Sell ​​gold to a professional: These gold buying tips will bring you more money

You don't sell gold every day. For many, it's a special moment: that old ring from childhood, the inherited necklace from grandmother's jewelry box, or the elegant watch that hasn't been worn in a long time. All of these are small treasures – sentimentally valuable, but often also worth more than you realize.

Especially in times of rising living costs, high inflation, and economic uncertainty, many people are discovering so-called scrap gold as a hidden reserve. It lies in drawers, boxes, or attics – usually forgotten, sometimes undervalued. But those who sell their gold can not only enjoy the extra cash, but also do something good for the environment: Scrap gold is a valuable resource and reduces the demand for new, expensively mined gold.

However, selling gold is a matter of trust. There's often a world of difference between fair dealers, hawkers, and dubious offers. Anyone who wants to get the most out of their gold should know exactly what's important – from selecting the right buyer to evaluating the precious metals and the final price negotiation.

Because gold is durable. But only with the right knowledge can it be sold at a high value.

Scrap gold might sound like a worthless remnant at first, but the opposite is true. Scrap gold is an underappreciated treasure trove: it refers to all gold items that have been in circulation for some time – whether jewelry, watches, dental gold, or gold coins – and are no longer worn, used, or wanted. When these items are melted down and recycled, they are referred to as scrap gold. Or, more technically, as scrap gold , melted gold , or recycled gold .

The special thing about gold is its durability: It loses neither quality nor value, even if it is melted down several times. What was once a brooch can be a gold bar tomorrow – or a new ring. This is precisely what makes scrap gold so special. It is not only economically interesting but also contributes to sustainability .

While around 3,600 tons of new gold are mined worldwide each year, demand exceeds 4,700 tons. This gap is partly filled by scrap gold, which accounts for approximately 25 percent of the global gold supply. In 2022, this corresponded to approximately 1,144 tons of recycled gold, and the trend is rising.

Mining new gold is complex, expensive, and environmentally damaging. It consumes vast amounts of energy and emits CO₂—not to mention the impact on nature caused by large-scale mining, road construction, and infrastructure projects. Scrap gold, on the other hand, has a significantly smaller ecological footprint: Recycling causes up to 90 percent fewer CO₂ emissions than traditional gold mining.

This is one of the reasons why more and more reputable gold dealers – such asphiloro ⁹ – are focusing on recycling and sustainable processes. At the company's own refinery in Austria, scrap gold is professionally processed and reintroduced into the precious metals cycle.

A 2023 study by the University of St. Gallen demonstrates how relevant scrap gold really is: In Switzerland alone, around 319 tons of gold lie dormant in the form of jewelry in private households—a treasure worth over 17 billion Swiss francs . And more than half of those surveyed (52 percent) have already sold gold at least once.

The reasons are varied – from financial constraints to changing tastes to a conscious decision to turn unused items into cash. One thing is certain: scrap gold is not a useless leftover, but a valuable resource – for individuals as well as for the global economy.

Note: The figures contained in the study are, of course, not automatically transferable to the German market. However, many answers and lines of argument illustrate typical patterns in which Switzerland and Germany are comparable.

Anyone looking to cash in on their scrap gold is initially faced with the question: How does selling gold actually work—and what do I need to pay attention to? The good news: Selling is easier than ever today. But it still requires a keen eye, a clear head, and knowledge of a few crucial details.

The most personal and usually most transparent option is to sell directly to a brick-and-mortar precious metals dealer . Here, you can receive advice, attend the appraisal process, and receive an immediate offer. Reputable dealers likephiloro ⁹ analyze the gold value openly in front of the customer and pay out directly .

A particularly important point: Make sure that all steps – from weighing to analysis – are visible and traceable . If the dealer "quickly checks jewelry in the back room," caution is advised. Transparency is worth its weight in gold here – literally.

Many dealers now also offer a mail-in purchase service , for example, with a so-called scrap gold box . Customers send their jewelry via insured parcel and receive an offer after analysis – transparent, secure, and conveniently from home. This can be an ideal option for people with limited mobility or for reasons of discretion.

Important: Here, too, only buy from reputable suppliers. Certifications, clear contact options, and positive testimonials are a must.

