Why Selling Your Precious Metals Deserves a Trusted Partner
When we buy silver and gold, we're helping people turn forgotten jewelry, inherited coins, and unused bullion into immediate cash—at prices anchored to real-time market rates. Whether you've finded a box of sterling silverware in the attic or you're ready to liquidate a coin collection, finding a buyer who offers transparent pricing and fast payment is critical.
Top places that buy silver and gold:
| Buyer Type | Best For | Key Advantage |
|---|---|---|
| Local Coin Shops | Quick cash, small lots | Immediate payment, no shipping |
| Online Dealers | Large quantities, competitive pricing | Convenience, insured mail-in service |
| Pawn Shops | Emergency funds | Same-day cash |
| Precious Metals Refiners | Scrap gold, dental gold | High purity payouts |
| Summit Metals | All forms of gold and silver | Transparent pricing, secure process, competitive rates |
The challenge isn't just finding a buyer—it's finding one who won't lowball your items or hide fees behind vague "assay charges." Too many sellers walk away with 60–70 % of spot price simply because they didn't understand purity standards, didn't shop around, or trusted a buyer with opaque processes.
This guide walks you through every step: how to calculate what your gold and silver are truly worth, what documentation you'll need, how payment works, and—most importantly—how to spot red flags before you hand over your valuables. You'll learn the difference between melt value and numismatic premiums, why a 14k bracelet sells for less per ounce than a 24k coin, and how market conditions on the day you sell can swing your payout by hundreds of dollars.
I'm Eric Roach, and after a decade advising Fortune 500 companies on multi-billion-dollar hedging strategies in New York, I now help everyday investors protect wealth through physical precious metals—including navigating the process when we buy silver and gold from clients looking to liquidate. My institutional background in risk management and market cycles ensures you get the same disciplined, transparent approach that blue-chip treasuries demand.
Quick we buy silver and gold definitions:
- how much is gold and silver selling for
- how to make money buying and selling gold and silver
- where to sell my silver
How to Determine the Value of Your Gold and Silver
Before you even think about selling, understanding the true value of your precious metals is your superpower. It empowers you to negotiate confidently and ensures you get a fair deal. At Summit Metals, we believe in arming our clients with knowledge, because a well-informed seller is a happy seller.
Spot Price vs. Premium: What's the Difference?
When we talk about the value of gold and silver, two terms often come up: spot price and premium. The spot price is the current market price for one troy ounce of a precious metal for immediate delivery. Think of it as the raw, baseline value. This price fluctuates constantly throughout the day, influenced by global supply and demand, economic news, and geopolitical events.
However, when you buy or sell physical gold or silver, you'll rarely transact at the exact spot price. This is where the premium comes in. A premium is an additional cost above the spot price, which covers manufacturing, distribution, storage, and the dealer's profit margin. For sellers, the "premium" is often reflected in a slightly lower buy-back price than the current spot.
Understanding this dynamic is crucial. For a deeper dive into how these prices are set, explore our guide on Spot Price vs. Premium: How Precious Metals Pricing Works.
Purity Standards: Karats for Gold, Fineness for Silver
The purity of your gold or silver item is the single most important factor in determining its intrinsic value. Not all that glitters is 24k, and that's okay!
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Gold Purity (Karats): Gold purity is measured in karats (k). Pure gold is 24k, meaning it's 99.9% gold. Lower karat values indicate alloys, where gold is mixed with other metals (like copper, silver, or zinc) to increase durability or change its color.
- 24k: 99.9% pure gold
- 22k: 91.6% pure gold (common in some coins and jewelry)
- 18k: 75% pure gold (popular for fine jewelry)
- 14k: 58.3% pure gold (common in U.S. jewelry)
- 10k: 41.7% pure gold (often found in older jewelry or class rings)
- 9k: 37.5% pure gold (common in some international jewelry) We also buy white gold, which is gold alloyed with white metals like palladium or nickel. For a comprehensive breakdown, check out Understanding Karats and Purity in Gold.
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Silver Purity (Fineness): Silver purity is expressed as a fineness number, indicating the percentage of pure silver.
- .999 fine silver: 99.9% pure, often found in bullion bars and rounds.
- Sterling silver (.925): 92.5% pure silver, alloyed with copper for strength. This is what most jewelry and silverware are made of.
Weight Measurements: Troy Ounces vs. Grams
Once you know the purity, the next step is weight. Precious metals are typically measured in troy ounces (t oz), not the standard avoirdupois ounces you use for groceries. One troy ounce is approximately 31.103 grams. However, many items, especially jewelry, might be weighed in grams or pennyweights (dwt). We can convert any of these measurements for you during our appraisal.
