You have a drawer of gold you no longer wear. A tangle of broken chains, single earrings whose partners are long gone, a class ring, a bracelet from a marriage that ended, a few links of an old watch band. It is real gold, it is worth real money, and you would rather walk out with cash than let it sit.
We are Madison Ave Gold Buyers, a Madison Avenue gold and jewelry buyer right in Midtown Manhattan. We buy gold for cash directly from the public, test and weigh every piece in front of you, explain what we see, and make a free offer with no pressure to take it. This page walks through how a cash for gold sale actually works at our showroom: what we pay cash for, how the offer on your gold is figured, how the appraisal runs at our counter, and how you are paid.
Bring your gold in for a free appraisal, or call first to ask what to expect.
What we pay cash for
Cash for gold is the plainest kind of sale we do. You bring in gold, we test and weigh it, and you leave with cash for what it is worth. The gold does not need to be whole, matched or in good condition, because for a cash sale the metal itself is what carries the value.
- Scrap and broken gold: snapped chains, bent rings, single earrings, clasps and odd links. A dented or broken piece is paid on its gold content, the same as a piece in perfect shape.
- Old and unworn jewelry: rings, bracelets, necklaces, pendants and earrings you no longer reach for, in any karat from 10k up.
- Gold you cannot identify: a piece with a worn or missing karat stamp. We test it rather than guess, and the test settles what it is.
- Dental gold: gold crowns and bridgework, which hold gold even when discolored.
- Mismatched and partial pieces: one earring, a lone cufflink, a charm that lost its bracelet, a buckle or a frame.
Gold coins and bullion are priced a little differently and have their own page at gold coin buyers. If a gold piece also holds a diamond or a colored stone, we value the gold and the stone separately, which the diamond buyers page explains. For a fuller look at selling raw or scrap gold, see gold buyers, and for any gold or gem jewelry at all, jewelry buyers.
How your cash offer is figured
An offer for cash for gold comes down to three things: how pure the gold is, how much it weighs, and what gold is trading at the day you sell. None of it is guesswork, and we show you each part.
Karat: how much gold is really there
Karat measures gold purity in parts out of twenty four, so 24k is pure gold. Most jewelry sold in the United States is 14k or 18k. 18k gold is 75 percent pure gold, 14k is about 58 percent, and 10k, the lowest that can legally be sold as gold here, is about 42 percent. The rest of each piece is other metals mixed in for strength. A piece is paid on its actual gold content, so two chains that weigh the same can be worth very different amounts if one is 10k and the other 18k. The karat stamp inside a ring or on a clasp is the first clue, and we confirm it with a test rather than take the stamp on faith.
Weight: pennyweights and troy ounces
Gold is weighed on a precious metals scale, not a kitchen scale. The trade unit is the troy ounce, which is about 31.1 grams, and it divides into 20 pennyweights. If you watch our scale read out pennyweights, that is the troy system at work. We weigh your gold in front of you so you see the same number we do, and we group pieces by karat before weighing, because mixing a 10k chain in with 18k ones would short the better gold.
The gold price on the day
The price of gold is quoted per troy ounce and moves every business day with the world market. A fair cash offer starts from that live spot price and works down by the purity and weight of your gold. The widely watched reference is the LBMA Gold Price, set by the London market and used across the industry, so you can see roughly where gold stands before you come in. Because the price changes daily, an offer is good for the day it is made.
How the appraisal works at our counter
The appraisal is free, it takes only a few minutes, and there is no pressure to sell at the end of it. Here is how it runs.
- You hand over the gold. We sort it by type and karat on the counter, where you can see every piece.
- We test each piece. A karat test confirms the gold content. The testing happens in front of you, and we explain what each result means.
- We weigh it. Each karat group goes on the scale on its own, and you see the weight as it reads.
- We make an offer. We tell you the purity, the weight and the cash figure, based on the day’s gold price, and you can ask how any part of it was reached.
- You decide. Accept and you are paid. Prefer to think it over and you take your gold and go, and the appraisal still cost you nothing.
Want to know what your gold is worth today? Call and ask, or bring it to the showroom for a free, no pressure appraisal.
Getting paid: cash in hand
The part that makes this a cash for gold sale is the payment. When you accept an offer, you are paid cash at the counter and you leave with it the same visit. There is no check to clear, no wire to wait on and no store credit.
Selling gold in New York City comes with a few steps set by law, and they work in your favor. We ask for a valid photo ID and record the purchase, because the city requires any second-hand gold and jewelry buyer to keep a record of what it buys and who it bought from. New York City also sets a 15 day hold on second-hand pieces, which means a buyer cannot melt or resell what it buys for fifteen days. That waiting period exists to protect sellers and the public, and it is a sign you are dealing with a buyer that keeps to the rules.
What to bring
You do not need much, and you do not need an appointment for a free appraisal, though calling ahead means we can tell you what to expect.
