How Do I Sell My Gold for Cash?

 

After following GoldSilver.com’s easy sellback procedure and locking in your sellback price, we will send cash directly to you, via check, or via electronic transfer to your bank account or IRA.

See our complete list of payment methods for sellbacks, along with notes on practices and requirements.

Keep in mind when selling gold and or silver, the most important aspects to manage are:

Price - There is a wide range out there for what companies will pay for gold, silver, and other precious metals. So be sure to understand:

  1. The weight (in troy ounces, not standard ones, if dealing in the US/Europe or grams in most of the rest of the world) and purity of your metals. That will let you easily calculate what your gold is worth at “spot” (see our explanation of spot prices) and how good a deal
  2. Whether there is any additional collectible value to your gold/silver, such as rare coins, jewelry more prized for its beauty than metal content, etc.

At GoldSilver.com we deal exclusively in bullion -- i.e. NOT collectibles. We pay the highest price we can for all sales to us, often just a tiny fraction below or even above the spot price of metals depending on the products. We provide you the price upfront before any sale, and you simply give us a list of what you intend to sell, lock in your price, mail in your metals, and get paid. This way you can compare prices at home, privately, and get the best deal possible.

Security

When selling gold and silver, make sure you transport it securely and discreetly.

If mailing to a dealer like us, for example: package it securely at home versus bringing it to a pack and ship provider, and make sure you insure your package for its full current value as it is still your responsibility until it gets to our processing center.

If selling locally, to a coin shop or at a traveling buyer (who often set up shop at hotels or with financial shows), keep in mind that the local dealer and anyone frequenting that shop will become aware you own precious metals and keep them locally. Be mindful to keep them hidden when in transit, stay on the lookout for people staking out cars or eavesdropping in a shop, and just be mindful of physical security in general. The added risk is realistically minimal, but something to keep in mind just in case.

Dealer trust

This one may seem part and parcel to security, but there’s more to it than that. Beware any dealer who doesn’t provide you with a receipt for your sale. Or who tells you that they don’t report any sales to the IRS (for US customers) or equivalent local tax authority where you are selling. In other words, watch out for “we pay cash, and we’re discreet” type language or promises.

While the ‘outside the banking system’ nature of precious metals is part of the appeal of the asset class, depending on your situation, you may be required to report certain sales and/or pay taxes on any gains. The failure of your dealer or you to report your transaction when required (gain or not) may someday result in an unexpected call from your tax collector, penalties/fines, and even prosecution. So work only with dealers who document transactions and are forthcoming about tax reporting requirements.