Panning for gold in Utah is a popular hobby and sometimes a profitable one! But, when you do accumulate some gold how do you sell it? Panned gold or gold dust consists of unrefined flakes and sometimes small nuggets. It isn’t in a convenient bar or coin form. You have several options to sell your panned gold in Utah though.
Things You'll Need
- Panned gold with sand and other debris removed
- Knowledge of current gold prices
- 1 Know the market prices for gold. The price you will get for gold dust or any form of raw (unrefined) gold depends directly on the current commodity price of gold bullion. Keep abreast of daily price fluctuations by clicking on the link below.
- 2 Find an assay or testing service. Normally a buyer will want to verify that you have real gold and to know how pure it is. Many buyers can take care of any testing they deem necessary, so often you can combine this step with step 3.
- 3 Find a dealer who buys unrefined gold. In Utah there are a number of prospecting stores and clubs for the many people who pan gold. These businesses and groups can put you in contact with a reliable dealer. To find these stores and clubs, check the Yellow Pages. You can also contact the Utah Geological Survey which regulates gold mining in the state (see link below).
- 4 Sell your panned gold in Utah. It is best to get more than one price quote if you have a large amount of panned gold to sell (over an ounce). Te prices dealers give are generally are fairly close to one another, but getting multiple quotes can make you a bit more profit and protects you from falling prey to an unscrupulous buyer.
- 5 Keep track of the gold you sell. You will need a record of your sales when tax time comes. Don’t forget to keep track of your expenses as well. Panning may be a hobby for you but you may be able to deduct some of the money you spend!