Selling Gold Undercover - Who Gives The Best Price?

We went undercover gold selling to see who would really give us the best price for our gold. What you need to know before trying to make quick cash for your old stuff!

PS: Know what you have before you sell it. Check out this link for tips on how to value your gold first!.

[Omari]

Rule#1: Never let people walk off with your gold.

[bishoppohsib]

He didn’t force so he didn’t lie. He just gave a grimey offer.

[enricotrombini]

Sell it to a refiner period, should get up to 97% of spot

[millerforester]

Your best shot is a local coin dealer. When a dealer ships off all his unuseable "scrap" gold, they have to pay to ship it, and will not receive anything close to the gold content. The scrap has to be assayed and melted into bars that can be use to make new gold jewelry. So anything over 75-80% is fair. Weigh your scrap gold with a precise gram or dwt scale. Gold coins made by a government sell for close to bullion value, or more, unless damaged.

[harryzero]

It's not difficult, most online bullion dealers have continuous updating prices, many price per gram on the regular gold alloys. All you need is some cheap digital scales and a magnifying loupe
Weigh each alloy category separately and bag it. When you visit your local or visiting gold 'merchant' you will know the weight and how much for each weight.

[danavipuzzles]

It's not too difficult to educate yourself. Gold has a fluctuating global spot price at any time. For instance, now it's about $1, 960 per troy ounce. There are 31.1035 grams in a troy ounce, in case your gold is in the form of jewelry or grams (as opposed to bullion and coins in ounces). By doing some simple math, you get the spot value of gold in grams, which is about $63 now (bearing in mind that this number changes literally every minute of every day, though it rarely fluctuates more than $30-40 per day per ounce -- though sometimes it can). Then you weigh your gold. If it's 24K gold, then the calculation is simple. The weight of the gold (whether in grams or troy ounces) multiplied by the spot price. If your gold is lower than 24K, like 18K, that would mean that your gold is 18 parts out of 24 parts gold, and 6 parts other metals. Or if it's 14K, then it's 14 parts out of 24 parts gold, and 10 parts other metals. So, let's say you have an 18K piece of gold jewelry that weighs a total of 1 ounce. 18/24 = 0.75 = 75%. Since the whole piece (gold and alloy) is 1 ounce, the pure gold in it is 75% of that 1 ounce. If spot price is $1, 960 per ounce, you multiple that by 75% and get $1, 470, which is the actual gold value you have. Now, the kind of gold you have makes a difference as well. If you have it in the form of jewelry, you will never get paid full spot price for it. In the best case scenario, you might get paid 90% of it's market value, though less is common as well, like 70-80%. I think anyone who'd try to pay you less than 70% would be ripping you off. So, at 70-90% of $1, 470 you can reasonably expect to get about $1, 029-$1, 323 for it. On the other hand, if you have gold bullion, you should usually be able to get full spot price for it, or at least almost full spot, and in some cases a bit over spot. If you have a 1oz gold bar, or 5oz, or 10oz, which is 24K pure gold, you should be able to get 99%-100% spot value for it if you go to sell. The smaller size you sell, the more likely you'll get that 100% rather than 99%. Putting aside collectibles (which are valued by their rarity as a collectible, more than just by their gold content), certain gold bullion has higher value. For instance, if you want to sell back a 1oz American Gold Eagle, which would have a spot value of $1, 960 by the current price, you may get $25 or so over spot when selling it. Or if you have a 1/10th oz American Gold Eagle, you may be able to get 3-9% over spot when selling it. The 1/10th oz would have a spot value of $196 (1/10th of an ounce), plus 3-9% would bring it up to $201.88-$213.64. That is why these coins cost more to buy than other bullion. They are easier to sell and you get some of your premium back on top of getting 100% spot price for them. You also have to be mindful where you go to sell. Authorized bullion dealers will usually give you the most for them. If you walk into a jewelry shop, on the other hand, they might not be willing to pay you 100% spot even on an American Gold Eagle, since they deal in jewelry rather than in bullion.

[MUDSWAT]

I love how they cleverly add "This is worth"... Places like that always say that. It makes me so mad!

[SoniaGil-qjjz]

Absolutely, I’ve sold to refinery’s, great return

[markmolinari]

Anytime you are selling something, you have to know what it's actually worth. Otherwise assume you're going to get ripped off.

[kennethg]

Gold jewelry is usually overpriced as soon as you buy it, especially when bought new. Gold bullion is usually traded at current spot price because of its purity. Jewelry is usually made at 10k to 18k although there is jewelry made with up to 24k it’s not common for everyday use. This report left out what purity the jewelry was made of and not every gold buyer will offer you a fair price. The content of the gold in jewelry is key when selling jewelry, I would not take anything less than 90% of its weight in gold at spot price. Like with any purchase you intend to resale at a later date consider the resale value before buying. Definitely some shady dealers here but it’s up to you to shop around for a fair deal.

[gracefloyd]

I have been enjoying your insightful videos very much. Most oscillating indicators are historical, so, in your opinion what are the best leading indicators that you use? Silver price? gold and bitcoin trade,

[derrickb.alexander]

That is the major most problem here with the sell of gold! I have pure100% gold bars and I am personally afraid to go and try and sell it here! Mainly because the shops won’t give me nowhere near what the actual price that it is worth!

[chada]

Words, however kind, can’t mend your heartache, but those who care for you share your grief and wish you comfort and peace of mind. My condolences.

[ryansilver]

Pown stars 250, 000 gold coin from 1617 the best I can do is 1500

[bashkillszombies]

Melt it down and you'll get 95-98% spot price at most refineries.

[pirigonzalez]

I have sold m Jewelry on 47th St in New York. I know I totally got scammed. I needed the money. Once you hit the street they all call one another and let them know what you have for sale. They all agree to low ball you. I went to some places and they already knew I was coming. Still looking for a place to sell my gold. i don't want to give it away.

[heatpete]

I have 600 grams of 10K gold I wanna sell and it isn't easy because it is jewelry and not many people have that kinda money and I refuse to accept low ball offers

[chrism]

They should be giving customers the exact spot price. They make money through a bid offer spread

[tricao]

because the jewelry is not 100% gold, they mixed with some types of metal to make it stronger, maybe 18k gold, 14k gold, gold is softer and easy to bend.
lower price for reasons

[mikeanderson]

good report the rip off artist needs negative comments on their site.