When a man buys a piece of gold jewelry at a department store or a jeweler, they often pay two or three times more than the price of gold. For example, a bangle may have worth of metal, but it sells for 0. In contrast, when you sell your broken or unwanted scrap gold, you are paid only for the costly metal, not the artistic value of the jewelry. This is because the typical costly metal dealer is buying the jewelry for scrap, and it will soon be melted down in to bars of gold.
Gold is a commodity traded in the commodities markets. The price of gold is set by the contribute and request of millions of citizen buying a selling gold. Looking at the London Pm Fix price, you can see that the price of gold is at an all time high. Back in 1976 one troy ounce of bullion sold for as dinky at 0.
How to speculate the Value of Your Scrap Gold
The commodity held its value of colse to 0 an ounce for two decades, until at the turn of the century when gold prices started to skyrocket; up from 0 to well over 00 an ounce in 2011. If you've been keeping old or broken jewelry in the back of your jewelry box, there has never been a good time to sell.
Step 1
The first step to calculating the value of your scrap gold is to find the current value of gold. You can plainly hunt Google for the phrase "spot gold". You'll find that Kitco offers the information you are Looking for.
Step 2
You will need to sort your items based on the purity. Put your 10k in one pile, your 14k gold in an additional one pile, and so on. You can typically find markings on the inside of rings, on the clasp of necklaces and bracelets, on the posts of earring, etc.
What do the dissimilar markings on my jewelry mean?
Real Gold - 8K, 9K, 10K, 14K, 14Kp, 18K, 22K, 24K,.585,.417,.750
Plated Gold - Marked 1/20 12K Gf, Hge, Ep, Avon, Monet, or no markings
24k gold is pure, while all the other varieties have some ration of non-precious metal mixed into the alloy. To surmise the purity, divide the marking by 24. For example, a bangle marked 14k has a lucidity of 14/24 or 58.5%. A ring marked 10k has a lucidity of 10/24 or 41.7%.
Step 3
Now you know the price of gold and the lucidity of your jewelry. The next step is to find the weight of your jewelry. You'll want to use kitchen scale or mail scale to weigh your jewelry. You will need to change the weight into troy ounces to surmise the value. There are 31.1 grams per troy oz and 1.1 quarterly ounces per troy oz. (Don't worry, there are examples at the end of this article)
Step 4
One last factor that plays a role is the ration of the value you can surely obtain. If you were a refiner with a smelting plant and a list of customer orders for gold bars, you could sell you gold for 100% of spot value. If you are a costly metals dealer who works with refiners, you can sell your gold for about 95% of spot value. However, you as a consumer should expect to receive anywhere from 20% up to 65% of spot value.
Your local pawn shop and a few of the big name online buyers will try to pay as dinky as 20% of spot value. Your typical online gold buyer will commonly pay 50% of spot value. Some of the good online buyers will pay as much as 65% of spot value. You right on want to get a personal reference to get the best price!
Step 5
The last step is to do the math. Let's do some examples.
You have a 10k class ring weighing 17 grams and today's spot price is 25 per troy oz.
25 * 10k/24k * 17/31.1 * 65% is 5
You have a set of 22k earrings weighing 0.1 oz on your kitchen scale and spot price is 65 per troy oz.
65 * 22k/24k * 0.1/1.1 * 50% is
You have a 14k Herringbone necklace weighing 0.6 oz and spot price is 85
85 * 14k/24k * 0.6/1.1 * 55% is 2
You have a 24k gold charm weighing 8 grams and the price of gold is 12 per oz
12 * 24k/24k * 8/31.1 * 60% is 8
How to speculate the Value of Your Scrap Gold
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