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Cash for Gold USA: 7 in 10 Americans selling jewelry to cover essentials

Tuesday, August 05, 2025 — 15:10:53 (UTC)

BOSTON, Aug. 5, 2025 /PRNewswire/ -- More Americans are turning their unused jewelry, coins, and watches into cash for everyday necessities, rather than personally profiting on recent record gold prices, according to a new survey from Cash for Gold USA, a national online gold buyer.

The June 2025 survey of 1,002 customers reveals a sobering trend: 68.4% of respondents used their payouts to cover household essentials, including bills (52.6%) and groceries (15.9%). More than half (50.5%) cited financial need as the primary reason for selling, while only 13.5% mentioned high gold prices as the motivation for their decision.

"We were shocked by the responses," said Barry Schneider, co-founder of Cash for Gold USA. "We expected more people to tell us it was the record-high prices of gold driving their decision to sell, which have increased by around $1,000 per ounce over the past year. Gold has been selling for more than $3,300 an ounce."

Key findings include:

70% sold due to financial strain or life changes such as job loss (5.4%), medical bills (3.6%), or divorce (10.8%). Nearly 70% received $500 or less for their items, suggesting sales provided short-term relief rather than large windfalls. Stress levels remain high, with 55% reporting moderate to high financial stress and an additional 28.6% experiencing some level of stress. Employed individuals made up 58% of respondents, with 311 using proceeds to pay bills and 75 for groceries. Retirees, who represented 21.7% of the group, also reported using funds for essentials, with 109 paying bills and 38 buying food.

Luxury spending was rare: Only 9% spent on vacations, 4% on new jewelry, and 2% on electronics. A quarter of respondents indicated they plan to sell more items, turning gold-for-cash into an ongoing safety net.

"This is not the gold rush of 1849, but this survey suggests to us that those employed in America face financial hardships, despite holding down jobs," Schneider said.

About Cash for Gold USA: Founded in 2005 and headquartered in Canton, MA, Cash for Gold USA pioneered the mail-in gold-buying model. Today, it is one of the nation's largest buyers of gold, coins, bullion, sterling silver, platinum, and diamonds. The company provides free, insured Appraisal Kits, promises offers within 24 hours of receiving items, and delivers payments through multiple convenient options.

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Source: Company press release.

Categories: Reports and research