Sell ​​gold with caution: What you should know before visiting a dealer

• The consumer advice center warns against hasty sales decisions and dubious buyers
• You can calculate the material value yourself from the gold content, weight and current price per gram
• Obtaining multiple quotes is crucial as the price differences can be significant

Record prices are tempting, but caution is advised

The price of gold repeatedly reached new all-time highs in January 2026. The troy ounce (31.1 grams) exceeded the 5,000 US dollar mark for the first time, and the price per gram for pure gold in euros was at times well over 130 euros. This sounds like an ideal opportunity for owners of old jewelry, gold coins, bars or dental gold. But this is exactly where caution is advised: high prices attract not only those willing to sell, but also dubious buyers.

In a detailed guide on the subject of selling gold, the consumer advice center points out that high gold prices can in principle be a good opportunity to sell holdings. At the same time, however, she warns against making hasty decisions. If you want to make money from your gold holdings, you should do thorough research in advance, know your own holdings and obtain several offers. According to the 2025 gold market study by the consumer portal Gold.de, many private gold owners have little sales experience, which makes them vulnerable to offers that are too low or dubious practices.

Know your own gold value and compare offers

Before gold changes hands, the material value should be known as precisely as possible. The consumer advice center recommends first checking the fine gold content, which is usually engraved as a stamp on jewelry, such as 333 (33.3 percent gold content), 585 (58.5 percent) or 750 (75 percent). The decisive factor in calculating the value is not the total weight of a piece of jewelry, but rather the pure gold content. Gemstones or other materials are generally not included in the gold value. Anyone who knows the fine gold content can calculate the approximate material value themselves: gold content multiplied by the weight in grams and the current gold price per gram. For pieces without engraving, refiners, precious metal dealers or jewelers can determine the fineness using suitable methods such as acid tests or X-ray fluorescence analysis.

A key piece of advice from the consumer advice center is to always get multiple offers. The price differences between individual buyers can be significant. According to the consumer advice center, usual discounts on the pure material value are between 8 and 15 percent. These cover melting costs, price risks and the dealer’s profit margin. An offer that is significantly lower should cause skepticism. But noticeably high offers can also be a warning signal, for example if the payment terms remain unclear. The consumer advice center cites refineries, certified precious metal dealers and the professional association of German coin dealers, which lists certified gold buyers on its website, as contact points for serious buyers.

Be careful with home visits and online shipping

According to the consumer advice center, special caution should be exercised with gold buyers who offer home visits or ring the doorbell without being asked. In addition to the risk of unfair prices under time pressure, there is a risk that such visits will be used specifically to spy on the property in the apartment, in the worst case as preparation for later break-ins. The consumer advice center expressly advises against letting unknown gold buyers into your home and instead recommends making appointments at the business premises of reputable dealers and taking someone you trust with you.

There are also pitfalls when selling online. Although online buyers often offer slightly higher prices than brick-and-mortar stores, shipping involves risks: packages are often only insured up to a certain value and there is a risk of financial loss if lost. The consumer advice center recommends photographing and weighing gold before shipping, insuring it adequately and sending it only to certified dealers. The basic rule is: Those who can be personally present during the inspection and valuation have the best control over the process.

Not everything that glitters should be sold immediately

Despite the current record price, it is not always worth selling gold directly. Collectible coins, antique jewelry or pieces with historical value can be worth far more than their raw material price. A professional report can be useful here, which, according to the consumer advice center, can be had for around 50 to 200 euros. From a tax perspective, the sale of gold is generally tax-free after a holding period of at least twelve months. Within this period, a speculation tax applies to profits, with an exemption of 1,000 euros per year for private sales transactions. In the case of inherited jewelry or gold pieces that have been held for a long time, the holding period begins with the original purchase, so that a sale is usually possible without tax burden.

D. Maier / editorial team finanzen.net