- A valid photo ID. New York law requires it for any second-hand gold sale.
- All the gold you are weighing up, even broken, tangled or mismatched pieces. It costs nothing to have it all looked at, and you choose what, if anything, to sell.
- Any papers you have, such as a receipt or an old appraisal. They are not required to sell scrap gold, but they can help with signed or unusual pieces.
- Stones and settings as they are. If a gold piece holds a diamond or a colored stone, bring it whole. We value the gold and the stone separately, so you are not paid for only one.
Why sell with a Madison Avenue buyer
Our showroom sits on Madison Avenue in Midtown Manhattan, easy to reach whether you are coming from the office, the train or across town. You sell to us in person: your gold is tested and weighed in front of you, the offer is explained, and cash is paid on the spot. There is no shipping your gold off to a company you never see and waiting on a check.
We buy directly from the public rather than through a middleman, and we have done it for over 15 years. Buying directly means no extra party takes a cut between your gold and your cash, which is part of how we pay what we do. You are welcome to get other offers and bring your gold back. An honest number holds up to comparison.
What to ask any gold buyer
Whether you sell to us or to someone else, a few questions separate a straight buyer from a quick one.
- Do you hold a New York City Secondhand Dealer license? The city requires one of any business that buys used gold and jewelry, and a lawful buyer keeps records and asks for ID.
- Will you test and weigh my gold in front of me? You should see the karat test and the scale, not hand your gold across a counter and wait for a number.
- How did you reach the offer? A buyer should be able to show the purity, the weight and the day’s gold price behind the figure.
- Is the appraisal free, and am I free to walk away? A free appraisal with no obligation is standard. Pressure to decide on the spot is not.
- Do you pay cash, and when? For a cash sale you should be paid at the counter, not sent away to wait.
Old gold earns nothing sitting in a drawer. If you want to know what yours is worth, the fastest way is to bring it in and watch it tested and weighed, or to call first with your questions. Either way the appraisal is free and the decision stays yours.
Bring your gold to our Madison Avenue showroom for a free appraisal, or call now to ask what it may be worth today.
Questions people ask
Do you really pay cash for gold on the spot?
Yes. When you accept our offer, you are paid cash at the counter and you leave with it the same visit. There is no check to clear, no wire and no store credit. You can also take your gold and go if you would rather not sell, since the appraisal is free either way.
How do you decide what my gold is worth?
Three things decide it: the purity of the gold measured in karats, the weight measured on a precious metals scale in pennyweights or troy ounces, and the day’s gold price, which is quoted per troy ounce and moves with the world market. We test and weigh each piece in front of you and show how the offer was reached.
What karats of gold do you buy?
Any karat that can be sold as gold in the United States, from 10k up through 14k, 18k and 22k to 24k. Purity drives the price: 18k is 75 percent gold, 14k is about 58 percent and 10k is about 42 percent, so a heavier low karat piece can be worth less than a lighter high karat one. If a stamp is worn or missing, we test the piece rather than guess.
Can I sell broken, tangled or mismatched gold?
Yes. For a cash for gold sale the metal is what carries the value, so a snapped chain, a single earring, a bent ring or a charm with no bracelet is paid on its gold content just like a piece in perfect shape. Bring it all in and sell only what you choose.
Do I need an appointment, and what should I bring?
No appointment is needed for a free appraisal, though calling ahead lets us tell you what to expect. Bring a valid photo ID, which New York law requires for a second-hand gold sale, and all the gold you are weighing up, including broken or mismatched pieces. You decide what, if anything, to sell.
Is the appraisal free, and will I be pressured to sell?
The appraisal is free and there is no pressure. We test, weigh and make an offer, and you decide. If you would rather think it over, you keep your gold and the appraisal still costs nothing. An honest offer holds up if you compare it elsewhere.
Why does the price of gold change from day to day?
Gold trades on a world market and its price, quoted per troy ounce, moves every business day. A widely watched reference is the LBMA Gold Price set by the London market. Because the number changes daily, a cash offer is good for the day it is made, which is why it is worth checking what gold is doing before you come in.
Is it safe to sell gold for cash in New York City?
Selling to a lawful buyer is a regulated transaction. New York City requires any second-hand gold and jewelry buyer to hold a Secondhand Dealer license from the Department of Consumer and Worker Protection, to record each purchase and the seller’s details, and to observe a 15 day hold before melting or reselling a piece. Those rules protect you, so ask any buyer whether it follows them.
What about gold coins, gold watches or diamonds?
Gold coins and bullion are priced partly on collectible value and have their own page at gold coin buyers. A plain gold watch is weighed as gold, while a fine timepiece may be worth more as a watch, which the luxury watch buyers page covers. If a gold piece holds diamonds, we value the gold and the stones separately. Bring whatever you have and we will point each item the right way.
Free appraisal
Bring your pieces to the showroom or call first. Nothing is sold until you say yes.