Temporary gold buyers appear again and again – with flyers, in hotels, or town halls. However, great caution is advised here: Often, they lack a business address, certificates, or a way to contact them later . Anyone selling here risks not only a poor price, but in the worst case, the loss of valuable mementos.

No matter which route you choose, the gold price is crucial . Reputable dealers base their prices on the current exchange rate and adjust their purchase prices regularly—some even every few minutes. Please note: The price you receive depends not only on the weight, but also on the fineness and which precious metals are contained in the alloy .

Pro tip: Use an online scrap gold calculator to get a rough estimate. These tools aren't a substitute for professional analysis, but they do provide an initial guideline.

Gold is valuable – and buyers know this, of course. But while reputable dealers operate transparently and pay fair prices, there are also black sheep who capitalize on ignorance. Anyone looking to sell their old gold should therefore be prepared. Here are the 10 most important rules to help you get the most out of your precious metal – and, above all, avoid falling victim to dubious sellers:

A professional dealer will openly explain how gold value is determined. You should be able to follow the entire testing process—from weighing to analysis. Stay away from dealers who work behind closed doors.

Compare different providers and their terms and conditions. Prices should be based on the current gold price—reputable dealers likephiloro ⁹ even adjust their prices several times a day.

Reliable dealers make their purchase prices transparent and publicly available – online or in-store. Be suspicious if prices are only quoted "upon request."

Not only weight matters, but also composition. Instruments such as X-ray fluorescence analysis (XRF) accurately measure all precious metals—including platinum, palladium, and silver, which may be present in alloys.

Test seals, such as those from Focus Money , and memberships in professional associations (e.g. the Professional Association of German Coin Dealers) are good indicators of reliability.

Many pieces of jewelry contain more than just gold. Make sure that silver, platinum, or palladium are also correctly priced and paid for. Reputable dealers don't cut corners here.

Dental gold often contains valuable additives such as platinum or palladium. Selling it is worthwhile—but not to a dentist, but rather to a precious metals dealer with expertise.

Vendors without a permanent business location who only appear at a town hall for one day are a risk. Focus on established, accessible vendors with a good reputation.

A good sign: If the dealer offers you a free and non-binding analysis of your items – whether it is jewelry, coins, cutlery or dental gold.

If you prefer to sell from home, use established providers with insured shipping , transparent pricing and the option to return the item if you are not satisfied.

Selling gold is a once-in-a-lifetime experience for many, making it all the more important to have the right partner by your side. Because the difference between a fair offer and a sale below value is often just a few minutes of consultation – or a single misplaced contact. But how do you know if a gold buyer is truly reputable?

Anyone who sells their old gold gives the other party the responsibility to recognize its true value and pay fairly. However, not everyone who buys gold acts in the best interests of their customers. Sometimes they rely on emotional ignorance – following the motto: "What you don't know gives you a price advantage."

That's why it's important not to trust the company that advertises the loudest, but rather the company that verifiably operates with integrity . Not just with words, but with actions: documented procedures, clear structures, and transparent standards.

Instead of listening to sensational promises, a change of perspective helps: The first question should not be “What does the dealer pay?”, but “How does he work?”

• Is there any information about how we work and how we price things?

• Is it openly communicated how a valuation works?

• How long has the company been on the market?

• Are there any publicly available experiences, media reports or audit reports?

Buying gold is no longer a gray area. The industry has become more professional – with standards, auditing mechanisms, consumer protection information, and comparison options. Nevertheless, there are still providers who try to use pressure or ambiguity. This can manifest itself subtly: through incomplete receipts, vague statements, or a lack of any traceability.

Anyone who goes into the sales process prepared will quickly recognize such patterns – and knows that a good dealer has no problem answering questions openly and objectively .

Gold is gold – but not every piece fetches the same price. Anyone looking to sell their old gold will sooner or later face the crucial question: How much is my gold actually worth? The answer isn't quite as simple as "simply weighing and multiplying." The actual selling value depends on several factors – and we'll explore them in more detail here.

Sure, a heavy gold piece is worth more than a light one. But weight alone says little about its actual value. What matters is how much pure gold it contains—and that's determined by its fineness .

For example, a 10-gram ring made of 18ct gold contains 75 percent fine gold—that is, 7.5 grams of pure gold. And this is precisely the percentage that counts when calculating the price.

