7 Best Places to Sell Scrap Gold [2024]
by Ryan Hart | Updated on May 2, 2024 | Post may contain affiliate links. As an Amazon Associate we earn from qualifying purchases.
Scrap gold is a term that refers to gold jewelry or other items that, in their current condition, are no longer functional or have no use or value to their current owner.
When gold is bought as scrap, it means that its intrinsic value is primarily based on the content of the pure gold in the item. The aesthetic, artistic, functional, or historical significance no longer contributes to the value of the item or piece of jewelry in question.
The gold that can be extracted as scrap from these various sources is done through a mining process. The result is recycled gold that can be used for investments or new gold creations.
Examples of scrap gold may include damaged jewelry, gold used for dental purposes, gold bars, old coins, and more.
Who buys scrap gold?
Check out our curated list of trusted online sites to sell scrap gold for cash:
1. Cash For Gold USA
Cash For Gold USA offers one of the most efficient, transparent, and simple processes to sell scrap gold and other precious stones and metals.
After submitting information and receiving Cash for Gold’s complimentary appraisal kit, the company will provide a legitimate offer to sell scrap gold within 24 hours.
Each customer of Cash for Gold is equipped with a dedicated customer support/service representative to ensure the process is smooth and satisfactory.
When selling scrap gold to Cash for Gold USA, there are several payment options from which to choose, including a traditional check, print-at-home check, direct deposit, PayPal, and more. The company’s no-hassle guarantee makes this a safe choice to sell scrap gold.
2. Sell Your Gold
Sell Your Gold, which offers a 100% satisfaction guarantee and a Better Business Bureau (BBB) rating of “A+,” is a reliable and trustworthy site to sell scrap gold. Sell Your Gold has already paid more than $60 million to gold and precious metal sellers.
While a free quote is available by phone, Sell Your Gold also offers a free appraisal kit (with a free, insured shipping option) to make the transaction as seamless as possible. In only three steps, your scrap gold can be sold safely, quickly, and with a complete satisfaction guarantee.
Current prices for precious metals – gold, silver, and platinum are listed online and updated daily. Sell Your Gold promises to beat any better offer on the same sale made by a legitimate competitor.
3. GoldFellow
GoldFellow, located in South Florida, pays for any item made of gold, platinum, silver, and diamonds – in any condition. Goldfellow is an innovative, safe, and secure way to sell scrap gold from the safety of your home – without any obligation.
With more than three decades of jewelry and gold experience, the founders of GoldFellow (before selling to Warren Buffet) designed Goldfellow to offer those who want to buy or sell scrap gold and other valuable items – a convenient and trustworthy way to convert unwanted goods into cash.
The shipping of your scrap gold is free and insured, so you are protected from the start to the finish of the scrap gold sales transaction.
4. GoldKit
Founded more than fifteen years ago,GoldKit offers a simple and convenient way to sell scrap gold for cash by never having to leave home. As an “A+” BBB-rated company, Goldkit, with a staff that has more than one-half century of industry experience, offers free shipping, with insurance up to $100,000.
If you accept Goldkit’s offer, cash payments can be made available in 24 hours. Goldkit provides a 100% satisfaction guarantee, plus a guarantee to beat any competitor’s legitimate offer.
With guaranteed satisfaction and hundreds of thousands of customers, Goldkit provides a viable way to safely sell scrap gold for a fair market price.
5. BrokenGold
BrokenGold, which accepts all kinds of gold items, offers sellers of scrap gold an online, hassle-free alternative to a local pawn or consignment shop or an expensive, often complex auction house.
Of course, the quote or offer provided by BrokenGold, like any other scrap gold buyer, will be contingent on the available market price of a troy ounce of gold; however, the company promises to send a check for an accepted offer within 24 hours of the offer’s acceptance.
BrokenGold accepts any kind of jewelry and gold, including class rings, tangled chains, dental gold, bracelets, coins, gold watches, cluster rings, and more.
6. Cash4Gold
Cash4Gold, which has been ranked among the most trusted gold-buying exchange services for more than three decades, offers a convenient & safe way to sell scrap gold for cash – quickly.
Cash4Gold, which operates as a partner to Goldfellow, buys all types and purities of gold and platinum – from jewelry to watches, coins, and bullion.
In addition, Cash4Gold, with an “A+” rating from the BBB, provides a free, insured shipping option and payment within 24 hours of an accepted offer.
7. GoldSilver
GoldSilver ranks among the most trusted names in the purchase & sale of precious metals – such as gold and silver, and more. GoldSilver offers an online marketplace in which live competitive bids for selling gold and silver bullion and scrap are posted 24/7.
Founded in 2005, GoldSilver provides a variety of silver and gold dealing services, including easily accessible online educational resources, because its mission is to provide the simplest way to sell, buy or invest in precious metals at any time.
International sellers are welcome to use GoldSilver to sell scrap gold and other precious metals, as the company has previously transacted and shipped to the majority of countries across the globe.
Frequently Asked Questions
What is scrap gold?
Scrap gold is any gold item that is no longer wanted or needed. This could be broken jewelry, old coins, or even dental gold. It’s valuable because it can be melted down and reused. Many jewelers and gold buyers will purchase scrap gold or even refine it themselves. Refined scrap gold is often more valuable than the original item because of its purity. Scrap gold can also be recycled, meaning that it can be used to make new jewelry or other items without having to start from scratch with virgin metals.
How much is my scrap gold worth?
The value of your scrap gold depends on its weight, purity, and the current market price of gold. You can check the gold price online and use a calculator to estimate your gold’s value. To get an accurate appraisal, you will need to take your gold to a jeweler or other professional for an evaluation. They will be able to assess the purity and weight of the gold and let you know its current value.
What should I do before selling my scrap gold?
Before selling, clean your gold items, separate them by purity, and weigh them. Research the current gold price and potential buyers to ensure you get the best possible deal. It is important to ask the right questions when selling gold. Be sure to understand how much gold is being purchased, what kind of payment you will receive (cash, check, etc.), and any applicable fees that may be associated with the sale. It is also important to know whether taxes are applied to your purchase.
Can I negotiate the price when selling scrap gold?
Yes, you can often negotiate the price when selling your scrap gold. Be prepared with information about the gold’s weight, purity, and market value to help you get a fair price. It is also important to have a good idea of what you are and aren’t willing to accept for it. Be sure to shop around and compare prices from at least three different buyers before making your final decision. Good luck!
Bottom Line
As we wrap up our discussion on selling scrap gold, remember that there are plenty of opportunities to turn your unwanted gold into money.
Whether you choose to sell online or in person, being prepared with information about your gold’s weight, purity, and current market value will help you make the best decision.
Always take the time to research different buyers, as this can make a big difference in the amount you receive for your gold. And don’t forget to keep an eye out for scams or low offers when selling online. With these helpful tips in mind, you’ll soon be able to turn your old, unused gold into something valuable – cash!
Ryan Hart is a licensed insurance agent, writer, and former home designer. He is on a mission to help couples protect their homes in retirement with life insurance and annuities.
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