Current Market Conditions
The price you receive for your gold and silver is directly tied to the global market. These markets are dynamic, influenced by a myriad of factors such as economic stability, inflation rates, interest rate changes, and geopolitical events. What was a good price yesterday might be even better today, or vice versa!
This constant fluctuation means that staying informed is key. You can track real-time prices on financial news sites or specialized precious metals exchanges. We recommend understanding Why Gold and Silver Prices Fluctuate and keeping an eye on The Midas Touch: What Are Gold and Silver Prices Per Ounce Today? to have a sense of current values. Prices shown are at the time of this publication.
What to Expect When You Sell Silver and Gold to Summit Metals
When you decide to sell your gold and silver, you want a straightforward, transparent, and rewarding experience. That's precisely what we offer at Summit Metals. We've streamlined our process to make selling your precious metals as easy and fair as possible.
The Types of Items We Buy: Silver and Gold in All Forms
At Summit Metals, we buy silver and gold in a vast array of forms, from heirloom jewelry to investment-grade bullion. If it's made of genuine gold or silver, chances are we're interested!
Gold Items We Accept:
- Gold Jewelry: This is one of the most common items people sell. We buy rings (including best, broken, damaged, award rings, class rings), earrings, necklaces, bracelets, pins, lockets, cameos, cufflinks, body jewelry, watches, award medals, and even specialty items like Baht chains. Whether it's estate jewelry, antique jewelry, enameled, etched, or encrusted items, we'll evaluate it. We also welcome pieces that are broken, tangled, twisted, or have missing stones. Don't let that single earring or broken chain gather dust!
- Gold Bullion: This includes gold bars, ingots, and coins. We are particularly interested in popular investment coins such as American Gold Eagles, Canadian Gold Maple Leafs, and South African Krugerrands.
- Foreign Gold Coins: Beyond the common bullion coins, we purchase a variety of foreign gold coins.
- Commemorative Coins: Coins with historical or collector value.
- Dental Gold: Believe it or not, old dental fillings, crowns, and bridges containing gold are valuable!
If you're looking to clear out your jewelry box, our guide, Turn Trash to Treasure: How to Sell Your Scrap Gold and Silver, offers great insights.
Silver Items We Accept:
- Sterling Silverware: Often passed down through generations, sterling silverware (forks, spoons, knives, serving dishes) is a common item we purchase. Sterling is 92.5% pure silver.
- Silver Bullion: This category includes silver bars, silver rounds, and investment-grade silver coins like American Silver Eagles or Canadian Silver Maple Leafs.
- Silver Coins: We buy a wide range of silver coins, including pre-1965 U.S. coinage (often referred to as "junk silver"), which contains 90% silver. For more on this, check out A Comprehensive Guide to Junk Silver Value.
- Any Other Silver Items: If it's genuine silver, we're likely interested!
Items We Typically Do Not Purchase: To maintain transparency and focus on precious metal content, we generally do not purchase:
- Gold-plated or silver-plated items: These items only have a microscopic layer of precious metal, not enough to have significant melt value.
- Unrefined metals: This includes raw gold dust, nuggets, or other unrefined forms that require extensive processing.
Gold Coins vs. Gold Bars: Which One Are You Selling?
The form your gold takes can affect its value beyond just the melt price. Here's a quick comparison:
| Feature | Gold Coins | Gold Bars |
|---|---|---|
| Melt Value | Based on gold content, usually with a slight premium for minting. | Based purely on gold content. |
| Premium | Often higher due to numismatic value, government backing, and intricate designs. | Generally lower, closer to spot price, especially for larger bars. |
| Liquidity | Highly liquid, easily bought and sold globally due to recognizable designs. | Very liquid, especially standard sizes from reputable refiners. |
| Security | Government-backed legal tender, offering protection against fraud and counterfeiting. | Relies on the reputation of the refiner and authenticity verification. |
| Fraud Protection | Face value provides a layer of legal protection, making them harder to counterfeit successfully. | More susceptible to counterfeiting for the uninformed buyer/seller. |
As you can see, gold coins, particularly sovereign coins like the American Gold Eagle, carry an added layer of trust and fraud protection due to their government-backed legal tender status. This can sometimes translate into a more stable premium, even when we buy silver and gold in coin form.
The Process When You Sell Silver and Gold to Us
Selling your precious metals to Summit Metals is designed to be as smooth as a polished gold coin. Here's what you can expect:
- Appraisal and Quotes: Your journey begins with a free, no-obligation appraisal. You can visit our location in Salt Lake City, Utah, or use our secure mail-in service. We'll carefully evaluate your items to determine their purity and weight.
- Weighing Process: All items are weighed on precise, calibrated scales to ensure accuracy. We'll show you the weight in troy ounces or grams, depending on the item.
