K, equivalent to 999 purity.
The karat value of gold indicates its purity, with higher karats containing more pure gold, which increases its value per gram. For instance, an 18k gold bar weighs 20 grams, with 18 karats signifying 75% purity. This means it has 15 grams of pure gold and 5 grams of other metals.
A 24k gold bar also weighs 20 grams but is almost entirely made of pure gold. Since all 20 grams are pure gold, a 24k bar contains more pure gold per gram than an 18k bar, making it more valuable.
Is it Better to Sell Gold Online or In Person?
While selling gold over the Internet can seem faster and more convenient at first glance, it has a few drawbacks. Online sales don’t let you speak or interact with the buyer face-to-face, can introduce long payment delays, and don’t guarantee trustworthiness.
The safest way to sell your gold is to visit a local, reputable gold buyer. Trustworthy dealers have years of experience in the business, are always ready to answer your questions, and can pay cash immediately if you decide to sell.
AU Precious Metals in Rochester, MI, offers a convenient mail in program as an alternative to selling gold for cash online. With our program, you can sell gold from the comfort of your home, similar to online, but with the benefit of receiving our expertise and fair pricing.
Are There Fees Associated With Selling Gold?
Depending on the service, you should expect to pay a few fees when selling gold. Below are typical fees assessed during the transaction:
- Buyer’s premium. This is an additional charge, usually a percentage of the final sale price, that the buyer adds to the seller’s cost. The rate can vary widely but typically ranges from 1% to 10%, depending on the buyer and the value of the gold.
- Assay fees. These are charged for testing the purity and weight of your gold to confirm its value. Depending on the complexity of the testing and the type of gold, assay fees can range from $20 to $50 or more, but many buyers, like AU Precious Metals, offer the service for free.
- Refining fees. If your gold needs to be melted and purified to assess its value, there may be a charge for this process. Refining fees are often calculated as a percentage of the gold’s value.
- Shipping costs. If you need to ship your gold to a buyer, you might incur charges for postage and insurance to ensure it arrives safely. Expect to pay based on the weight and value of the gold per post office rates. At AU Precious Metals, we absorb shipping costs for products worth over $5,000.
What Happens to My Gold After I Sell It?
Once we buy your unwanted gold and pay you for it, we will typically analyze it again to ascertain its purity and weight. Our team then sorts items by type, purity, and origin. If the items are desirable as-is, we may sell them to potential new buyers and investors at our locations.
If you sell us scrap gold, estate jewelry, or gold items of varying purities, we may have them melted and refined into fine gold. The newly made gold is often sold to manufacturers to produce new bars, coins, or jewelry.
Is There a Minimum Amount of Gold I Need to Sell?
There is no specific minimum quantity of gold you can sell. Even small amounts can be worth money; on June 13, 2024, a single troy ounce of gold was worth $2,313.40. Even a fraction of these quantities, such as small pieces of scrap gold jewelry, could net you hundreds of dollars.
Do I Need To Clean My Gold Before Selling It?
AU Precious Metals strongly recommends against cleaning gold items, regardless of age or purity. Cleaning gold, especially collectibles such as numismatic coins or investment-grade bars, can scratch or dent the surface and introduce discolorations that can devalue them.
If your gold coins, bars, jewelry, or objects have developed a patina, it can make them more valuable or desirable. Patina patterns are unique to each piece and serve as proof of your item’s age, giving it authenticity and a unique character.
Will I Receive Payment Immediately?
How quickly you get paid when selling gold for cash depends on how you sell your items. For example, with AU Precious Metals, visiting us in person lets us pay cash immediately, allowing you to convert your gold into dollars as quickly and conveniently as possible. We also offer wire transfer payments, checks, or trade-ins for other types of bullion.
If you have chosen our mail in program instead, you will receive a payment offer after following our shipping procedure. The amount you receive is equal to our in-person estimate minus shipping fees. After reviewing and accepting our offer, we will mail your money, subjecting the payment to standard postal waiting times.
Can I Sell Gold That is Inherited or Gifted?
Yes, as long as you keep certain legal considerations in mind. While no laws explicitly regulate the sale of gifted or inherited gold, you may be subjected to federal capital gains taxes at potentially up to 28%.
If the amount you received on the sale exceeds its basis, you must pay capital gains taxes on the difference. Considering these potential expenses can help ensure you receive the most money for your sale.
Sell Your Gold For Cash with AU Precious Metals Today
AU Precious Metals is the best and most convenient way to turn your gold into dollars in Michigan. Whether you have a collection of unwanted gold jewelry or are preparing to liquidate your investments, our friendly and knowledgeable staff is ready to offer the fairest price for your gold. Contact us today or visit one of our locations in Rochester, MI, or Detroit, MI.