Get the Most Cash When Selling Your Gold and Silver

Old chains, single earrings, inherited flatware and a jar of pre-1968 coins can add up to real money. But two people selling the same items can walk away with very different payouts. The difference usually comes down to preparation and who you sell to.

Here is how to get the most cash for your gold and silver.

1. Know the Current Spot Price

Gold and silver prices move every day, sometimes every minute. Before you sell, check the current spot price and see how a buyer calculates their offer from it.

A trustworthy buyer will publish their rates or explain their math clearly. If a buyer won't tell you how the number was reached, treat that as a warning sign.

2. Understand Karat and Weight

Your payments will be determined by two main criteria: purity and weight.

• The gold purity is expressed in Karats (K). 10K, 14 K, 18K, 22K and 24K have different density and therefore, different prices per gram.
• Purity of silver is usually marked as 925 or Sterling. Besides, Canadian coins, circulation before 1968, and US coins, circulation before 1965, have silver content as well.

Check if your item has a purity mark such as 10K, 14K, 18K or 585, 750, 925. If not, do not worry: the professional appraiser will check the metal on a precious metal detector right in front of you.

3. Don't Clean, Repair or Throw Away Broken Pieces

Many people think that broken jewelry is lower valued and thus throw it away or try to fix it first. Do not do that! Gold and silver are precious metals, their worth is estimated by how much gold or silver they are made of. Thus, any broken chain, twisted ring, single earring hole, bent jewelry, or dented detail will have the same value as a whole piece of jewelry. Do not waste your time and money on trying to repair or polish it before selling.

4. Sort Your Items Before You Go

A little organizing saves time and helps you see what you have:

• Group gold by karat where you can
• Separate silver coins from sterling silver pieces
• Set aside watches, branded jewellery and anything with stones
• Keep any paperwork, boxes or appraisals for special pieces

Sorting also makes it easier to notice when an offer doesn't add up.

5. Get More Than One Offer

Don't sell to the first place you find. Compare at least two or three buyers, and look at more than the bottom-line number:

• Do they publish their buying prices?
• Do they weigh and test items in front of you?
• Do they explain exactly how the offer was calculated?
• Is there any pressure to decide on the spot?
• Are they accredited, with a real office and real reviews?

A slightly higher headline number means little if it comes with hidden deductions or a rushed process.

6. Watch Out for Common Selling Mistakes

• Selling to a generalist. Pawn shops, mall kiosks and "cash for gold" pop-ups often price items on a fixed formula, or don't test them properly.
• Getting only a lump-sum offer. Ask for the offer broken down by item, karat and weight.
• Accepting on the spot out of pressure. A good buyer lets you say no and walk away, no strings attached.
• Mail-in gold programs. Once your items leave your hands, you have little control over the price or process.
• Ignoring silver. Old coins and sterling flatware are often forgotten in drawers, but they're worth real money.

7. Sell Face to Face With Someone Who Tests in Front of You

The best way to feel confident is to watch the process yourself. At a reputable buyer, your items are weighed, tested and calculated in front of you. Modern methods such as XRF scanning and acid testing identify metal content accurately without damaging your pieces. You should see the scale, the test and the math.

At Five Star Gold Exchange, that's exactly how every appointment works: by appointment only, no lineups, no obligation, and same-day payment if you accept. If you're coming from the south side of the Fraser, see our page for a gold buyer in Surrey. If you're in Richmond, our sell gold in Richmond page explains how it works for you.

8. Bring Valid Photo ID

Licensed buyers in Canada must comply with federal, provincial and municipal regulations. This means that all sellers must have a valid government-issued photo identification and must be 18 years of age or older. Have them ready so that your appointment goes smoothly.

Quick Checklist Before You Sell

• Check the current spot price for gold and silver
• Sort items by type and karat
• Skip cleaning and repairs
• Compare offers from more than one buyer
• Ask how the offer is calculated, and ask to watch the testing
• Only accept if you're comfortable with the number
• Bring your photo ID

Sell Smart, Get Paid Fairly

You don't need to be an expert to get a fair price for your gold and silver, but you should be informed. Know the spot price, understand what you own, compare buyers and choose one that shows you everything. This way you maintain more of the value of the metal you are selling.

Ready to find out what your gold and silver are worth? Call 604-779-2755 or email info@fsge.ca to book a free, no-obligation appointment.