How to Sell Raw Gold

Unlike most metals, gold often occurs naturally in nearly pure form. Raw gold is the generic term for gold nuggets, gold dust and pocket gold. The easiest way to sell raw gold is to find a company that does both assaying and refining of precious metals. There is also a market for raw gold (especially gold nuggets) used for jewelry and decorative purposes and you can sell raw gold on eBay or to dealers who market gold in this fashion. The steps you need to follow are similar no matter how you choose to market raw gold.

Difficulty:

Moderately Easy

Instructions

Things You'll Need

• Current information on gold prices

1. Know the market value of your gold. Check the online financial pages for daily price quotes on gold. This will give you an idea of the value of your gold, although it will be worth a little less since it has not been refined into coins or bullion.

2. Have your gold assayed. An assay is a chemical test that verifies that what you have is gold and determines the gold content (that is, how much is gold and how much is impurities). This is information that is needed to calculate the value of your raw gold.

3. Find a dealer to buy your raw gold. In many cases, the assay service also buys and refines gold, so this may be very simple. If the assay service does not buy raw gold, you can use the U.S. Mint's bullion dealer locator to find buyers in your area or contact online dealers. The link to the U.S. Mint and links to sample online buyers are provided in the Resources section.

4. Sell your raw gold. Plan on receiving a price somewhat less than the price of bullion on the financial markets, since the cost of refining the gold has to be taken into account, as well as the dealer's commission.

5. Maintain a complete record of all the steps (assaying, refining and actual sale). You will need these records for tax purposes later.

References

• Gold Fever Prospecting: Mining Equipment, Gold Nuggets and Gold Prospecting Advice

Resources

• Read this Article in Spanish
• United States Mint: Buyer Locator
• Gold Into Money: Sell Scrap Gold, Silver and Jewelry