How to Sell Your Gold
When it's time to liquidate, where you sell matters. The difference between best and worst options can be 10-20% of your gold's value.
Selling Options Ranked
Option 1: Online Dealer Buyback
The same dealers who sell gold also buy it back. This is usually the easiest option with competitive prices.
Pros
- ✓ Competitive prices (96-99% spot)
- ✓ Simple, established process
- ✓ Insured shipping provided
- ✓ Payment within days of receipt
- ✓ No haggling
Cons
- ✗ Must ship gold (some anxiety)
- ✗ Price locks when they receive, not when you ship
- ✗ Takes 5-10 days total
How It Works
- 1. Get a quote online (most dealers show live buyback prices)
- 2. Request a sell order / receive shipping label
- 3. Ship insured (dealer provides label)
- 4. Dealer verifies, locks price, sends payment
Best Dealers for Selling
JM Bullion, APMEX, SD Bullion — all have straightforward buyback programs. Compare their current buyback prices before committing.
Option 2: Local Coin Dealer
Pros
- ✓ Immediate cash payment
- ✓ No shipping anxiety
- ✓ Can negotiate in person
- ✓ Build ongoing relationship
Cons
- ✗ Prices vary wildly by dealer
- ✗ May lowball inexperienced sellers
- ✗ Need to shop multiple dealers
- ✗ May not want large quantities
Tips for Local Selling
- • Know the current spot price before you go
- • Get quotes from 3+ dealers
- • Don't accept less than 92% of spot for standard bullion
- • Bring ID (required for cash transactions)
- • Avoid "We Buy Gold" storefronts (usually worst prices)
Option 3: Private Sale
Sell directly to other collectors/investors. Best prices, but requires more effort and carries risks.
Pros
- ✓ Best prices (spot or above)
- ✓ No dealer spread
- ✓ Can build network of buyers
Cons
- ✗ Scam risk (fake payments)
- ✗ More time and effort
- ✗ Need established reputation
- ✗ Safety concerns (meeting strangers)
Private Sale Platforms
⚠️ Scam Warning
Never accept personal checks, Zelle, or Venmo from unknown buyers—payments can be reversed. Use PayPal Goods & Services (buyer pays fees) or insist on cash/crypto for local sales.
Option 4: Pawn Shops (Avoid)
Why to Avoid Pawn Shops
- ❌ Typically pay 70-85% of spot value
- ❌ Staff often don't know precious metals
- ❌ May offer scrap gold prices for bullion
- ❌ Designed for desperate sellers
Only use pawn shops as absolute last resort when you need cash immediately and have no other options.
Tax Implications
What You Need to Know
- • Capital gains tax: Gold is taxed as a "collectible" at 28% for long-term gains
- • 1099-B reporting: Dealers must report certain sales (25+ oz gold, 1000+ oz silver)
- • Keep records: Document purchase price to calculate gains accurately
- • Consult a tax professional for significant sales
Maximizing Your Sale Price
1. Know the Spot Price
Check Kitco.com or dealer websites for current spot. Any offer below 90% of spot is a lowball.
2. Sell Recognizable Products
American Eagles, Maple Leafs, and PAMP bars get the best buyback prices. Generic rounds/bars get less.
3. Keep Original Packaging
Coins in mint tubes, bars in assay cards command higher prices than loose pieces.
4. Get Multiple Quotes
Check 2-3 online dealers AND local shops before selling. Prices can vary 2-5%.
Quick Selling Decision Guide
- Large amount ($5K+): Online dealer buyback (JM Bullion, APMEX)
- Need cash today: Local coin dealer (not pawn shop)
- Want best price & have time: r/Pmsforsale or private sale
- Small amount: Local dealer or online if shipping is free
- Avoid: Pawn shops, "We Buy Gold" stores, Craigslist randos