The fineness is expressed in parts per thousand – for example, 333, 585, 750, or 999. The higher the number, the more gold it contains. Many pieces of jewelry bear a small imprint or hallmark that indicates the gold content. If none is present or there is reason to doubt, the fineness is professionally analyzed – by reputable dealers using the latest technology.

Modern analytical instruments , especially X-ray fluorescence analysis (XRF) , determine precisely which precious metals are contained in a piece – and in what quantities. This is especially important when it comes to alloys that also contain silver, platinum, or palladium.

The actual purchase price is based on the current daily gold price . This is traded on international commodity exchanges and fluctuates – sometimes several times a day. Therefore, professional dealers likephiloro ⁹ offer transparent, regularly updated price lists.

Important: The market value is usually given per gram of fine gold – and is multiplied by the determined fineness of your piece.

Many precious metal dealers offer scrap gold calculators on their websites. Here, you can enter weight and fineness to get a rough estimate. This is especially helpful for orientation – but it's no substitute for an on-site professional inspection , as factors such as alloys, impurities, or gemstones cannot be taken into account.

Some elements in jewelry can affect the selling value:

• Gemstones: are usually not compensated, but can be returned upon request

• Impurities: can reduce the metal value

• Special alloys: may also contain other valuable metals, which increases the value (e.g. platinum in dental gold)

Gold has been a symbol of permanence, value, and security for thousands of years. However, what has proven itself in the past is now facing a new challenge: Demand for gold is growing, while at the same time, new gold mining is becoming increasingly difficult, expensive, and harmful to the environment. In this context, one resource is becoming increasingly important: scrap gold .

What was once a treasured piece of jewelry is now becoming a central commodity in the global gold economy. And this trend will intensify significantly in the coming years.

Global demand for gold is steadily increasing – not only from the jewelry industry and investors, but especially from governments and central banks that are increasing their gold reserves. In 2022 alone, global demand amounted to around 4,741 tons of gold – the highest level in a decade.

This contrasts with approximately 3,600 tons of freshly mined gold annually – a gaping gap that would be impossible to close without recycling. Today, about a quarter of the globally available gold comes from scrap gold , and the trend is rising.

Although theoretically large gold deposits still exist – for example, in the Earth's crust or in the oceans – their economically viable extraction is often no longer possible . The development of new mines is becoming more complex, more costly, and often conflicts with environmental and social standards.

In short: new gold is becoming increasingly difficult – recycled gold is becoming increasingly valuable .

Scrap gold is not only an ecological resource, but increasingly also a strategic one . It is already available, tangible, and can be efficiently recycled using modern processes. Many companies and institutions therefore deliberately rely on scrap gold – as part of their raw materials strategy, but also for image reasons in terms of sustainability and social responsibility.

The importance of recycled gold could also increase at the political level, for example through funding programs, tax incentives or legal quotas for resource conservation.

For private sellers, this means that scrap gold will gain in importance and thus in value over the long term . What is considered "forgotten jewelry" today could be a sought-after commodity in a few years. While this doesn't necessarily speak against selling now, it does speak in favor of conscious and informed handling of what lies unused in many households.

Anyone who informs themselves today, compares prices and pays attention to seriousness will not only sell profitably – but also at the right time.

Selling gold can have tax consequences, depending on the type of gold and the holding period. In Germany, clear rules apply that allow tax-free sales under certain conditions.

If you own physical gold – such as bars or coins – for more than twelve months, the profit from the sale is generally tax-free. This regulation is based on Section 23 of the Income Tax Act (EStG) and applies to private sales transactions. The period begins on the day after the purchase and ends after one year.

If you sell your gold within twelve months of purchase, the profit may be subject to tax. However, there is an exemption limit of €1,000 per year. If the profit is below this limit, no tax is payable. If the exemption limit is exceeded, the entire profit is subject to tax and must be declared on your income tax return.

To prove the tax-free holding period, you should keep purchase receipts or other documents proving the date of acquisition. Proving this may be more difficult with inherited gold; in this case, it's advisable to keep relevant documents or declarations on hand.

For gold securities, such as ETPs or ETCs, similar tax regulations apply as for physical gold. If these securities contain a claim to physical delivery of the gold and you hold them for more than twelve months, the profits from the sale are tax-free. Otherwise, they may be subject to withholding tax .