Not all that glitters is a good deal.
You finally decide to sell gold that’s been collecting dust: a few heirloom rings, maybe a broken chain, that pair of earrings you lost half of years ago. Gold’s up. You’re ready. But then the offers start rolling in—and suddenly you’re not so sure what’s fair anymore.
Is $400 enough for those pieces? Why did one buyer say $600, while another offered half that? And what’s the deal with “free evaluations” that come with strings attached?
If you’re about to sell gold, knowing how to evaluate offers (and spot a buyer worth trusting) can make the difference between a smart transaction and a lowball regret.
Table of Contents
First Rule: Know What You Actually Have
Before you compare offers, take stock of your gold. That means:
- Karat value: Is it 10k, 14k, 18k? The higher the karat, the more pure gold it contains.
- Weight: Measured in grams or pennyweights, this determines the base value.
- Type of gold: Is it jewelry, scrap, or bullion? Some items carry additional value due to design or collectibility.
Don’t rely on the buyer to tell you what your item is worth. A basic jeweler’s scale and a magnifying glass can tell you a lot.
Second Rule: Spot Price ≠ Payout
Here’s where most sellers get tripped up. The market “spot price” of gold is the going rate per ounce of pure gold—24 karats. If you’re selling 14k gold, it’s only 58.3% pure. So, your payout is calculated based on how much actual gold is in your items, multiplied by current market pricing.
A reputable buyer will:
- Weigh your gold in front of you
- Test its purity (via electronic tester or acid test)
- Show you the calculation behind their offer
If they don’t? Keep walking.
Third Rule: Beware the Hidden Deduction Game
Some offers sound great until they’re chipped away by sneaky fees. Here are a few common ones:
- Melting fees
- Assay or testing charges
- “Processing” or “handling” deductions
- Insured shipping costs (on your end)
The best way to avoid being nickel-and-dimed? Ask for a breakdown of any and all deductions before agreeing to sell gold. Transparency is non-negotiable.
Fourth Rule: Compare More Than Just the Number
Sure, a high-dollar offer is tempting. But consider how that number was reached and what protections come with the process. Ask:
- Does the buyer use live market pricing or yesterday’s rate?
- Are they weighing the gold accurately, and disclosing purity testing?
- Is the offer binding, or just a “free estimate”?
- What happens if you decline their offer—do you pay to get your gold back?
It’s not just about the payout. It’s about how safely and clearly you get to that payout.
Fifth Rule: Online or In-Person? Both Have Pros and Cons
- Local buyers offer immediate transactions, but they may not offer the best rate if they have high overhead or limited refining options.
- Online gold buyers often offer higher payouts thanks to lower operating costs and in-house refining—but you’re mailing in your gold, so make sure they offer:
- Fully insured shipping
- Tracking
- No-pressure evaluations
- Easy return options if you decline the offer
You shouldn’t have to gamble on trust. If the process feels rushed or unclear, that’s a sign to back out.
Final Thought: Take Your Time—Gold Isn’t Going Anywhere
The urge to cash out fast is understandable. But when you sell gold, a little due diligence goes a long way. Know your karats, weigh your options (literally), and only sell to a buyer who treats the transaction like a partnership—not a hustle.
Your gold has value. So does your peace of mind. Choose both.