Wednesday, March 17, 2010

How to Work Out Scrap Gold Prices

As people look to cash in their old unwanted gold jewelry it is important for them to know the value of their scrap gold items. This article gives easy steps on how to calculate scrap gold prices

First you need to establish the gold purity of the scrap gold you have. For jewelry this is easy. Gold jewelry is classified in terms of karats (10k, 14k, 18k ,22k). It is usually marked on the jewelry item - you may need you magnifying glass for this.

For other scrap gold items such as CPU chips, gold flake and so on you can establish the purity of the gold by doing an acid test. you can get an acid test kit from ebay.
Once you know the karat value of of your scrap gold then you need to weigh it - knowing the weight in ounces or grams is fine.
Gold under 24 karat is a percentage of pure gold mixed in with other base metals. The percentages for different karats are as follows

10k = 41.7% pure gold
14k = 58.5% pure gold
18k = 75% pure gold
22k = 91.6% pure gold

Example in Ounces

I have 2 ounces of 14k gold. The current gold price is $1100 so the value of my gold is as follows

1100 x 0.585 x2 = $1287

Example in Grams

I have 5 grams of 14 karat gold and the gold price is $1100 per ounce

Gold price per gram = 1100/31.1034768=$35.37

Value of my gold = 35.37x0.585x 5=$103.44

In Gold We Trust Scrap Gold Calculator gives up to the minute scrap gold prices as well as prices on all junk silver and bullion silver coins

1 comment:

  1. Hi friends,

    Scrap buyers and scrap gold prices will only pay you for the amount of gold in your jewelry, not too many things are solid gold. The next step is to work out exactly what the gram weight of each of those groups is by making use of a jeweler’s gram scale, which is available to buy on the internet for less than fifty US dollars. Thanks....

    Sell My Engagement Ring