Selling Gold for Cash: Your Complete Guide

Have you ever sold gold scrap for cash? Unwanted gold items like broken jewelry, an old watch, or even a dental crown could be worth more than you’d think. Gold prices soared above $5,500 in early January – and though they’ve cooled down a bit, today’s prices are still remarkably high. It’s an ideal time to sell precious metal scrap, so here’s your step-by-step guide for getting maximum value. 

Step 1: Gather and Sort Your Scrap

Start your at-home treasure hunt: check the bottom of your jewelry box for things like broken chains, mis-matched earrings, spare buttons/cufflinks, or any pieces that you simply don’t want anymore. Go for the gold first, but don’t overlook sterling silver – while not as valuable as gold, silver scrap is worth selling! (Speaking of treasure hunts, check out this fun piece about shipwrecks and sunken treasure).

Once you have your scrap collected, try to sort it by purity. Start by looking for karat stamps. These little markings can be hard to see, but a magnifying glass helps. Look for stamps like:

• – 10k
• – 14k
• – 18k
• – GF (gold-filled)
• – V (Vermeil: a layer of gold bonded to sterling silver)
• – 925 (indicates sterling silver and/or gold vermeil)

Purity hallmarks are a great indicator of your jewelry’s gold content, but they’re not always definitive. If an item lacks a stamp yet appears to be genuine gold, it doesn’t hurt to include it with the rest of your scrap for further evaluation.

Step 2: Check Current Gold Prices

Like all commodities, the spot price of gold fluctuates daily. It’s smart to get a gauge on current metal prices before comparing potential buyers. While the exact purity of your scrap cannot be determined without refining it, having a rough ballpark in mind will help you avoid getting underpaid.

Checking gold’s spot price is easy – just search ‘gold price today’ or visit trusted sources like Kitco, The Wall Street Journal, or GarfieldRefining.com. Keep in mind: each day’s posted spot price is quoted for 24k pure gold, measured in troy ounces. Your scrap’s value will depend on purity and weight.

Step 3: Research Refining Companies

Ultimately, all  gold scrap gets recycled. This process takes place at a refinery like Garfield Refining, where the metal is melted down, purified (refined), and formed into bars. These bars are then sold to manufacturers who use the gold to make products like jewelry, bullion, and even electronic parts.

One major advantage of selling your gold directly to a refinery is that you’re cutting out the middleman, which yields a substantially higher payout. Selling to a cash-for-gold store may be convenient, but you’ll pay a premium.

Jewelers and Pawnshops

You can also sell your scrap to a local jeweler or pawnbroker. One advantage of these options is the face-to-face interaction, and some shops have professionals who can provide a general assessment of your gold’s purity and value.

However, because they’re not refiners, they typically can’t determine the exact composition of your scrap. That means they may not account for all the precious metals present, which can limit your payout. Additionally, brick-and-mortar shops have higher overhead costs, so they often need to keep a larger margin when making offers.

If you have a reputable jeweler or pawnshop nearby and want immediate payment, this can be a convenient choice. But if you’re not in a rush, working with a gold refinery will usually result in a higher overall return.

A Note on Dental Scrap

If you’re selling an old gold crown or other precious-metal dental scrap, keep in mind that it may also contain additional valuable metals like silver, platinum, and palladium. Many online gold buyers accept dental scrap, and dental offices are often approached by cash buyers offering quick, on-the-spot payments. But because these buyers aren’t professional refiners, they’re primarily focused on the gold content and typically don’t account for other precious metals in the mix.

Because of this, working with a refinery makes more sense. A professional refinery analyzes the full composition of your scrap and ensures you’re compensated for all the precious metals present, helping you get the most accurate evaluation and highest possible return.

Selling Gold Online

Selling gold online has become increasingly popular. After all, it’s convenient – just click a few buttons, send in your material and get paid. But here’s the catch: many online gold buyers are just scrap aggregators acting as intermediaries, and they’ll ultimately sell your scrap to a refinery.

When comparing different sites, look for signs that the company is actually refining the metal on-site. An authentic refinery will provide information about their process, photos and footage of their melters in action, and plenty of verified customer reviews. Working with a refinery like Garfield offers the best of both worlds: an easy transaction and a fair payout.

Garfield Refining: Trusted for Over a Century

Congrats, you’re now an informed scrap seller! Whether you have a single gold crown, a collection of jewelry or something in between, Garfield Refining can help you get the most for your precious metals.

With over 130 years of refining expertise, we serve jewelers, pawnbrokers, dentists, individual sellers and more. Our exceptional service has named us ‘Best Refiner’ by Dentaltown Magazine for 15 years running.

Ready to sell your gold scrap? Get started today with a free shipping label!