Panning for gold is a fun hobby for many people. It's a fun way to get out and enjoy nature and can even make you some money. But when you do find some of those precious yellow flakes what do you do with them? Panned gold (also called gold dust) is raw gold. It is in its natural unrefined state, not in coin or bar form that you can take to a coin dealer and sell. Fortunately it's not hard to sell your panned gold as long as you know where to find reputable buyers. The steps in this guide explain how to sell your panned gold for a fair price and with a minimum of hassle.
Step 1
Check the current market prices for gold bullion. The price buyers will pay for panned gold depends on how much the current market value of gold bullion is. Finding this out is easy. You can check daily prices for gold in your local newspaper or just click on the link below. The price you will receive for unrefined gold will be somewhat less than the prices you will see on commodities markets since buyers must allow for the cost of refining.
Step 2
Get your gold assayed (tested). Before someone will buy your panned gold they will want to know how pure it is since all unrefined gold has some impurities. There are several ways to locate an assay service. Some online companies will assay and buy panned gold. For most people it is easier to deal with a local service. You can find an assay service through a gold panning club or local merchants who supply equipment to prospectors. Just check your Yellow Pages for listings.
Step 3
Locate a dealer. Most assay services will also buy your panned gold so this is a step you may be able to skip. If you do need to locate a separate buyer for your gold and local merchants and clubs can't recommend someone contact your state Bureau of Land Management. They or one of their agencies will have jurisdiction over gold mining in your state and can provide you with information on local buyers. As an example, a link to the Utah Geological Survey is provided at the end of this article.
Step 4
Sell your panned gold. You may want to get more than one price quote although most dealers will be fairly close in the prices they pay. Once you have sold your gold be sure to keep complete records since you will need to declare any profit on your tax return. Keep receipts for expenses as well. For most people gold panning and prospecting is a hobby but some of your expenses may be tax deductible when you have found and sold some gold.