In early 2026, gold prices surged and touched $2,800 per ounce as global markets became unstable. Because of this rise, many people started searching for a gold buyer to turn old jewellery, coins, or scrap gold into quick cash. If you are new to selling gold, this beginner’s guide will explain everything in simple terms—what a gold buyer does, how the process works, and how you can get the best value. Last year alone, U.S. households sold around $1.2 billion worth of gold, showing how common and useful this option has become.

What Is a Gold Buyer?

A gold buyer is a person or business that purchases gold items from the public. These buyers test the gold, check its purity, and pay you based on the current market price.

Gold buyers play a key role in the gold market. They collect gold from sellers, refine it, and send it back into the supply chain for reuse.

Types of Gold Buyers

There are different kinds of gold buyers, and each works a little differently.

Local Gold Shops and Jewelers

These are walk-in stores where you can sell gold face to face. Many people prefer them because they can see the testing process.

Online Gold Buyers

Platforms like Cash for Gold USA allow you to mail your gold securely. They test it and send payment by bank transfer or cheque.

Pawn Brokers and Refineries

Pawn shops buy gold quickly but often pay less. Refineries usually deal in bulk and offer higher rates for larger quantities.

How Gold Buyers Work

Gold buyers usually follow a simple process:

1. They buy scrap gold, jewellery, and coins

2. The gold is melted and refined to check purity

3. Payment is made based on the current spot price, minus fees

On average, sellers receive 70% to 90% of the gold’s melt value, depending on the buyer and gold quality.

Real-World Example

A family recently sold their grandmother’s old gold ring to a trusted gold buyer. The ring was tested and weighed, and they received $1,500 in cash on the same day. The process took less than an hour.

Why Sell Your Gold to a Buyer?

People sell gold for many reasons, especially during strong markets.

Economic Triggers

With inflation at 3.5% in 2026, many households are selling gold to cover bills, debts, or emergency needs.

Better Than Other Options

Selling to a direct gold buyer is often better than pawn loans. Experts say it can pay 20–30% more.

“Direct buyers pay fair melt value,” says jeweler Mark Ellis.

Actionable Takeaways

1. Check the daily gold rate using the Kitco app

2. Sell when prices peak to earn more

How to Pick a Trustworthy Gold Buyer

Choosing the right buyer is very important.

Check Credentials

1. Look for BBB ratings of A+

2. Choose buyers with 10+ years of experience

Read Reviews and Test Offers

1. Check Google and Yelp reviews for patterns

2. Get quotes from at least three buyers
   About 40% of sellers regret accepting the first low offer.

Expert Tip

“Always ask for a weight and purity test in front of you,” says professional assayer Lisa Grant.

The Selling Process Step by Step

Here’s how selling gold usually works:

Prepare Your Gold

1. Clean items lightly

2. Sort by type: coins, rings, chains

Get It Appraised

1. Gold is weighed and tested

2. Example: A 14k chain may pay around $45 per gram

3. You can negotiate the offer

Close the Deal

1. Receive instant cash or bank transfer

2. Ask for a receipt for tax records

Actionable Checklist

1. Bring valid ID

2. Note the weight before selling

3. Walk away if the offer feels too low

Common Pitfalls and How to Avoid Them

Lowball Offers

Gold prices dropped 5% in January 2026, leading some buyers to offer less. Always compare offers.

Scams to Watch Out For

1. Fake testing tools

2. Doorstep buyers
   One seller lost $800 to a home-visit scam.

Quick Fixes

1. Use insured shipping for online sales

2. “Always verify the buyer’s license first,” warns an FTC advisor.

Conclusion

Selling gold can be safe and rewarding if you do it the right way. Understand what a gold buyer does, compare offers, and always choose a trusted professional. With gold prices still high, now is a good time to check your jewellery drawer. In 2025 market rushes, sellers averaged 25% profit, proving that old gold can truly turn into a fresh start.