- Testing Methods: To verify purity, especially for jewelry or unmarked items, we use non-destructive testing methods. This might include acid testing (a small, discreet scratch test), electronic testers, or X-ray fluorescence (XRF) machines, which can determine elemental composition without damaging the item. Our goal is to accurately assess the precious metal content. Curious about authenticity? Learn more about How to Tell If Gold Is Real.
- Locking in Your Price: Once your items are appraised, we'll provide you with a competitive offer based on the current market spot price and the assessed value of your items. We understand that market prices can move quickly, so we'll lock in your quoted price for a specified period, giving you peace of mind.
- Documentation Requirements: As a legitimate precious metals dealer, we adhere to all federal and local regulations. This means we require a valid, government-issued photo identification (such as a driver's license or state ID) for all transactions. This is a standard practice across the industry to prevent theft and ensure lawful transactions.
- Payment Speed and Methods: We know you want your funds quickly. Once you accept our offer, we aim for swift payment. We typically offer payment via company check, or for larger transactions, we can arrange a wire transfer directly to your bank account.
- Policy on Items with Gemstones: If your gold or silver jewelry contains precious gemstones (like diamonds, rubies, sapphires, or emeralds), we will assess their value separately. Monetary considerations for these precious gemstones are applied and included in your total offer, ensuring you get the full value of your piece. If the gemstones are not precious or have minimal value, they may be removed before weighing the metal, but we'll always discuss this with you upfront.
Choosing a Trustworthy Buyer: Why Summit Metals Stands Out
Selling your precious metals can feel like navigating a minefield, especially with so many options out there. But choosing the right buyer is paramount to ensuring a fair, transparent, and secure transaction. At Summit Metals, we pride ourselves on being that trusted partner.
Online Selling with Summit Metals
For many, the convenience and competitive pricing of online selling are unbeatable. We offer a secure and efficient mail-in service designed to make selling your gold and silver effortless, no matter where you are in Utah.
- Secure Mail-In Service: We provide clear instructions and secure packaging for you to safely ship your items to us.
- Insured Shipping: Your precious metals are valuable, and we treat them as such. All shipments through our mail-in service are fully insured, providing you peace of mind from your doorstep to our vault. This is a significant advantage over trying to ship valuable items yourself.
- Competitive Rates: Our online model, combined with our bulk purchasing capabilities, allows us to offer some of the most competitive rates in the industry.
You can learn more about the pros and cons of this approach in our article, Online vs. Local: Where to Sell Silver.
Local Options Explained: Selling in Salt Lake City, Utah
While our online services are robust, we also understand the desire for face-to-face interaction and immediate transactions. For our clients in Salt Lake City, Utah, we have a physical presence where you can bring your items directly to us. This offers the benefit of real-time appraisal and immediate payment.
Finding a reputable local dealer is crucial. Many of our local clients appreciate the opportunity to discuss their items with our experts directly. If you're in the area, drop by! We're proud to be part of the vibrant precious metals community in Utah, and we're always happy to assist our neighbors. Check out our resources for finding local experts:
- From Bullion to Bling: Finding Your Perfect Gold and Silver Dealer in Utah
- Utah Silver Shopping Made Easy: Find Trusted Dealers Near You
- SLC's Golden List: Finding Your Perfect Precious Metals Dealer
- Utah's Golden Neighborhoods: Find Your Coin Dealer Near You
- Don't Just Sell, Sell Smart: Maximizing Your Gold Coin Value in Utah
Vetting a Buyer: What to Look For
Regardless of whether you choose to sell online or locally, vetting your buyer is non-negotiable.
- Transparency in Pricing: This is our cornerstone. We believe in transparent, real-time pricing and competitive rates. We'll clearly explain how we arrive at our offer, breaking down the weight, purity, and current market value. No hidden fees, no confusing jargon.
- Reputation and Reviews: A reputable buyer will have a strong track record and positive customer feedback. Look for reviews on independent platforms and check their standing with organizations like the Better Business Bureau. For example, you can always check a dealer's reputation through resources like the Better Business Bureau.
- Business Awards and Recognition: While not always necessary, recognition from local chambers of commerce or industry associations can be a good indicator of a business's commitment to its community and ethical practices. At Summit Metals, we strive for the level of community trust and recognition that reputable businesses earn through consistent, ethical service and transparent dealings.
- Avoiding Scams: Unfortunately, the precious metals market can attract unscrupulous actors. Be wary of buyers who pressure you, offer prices significantly below market value without explanation, or refuse to provide a detailed breakdown of their offer. Always get multiple quotes if you're unsure. Our guide, How to Avoid Common Precious Metals Scams, offers vital tips to protect yourself.
Frequently Asked Questions about Selling Precious Metals
We often get a lot of great questions from our clients, and we're always happy to answer them! Here are some of the most common inquiries we receive when we buy silver and gold.
