Question 1

How is the value of my gold determined?

Accepted Answer

The price you get for your gold is based on four factors: 
	• Weight: Buyers use a precision certified scale to determine the weight of your gold and precious metals. 
	• Purity: Gold purity is measured in karats (for gold) or fineness (for bullion), indicating the percentage of actual gold. Higher karat items are more valuable. 
	• Market Price: This is the current, real-time spot price of gold on the global market. Your offer will be based on that day’s spot price. 
	• Intrinsic Value: There are other factors that sometimes affect the value of precious metal items such as rarity, designer, condition, market demand, collectability, and so on.

Question 2

What types of gold can be sold?

Accepted Answer

Various types of gold can be sold, including: 
	• Jewelry: This includes old, broken, or unwanted gold jewelry. Its value is based on its melt value, though some pieces with significant craftsmanship or brand recognition may be worth more.
	• Bullion: These are pure gold bars and coins that are made specifically for investment purposes. 
	• Scrap Gold: This includes items like dental gold or other miscellaneous pieces valued only for their raw gold content. 
	• Coins: This includes both bullion coins (valued for their gold content) and numismatic or collectible coins (which may sometimes carry extra value due to condition and rarity).

Question 3

Where is the best place to sell gold?

Accepted Answer

Potential options include: 
	• Specialized gold buyers: Stores that specialize in buying and selling precious metals. Your local store may offer more focused expertise. Take the opportunity to ask questions.
	• Online gold buyers: These companies, which provide a pre-paid mailing kit, offer a convenient option, but require careful research to ensure the company is reputable.
	• Pawn shops: While a fast option for cash, pawn shops almost always offer a lower price than other in person venues.

Question 4

What do I need to do before selling?

Accepted Answer

To ensure a safe and fair sale: 
	• Know your gold's value: Get a baseline estimate by checking the current market price before engaging a buyer.
	• Bring an ID: Buyers are typically required by state and federal laws to ask for a government-issued photo ID.

Question 5

Are gold sales taxable?

Accepted Answer

Profit from selling gold is generally considered a capital gain and may be subject to capital gains tax. 
	• Reporting: A dealer may be required to file an IRS Form for reportable transactions, which typically involve bullion sales over certain quantities. Gold jewelry is not covered by these rules, but you still need to report capital gains on your taxes.
	• Seek professional advice: Since tax laws are complex, it is best to consult with a tax professional to understand how your specific sale will be affected.

Question 6

How do I protect myself from scams?

Accepted Answer

To avoid scams: 
	• Choose a reputable buyer: Work with a local specialized dealer with transparent processes.
	• Be cautious of high-pressure tactics: Avoid buyers who insist on rushing the sale or performing testing in a back room out of your view.
	• Be present during evaluation: Watch the appraiser weigh and test your gold, it’s your right. Avoid mail in buying tactics.

Frequently Asked Questions

Get in Touch

Business Hours

PROUDLY SERVING