What Most People Don’t Know About Selling Gold For Cash

What Most People Don’t Know About Selling Gold For Cash

The more you know, the better your gold payout — and the less likely you’ll fall for lowball offers or hidden fees.

Wealthy Single Mommy  Wed, October 29, 2025

Gold price keep hitting record highs — could not be a better time to sell.

Selling gold sounds simple: take your jewelry or coins to a buyer and walk out with cash. But like most “easy money” situations, there’s more to it than meets the eye. Gold buying is one of those industries where small bits of knowledge can make a big difference. The more you know, the better your payout — and the less likely you’ll fall for lowball offers or hidden fees.

1. The price is negotiable

Don’t accept the first offer you hear. Most gold buyers start low — often 20–40% under what they’re willing to pay. Ask, “Is that your best price?” and mention you’re getting multiple quotes. Just like in any negotiation, confidence pays — literally. Be prepared to walk away.

2. The “spot price” isn’t what you’ll get

The gold price you see on financial websites — known as the spot price — is for pure 24K gold in bulk. Most jewelry is 10K to 18K, meaning it’s mixed with other metals. You’ll only be paid for the percentage of gold in your piece.

3. Weight and purity determine your payout

Reputable buyers test your items using acid or X-ray equipment. Always watch the test and ask for the results in writing. Some unscrupulous buyers will “downgrade” purity to pay less.

If you’re unsure about what you have, get a quick appraisal from a local jeweler before you sell.

4. Gold teeth and dental crowns have real value

Yes — dental gold is typically 16K to 22K and can be sold for scrap. Refiners or specialized buyers will pay by weight, though they may deduct a small amount for extraction. A tooth can fetch $300 and a bridge $1,200.

5. Electronics contain gold, too

Old circuit boards, phones, and CPUs have trace amounts of gold. It’s not worth much in small batches, but if you have bulk electronics — especially old computer parts — you may have hidden cash sitting in storage.

6. What you’ll get from gold changes every day

Before heading out, check the live gold price per gram at trusted sites like Kitco or JM Bullion. Knowing the market rate keeps you from being shortchanged.

7. Gold in your ring is probably worth more than the diamond

Most gold and jewelry buyers are only interested in diamond of .3 carat weight or more and even larger diamonds have dramatically decreased in value in recent years. Sometimes even smaller diamonds of very high quality can bring in less than $50.

Many people are surprised to learn that while resale value of lab-grown diamonds or cubic zirconia is $0 or close, the gold setting is always valuable — especially now.

8. Gold in jewelry is probably worth more than the gemstone

Unless your ring or necklace has an unusually large and high-quality ruby, sapphire, emerald or other gemstone, it probably worthless — no matter how much you paid for it, or how much you love it. However, the gold setting is absolutely worth its weight in gold.

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