Do you buy other precious metals besides gold and silver?
At Summit Metals, we specialize in buying and selling authenticated gold and silver precious metals for investment. While gold and silver are our primary focus and expertise, the precious metals market also includes platinum and palladium. If you have items made of these other metals, we encourage you to contact us directly to discuss our current buying policies and whether we can accommodate your specific items. Our priority is to ensure you get the best possible value for your precious metals.
Are there special considerations for selling large quantities?
Absolutely! Selling large quantities of gold or silver, whether it's a significant bullion collection or a substantial estate, comes with its own set of considerations, and we're well-equipped to handle them.
- Potential for Better Pricing: For larger transactions, we may be able to offer even more competitive pricing due to economies of scale. It's always worth discussing the specifics of your large lot with us.
- Special Arrangements for Security and Logistics: Transporting and selling a large volume of precious metals requires careful planning. We can make special arrangements for insured shipping or secure in-person transactions at our Salt Lake City, Utah location to ensure both your safety and the security of your assets. This might include private appointments or coordinated, insured delivery services.
- Documentation: Larger transactions may have additional reporting requirements, which we will guide you through transparently.
For those considering significant sales, our article Golden Opportunities Await: Mastering Bulk Gold Purchasing can provide further context, even though it focuses on buying. The principles of handling large quantities remain relevant.
Do you offer different prices for different forms of gold or silver?
Yes, we absolutely do, and this is an important distinction for sellers to understand. The form your precious metal takes significantly impacts its value beyond just its melt weight.
- Bullion vs. Scrap Jewelry: Generally, investment-grade bullion (like coins and bars with recognized purities and weights) will receive a higher payout percentage relative to the spot price compared to scrap jewelry. This is because bullion is easier to verify, melt, and resell without additional processing costs or the need to separate non-precious components. Scrap jewelry, while still valuable, often requires more labor (e.g., removing gemstones, melting down mixed karatages) which can slightly reduce its per-gram payout.
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Numismatic (Collector) Value vs. Melt Value: This is a key differentiator, especially for coins.
- Melt Value: This is the intrinsic value of the metal itself, based on its weight and purity at the current spot price.
- Numismatic Value: Certain coins, especially rare dates, limited editions, or those in exceptional condition, can command a value significantly higher than their melt value due to their collectibility. This "numismatic premium" is based on factors like rarity, historical significance, mint mark, and condition (often graded by third-party services like PCGS or NGC).
When we appraise your items, we always consider both the melt value and any potential numismatic value. Our experts are trained to identify collectible items, ensuring you don't accidentally sell a rare coin for just its metal content. Don't let your valuable silver coins get "scrapped" for less than they're worth – read our guide: Don't Get Scrapped: Uncover the True Value of Your Silver Coins.
Conclusion
So, you’ve started on the journey of understanding how to sell your gold and silver. Congratulations! You're already ahead of the curve by seeking knowledge and transparency.
Here are the key takeaways from our guide:
- Know Your Value: Always understand the purity, weight, and current market conditions (spot price) of your items. This empowers you to assess any offer confidently.
- Vet Your Buyer: Choose a reputable dealer with transparent processes, clear communication, and positive reviews. Whether online or local in Salt Lake City, Utah, trustworthiness is paramount.
- Understand the Process: From appraisal and testing to documentation and payment, knowing what to expect ensures a smooth and secure transaction.
At Summit Metals, we're not just about transactions; we're about building lasting relationships based on trust and value. When we buy silver and gold, we're committed to offering you competitive rates and an experience that reflects our dedication to transparency and customer satisfaction.
From Seller to Investor: Reinvesting Your Proceeds for Long-Term Growth
Perhaps you're selling some inherited jewelry or liquidating a portion of your existing holdings. This can be a perfect opportunity to transition from being a seller to becoming a more strategic investor. Why let that cash sit idle when it could be working for you?
Consider reinvesting your proceeds into investment-grade gold and silver bullion, building a foundation for long-term wealth growth. A smart way to do this is through Autoinvest at Summit Metals. This program allows you to dollar-cost average your precious metal purchases by shopping monthly—just like you might invest in your 401k. By automating your investments, you can mitigate market volatility and build your holdings consistently over time. It's a simple, disciplined approach to building wealth consistently. Explore Automated Investing: Building Better Financial Habits for the Future and consider signing up for our Autopay service or subscriptions to make your investing journey effortless.
At Summit Metals, we offer transparent pricing and competitive rates, ensuring you get the most for your precious metals, whether you're selling or looking to grow your investment portfolio.
Ready to sell your gold and silver? Get a competitive offer from us today! You can also find more information on selling gold and silver or specifically where to sell gold bullion and gold coins.
