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Finding A Fortune

Can You Sell Gold that You Find?

The short answer is yes. You can sell gold that you find.

Unfortunately, selling gold isn’t always a simple process. You will need to go to a local gold buyer with your verified item and they will offer you a price for it. The price will be based on the weight and the purity of the gold that is being sold.

Pricing is based on the current spot price for gold.

There will also be a buyer’s premium added to the final price.

Here’s what you need to know to make sure you’re getting the best price possible for the gold that you’ve found.

#1. Don’t settle on the first quote you receive.

You should always shop around for the best price when selling gold. Go to local reputable jewelers. Talk to a local pawn shop. Rare coin dealers sometimes buy gold as well. Get at least three local bids and look for a service that may provide you with an online bid. Then go with the best price you get.

Beware of any request that you leave the gold product for a “later” evaluation. Have it evaluated in front of you and always take the gold with you unless you agree on a final price.

#2. Avoid pop-up gold buyers.

Most pop-up gold buyers will under-appraise items by at least 50%. You can get fast money this way, but you won’t maximize your profits. It is better to establish a relationship with a local gold buyer than deal with someone who wishes to remain anonymous.

#3. Weigh your gold before you go.

The accuracy of a gold scale must be verified for someone in the business of buying gold to stay in business in most jurisdictions. Even with this fact in mind, you should weigh your gold independently before going to a dealer. That way you know the exact weight. Then watch the scale carefully to ensure the weights match. Gold is typically purchased by grams and pennyweights, so you need to make sure the weight is equal and accurate so the right pricing estimate is given.

#4. Always read anything you’re asked to sign.

Whether you sell locally or choose an online gold buyer, always read the terms and conditions of the price – including the fine print. Many online buyers tend to offer a lower price, give you free shipping to create a sale, but will charge you an arm and a leg to return your gold if you find the price is under-valued.

#5. Scrap gold does not fetch the same price as government-backed gold.

The spot price of gold is based on a pure product. Scrap gold, even if it is 24K or .999 gold, is not usually treated the same as a government-issued coin, bar, or bullion. This is because the scrap gold must be sent to a refiner for it to become a useful product. Expect discounts of 10-20% from the spot price for the scrap gold you may find with a metal detector.

Rare gold items sell better for its collectability than its weight. If you find a rare gold coin with a gold panning kit or sluice, or if you use a metal detector, make sure to have the item independently appraised before trying to sell it. That way you can sell the gold that you find for the best possible price, every single time.

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