Selling gold or silver is faster than buying but pays less than spot. Expect 1-5% below spot for sovereign coins and recognized bars, 5-15% below for scrap gold and unbranded items.
Where to Sell
Online bullion dealers (APMEX, JM Bullion, SD Bullion) pay the highest prices for recognizable products but you ship first and wait days. Local coin shops pay cash on the spot but offer less. Pawn shops pay the least, often well below spot, but are convenient. Jewelry buyers are similar to pawn shops -- expect aggressive lowball offers.
Get Multiple Quotes
Always shop at least three buyers for anything over $1,000. Spot price is the same everywhere; what varies is the dealer's spread.
Tax Reporting
Gains on bullion are taxed as collectibles in the US -- up to 28% federal rate. Dealers issue a 1099-B when transactions exceed certain thresholds (10oz gold bars, 1000oz silver bars, large numbers of certain coins). Keep purchase records to document cost basis.