To sell gold for the best price in the US, compare the bid (buyback price) for your exact product at several dealers on the same day and sell where it is highest. Bids for the same coin or bar vary between dealers, and the dealer you bought from doesn’t always pay the most. Knowing the melt value of your gold before you ask for a quote is the best protection against a lowball offer.
Step 1: know what you are selling
- Bullion coins and bars (American Gold Eagles, Buffalos, Maple Leafs, Krugerrands, bars from known refiners) sell back close to spot, because dealers can resell them easily.
- Jewelry and scrap is usually bought by weight and purity, minus a margin for refining.
- Numismatic coins may be worth more than their gold content, but only to a buyer who values their collector premium. A bullion dealer will usually pay melt or close to it.
For jewelry, the karat stamp shows purity: 10K is 41.7% gold, 14K is 58.5%, 18K is 75% and 22K is 91.7%.
Step 2: work out the melt value
Multiply the weight by the purity and by the current price of pure gold. For example, a 10 gram 14K chain contains 5.85 grams of pure gold. Note that gold is priced in troy ounces of 31.1 grams, not the 28.35 gram ounce used on kitchen scales. Use live US gold prices and the gold calculator to get the figure. Any offer will be below melt, but now you know how far below.
Step 3: compare bids
Many bullion dealers post buyback prices for standard products that update with spot during the day. The US bullion dealers page shows several dealers side by side.
- Compare the same product, such as a 1 oz Gold Eagle or a 10 oz bar, not just the spot price.
- Check whether shipping, insurance or handling fees come out of the payout.
- Ask when the price is locked: when you call or book online, or when the dealer receives your package.
Where you can sell, and how they differ
| Buyer | Typical approach | Things to check |
|---|---|---|
| Online bullion dealer | Posted bids, you ship insured | Price lock, shipping label, payment time |
| Local coin shop | Quote at the counter, same-day payment | Offer against melt, compare first |
| Jeweler | Buys jewelry, sometimes coins | Offer against melt value |
| Pawn shop | Buys or lends against gold | Whether it is a sale or a loan |
| Mail-in “cash for gold” | You mail items, they make an offer | Return terms if you reject the offer |
| Private sale | Marketplace or classified ad | Payment safety, counterfeit disputes |
Mail-in buyers can be convenient but vary widely. Before you send anything, find out whether returns are free and insured if you reject the offer, and how long you have to decide.
Step 4: prepare items and paperwork
- Keep coins and bars in their original packaging, capsules or assay cards. Damage or cleaning can lower the price.
- Bring a government-issued photo ID. Some states and cities require precious metals buyers to record seller identification.
- Keep your purchase receipts. They establish your cost basis for tax purposes.
- Confirm the price before you visit or ship. Bids move with the market during the day.
Taxes and reporting when you sell
The IRS treats physical gold as a collectible. Long-term gains (on gold held more than a year) are taxed at your ordinary rate up to a maximum of 28%, and short-term gains as ordinary income. Gains are reportable whether or not the dealer sends you a form.
For certain products in certain quantities, dealers file Form 1099-B when they buy from you. The thresholds are based on industry practice rather than a simple published dollar limit, so ask the dealer in advance whether your sale will be reported. Large sales are usually paid by check or wire rather than cash.
Selling a larger holding
- Get quotes from two or three dealers on the whole lot. Some pay slightly more per ounce for larger quantities.
- Make sure the quote states how and when you will be paid.
- If you ship, use the dealer’s insured label or a fully insured carrier, and photograph or video the contents before sealing.
- Think about timing across tax years and holding periods, since gold held one year or less is taxed as a short-term gain.
Common mistakes
- Accepting the first offer without knowing melt value.
- Comparing different products, such as a coin’s bid at one dealer with a bar’s at another.
- Mailing items without knowing the return terms.
- Cleaning coins or removing them from capsules or slabs.
- Ignoring fees deducted after the offer.
How much you lose on a round trip
If you buy and sell right away, you lose the spread – the gap between a dealer’s ask and bid. It is usually smallest on large bars and standard 1 oz coins, and larger on small bars and fractional coins. That is one reason physical gold is usually held for a longer period.
Bottom line
The best price when selling gold comes from knowing melt value, comparing bids for the same product at several dealers on the same day and checking for deducted fees. Bullion coins and bars sell back close to spot, while jewelry is bought as scrap. Gains on physical gold are taxed as collectibles, and some sales are reported by dealers on Form 1099-B.
Sources: IRS Topic 409 – Capital gains and losses · IRS – Instructions for Form 1099-B · CFTC – 10 things to ask before buying physical metals
This is general information, not tax or investment advice.
Frequently asked questions
Where is the best place to sell gold in the US?
There is no single best place. Compare the bid for your exact product at several online dealers and local coin shops on the same day, and check for fees deducted from the payout.
How much will I get for gold jewelry?
Usually the melt value of the pure gold it contains, minus a refining margin. Work out melt value from the weight and karat stamp before asking for a quote.
Do I have to pay tax when I sell gold?
Gains are taxable. The IRS treats physical gold as a collectible, so long-term gains are taxed at ordinary rates up to a maximum of 28%, and short-term gains as ordinary income.
Will the dealer report my gold sale to the IRS?
For certain products and quantities, dealers file Form 1099-B. Ask the dealer before you sell. Your gains are reportable either way.
