How to sell gold and silver without getting lowballed

Most people sell precious metals only a few times in their life, and buyers do it every day. A few minutes of preparation puts you on equal footing.

Before you go

Sort by metal and karat. Keep 10k, 14k and 18k gold apart, and sterling apart from plated silver. A buyer who lumps everything together at the lowest karat is paying you less than it is worth. The karat and hallmark guide explains the stamps.
Weigh each group. An inexpensive digital scale that reads in grams is accurate enough to check a buyer's numbers.
Know the melt value. Enter each group in the melt value calculator, add it to your list, and print the list. Now you know what the metal is worth before anyone makes an offer.
Set aside anything that may be worth more than melt. Signed designer pieces, antique jewelry, valuable stones and older coins can sell for more than their metal. Have those looked at separately.

Questions to ask any buyer

Will you weigh and test my items in front of me?
What weight did you get for each karat, and in what unit (grams or pennyweight)?
What price per gram or pennyweight are you paying for each karat?
What percent of melt value is your offer?
Are you deducting for stones, springs or other non-gold parts, and how much?

A buyer who will not answer these plainly is a buyer to walk away from. The answers also let you compare two offers fairly even if one is quoted per gram and the other per pennyweight.

Comparing offers

Every buyer pays something under melt value, because refining costs money and the buyer has to earn a living. What matters is how much under. Type any offer into the offer check under each calculator and it will tell you what percent of melt you are being offered. Bring the same list to two or three buyers and the difference is often clear.

Bullion coins and bars such as Silver Eagles, Krugerrands and 1 oz bars are easier to sell and usually bring offers closer to spot than mixed scrap jewelry does.

Be careful with

Mail-in envelopes. You give up the item before you know the offer, and getting it back if you decline can be slow.
Pop-up “gold parties” and hotel buying events. There is no shop to return to if something goes wrong later.
Offers made without weighing. A flat price for “the lot” almost never works in your favor.
Scales you cannot see. Ask to see the reading. Legal-for-trade scales are certified and many states require them for buying precious metals.

This guide is general information, not financial advice. Prices and practices vary between buyers and over time.