How to Get the Best Price When Selling Gold in Canada (Without Getting Ripped Off)

Gold is one of the few assets that never really goes out of style. Whether it's an old chain tucked away in a drawer or a collection of old coins, people often choose to turn gold into cash to help them pay for major purchases, in emergencies, to invest in other vehicles, and many other circumstances. The problem? Not every buyer has your best interest in mind. If you're planning to sell gold in Canada, knowing what to expect can make the difference between a fair payout and a costly mistake.

What Kind of Gold Can You Sell?

Before you think about where to sell, you need to understand what you actually have. In Canada, you can legally sell a wide range of gold items, and different types often command different prices.

Here's what typically qualifies:

• Jewellery. This includes broken or unwanted gold jewellery, engagement rings, bracelets, chains, and earrings. Keep in mind that the karat value (such as 10K, 14K, 18K) will directly affect its payout. Many pieces also contain gemstones or non-gold components that don't count toward the melt value.
• Coins. Canadian Gold Maple Leafs, American Gold Eagles, and other bullion coins are often bought at a premium above the gold spot price, especially if they're in good condition. Collectible coins may fetch more if they have numismatic value, but you'll need a buyer who understands both markets.
• Gold Bars. Investment-grade gold bars (from recognized mints and refiners) are among the easiest to price and sell. Their value is based almost entirely on weight and purity, which makes them straightforward to assess.
• Scrap Gold. This includes dental gold, gold wire, or other industrial scrap. While it's less glamorous, it can still be melted down and sold for its raw metal value, provided it's properly tested.
• Antique or Designer Pieces. Some gold items carry additional value because of their design, brand, or historical significance. Selling them as melt gold could shortchange you, so it's worth having them appraised separately.

If you're unsure what kind of gold you have, a professional evaluation is the first step. Not all gold is created equal, and neither are the offers you'll get for it.

If you're also looking to cash in on other items, check out these tips for selling your silver jewellery to get the most value from your pieces. Also, if you're dealing with silver items, it's important to understand the difference between sterling and silver before heading to a buyer.

Getting the Best Price for Gold

Getting a good price starts with knowing what you have. Gold is measured in karats and weighed in grams, so make sure you know both before accepting any offer. If your pieces are stamped (like 10K, 14K, or 18K), that gives you a rough idea of their purity. But to get an accurate quote, your items should be tested properly. Reputable gold buyers will do this in front of you, using professional tools like XRF analyzers or acid tests.

Market timing matters too. Gold prices fluctuate daily based on global demand, so it's worth checking the current gold and silver prices in Canada before walking into any buyer's office. Keep in mind that no buyer will offer the full spot price (there's always a margin), but the closer the offer is to that number, the better the deal.

Weight adds up quickly. If you're selling a few pieces or a bulk lot, ask for a breakdown by karat and total weight. This ensures each item is being valued properly and not lumped into a lower-paying category.

Lastly, don't settle for the first offer you get. A legitimate gold buyer won't pressure you, and comparing quotes from a few local shops can make a noticeable difference in your final payout.

Knowing how to clean and store gold can help preserve its value for when you're ready to sell it.