How To Calculate The Value Of Scrap Gold
If you have any scrap gold, you can sell it, but for how much? Gold prices tend to rise along with worries of war or inflation but before you bring gold jewelry, dental fillings, teeth, nuggets, and bars to a scrap gold dealer’s counter you should know exactly what it’s worth. Most scrap gold dealers keep the calculation a secret. Here is their formula.
1. Separate your scrap gold into their various karat fineness . You may need a magnifying glass to see the number inscribed on the piece. If not, you may need to have the gold tested by a reputable dealer. There’s also the possibility that some of the gold is actually just gold-plated, which a dealer would determine with certainty by using a chemical test. If you’re uncertain, read up on How to Tell if Gold Is Real.
* If you have any gold coins, they may have a numismatic value above their metal value, based on age, rarity, and condition. Take it to a coin dealer you may be able to get more money that way. * Other sources for small amounts of scrap gold include: old cell phones, computer motherboards and other scrap electronic circuit boards.
2. Determine the gram weight of each group by using a gram scale. If you can only weigh by the ounce, convert to grams by multiplying by 28.35 .
4. Divide today’s gold price by 31.1 to get today’s gold price per gram.
* 10KT = 10/24 = .4167 * 14KT = 14/24 = .5833 * 18KT = 18/24 = .750
Finding The Silver Prices And Values Of Your Scrap Silver Metal
You can use the scrap silver calculators and conversions above in order to find the necessary input data in order to find the value of your silver scrap, silver bars or ingots. Once you have the purity and weight of silver within your scrap, you can then find what the silver is worth. You can find this value by using the calculator below, which uses the live precious metal silver prices on the commodities market and will provide you with an accurate value for your silver scrap and jewelry. It’s essentially the same concept used for finding the value of silver coins.
View the following link: Scrap Silver Melt Value Calculator.
Buy and Sell on USA Coin Book
Does Titanium Have Any Value
Quite on the contrary, titanium is abundant on the Earth and not precious at all. Nevertheless, titanium is listed among the precious metals silver, gold and platinum under precious metal categories. Also, the price range for titanium is similar to the precious metals that are actually scarce on the Earth.
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How To Calculate The Scrap Gold Price
First, its important to know that scrap gold comes in different alloys. 10K gold is worth less than 14K gold, and 14K gold is worth less than 18K gold. Besides 14K gold, 18K gold is most common for jewelry and scrap gold in the US and is therefore one of the most important gold alloys. 14K gold is a gold alloy containing 58.3% pure gold. Therefore, 14K gold is worth 58.3% of the price of 100% pure gold, and 18K is worth 75% of the price of 100% pure gold. Check our current scrap gold prices in the table above if your items are marked as 10K gold, 14K gold, or 18K gold. If you know the weight of your pieces, you can easily calculate your total payout amount by using this formula:
WEIGHT OF YOUR ITEMS x CURRENT SCRAP GOLD PRICE = YOUR TOTAL PAYOUT AMOUNT
Finding The Gold Prices And Values Of Your Scrap Gold Metal
Using the calculators and charts above, you can find the total weight of gold in your scrap, gold bars or ingots. For calculating the value of your scrap gold, you must have the weight of gold along with the karats and then use the live market prices of gold to find the value of your scrap and jewelry. It’s basically the same concept used when finding the value of gold coins. We have a scrap gold calculator just for this:
View the following link: Scrap Gold Melt Value Calculator.
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How To Value Scrap Gold
In order to determine the purity of the gold content there are a few steps and little math. First look for the markings on the item. If it has gold content it will have a stamp. Gold purity is measured in karats worldwide, a unit of purity. Generally, the karat number on gold jewelry is stamped directly on the piece and is noted by either K or Kt. You can expect to see 10k, 14k, 16k, 18k, 22k, or in rare circumstances 24k, which is pure gold. You likely wont see 24k in the United States, but other major countries such as India and China still do create jewelry with this level of purity. The most common purity in the United States is 14k. When you have determined the number of karats your piece contains, convert it into a percentage. Next, to determine the percentage of pure gold divide the karat number by 24 within the item and multiply by 100.
State Of The Precious Metal
Pawnshops also consider the state of the gold youre selling. If it is in poor condition, you may get an unbelievably low offer. These businesses also include the cost of cleaning, melting, and repairs in the final price.
Polish your gold jewelry before taking it to a pawnbroker. If it is damaged, repair it. This helps you to avoid any unnecessary price cuts when selling.
Also Check: 400 Oz.gold Bar
Why Sell Your Gold Scrap
While scrap like your broken jewelry might be useless for everyday wear, its precious metal content like gold, silver, or platinum can be immensely valuable. Not only could your scrap be taking up space in your home or office, but youre also missing out on a great opportunity to make some quick, easy cash.
Youll likely always have a market to sell your scrap gold as it consistently ranks as one of the most valued precious metals. The gold market tends to fluctuate, but the price of one ounce of gold has consistently been above $1,300 since the start of 2018.
But before you start making plans to become rich off your gold scrap, lets get a basic understanding of the gold market so you can research current gold prices and get a better idea of what your scrap is worth.
Important Gold Market Elements to Understand
- The value of national currencies
- Central bank reserves
- Economic situations
- Worldwide demand
- Remember, the spot price of gold is important because the higher the spot price, the more of a profit you can make when selling your gold scrap.
Questions About Pawn Shops
Many people still have questions left, and many folks dont even know exactly what pawn shops do or what the difference between pawning and selling is. Let us help you with your questions. Advice is always free- even when you dont sell to our company.
We are proud to have our Head of Laboratory, Alan Jensen, on board. He belongs to a group of highly skilled experts with many years of experience handling precious metals. He is even able to do a fire assay and is very good at explaining things in laymans terms. We encourage you to get in touch with him if you have questions about how pawn shop pricing works.
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North Mississippi Coin Company
|We do not Buy Scrap Gold and SilverBut here is some useful information.|
|Now lets talk about KT ratings.|
LET US RECAP
What Is A Pennyweight
Pennyweights are based on the weight of an olde English penny. They are also called Diamondweights or dwts.
An ounce of gold is is 20 pennyweights of gold.The same ounce of gold is also 31.1 grams of gold.
I believe that some scam gold buyers use pennyweights to confuse customers. The only time the average person will hear the term is when visiting a gold buyer who uses the term. It is true that some legitimate gold buyers use pennyweights, but we certainly wonder why?
Read Also: 18k Gold Oz Price
Where To Find Scrap Gold Sources
Here are some of the most common sources of unwanted gold:
- Old broken gold jewelry like old rings, tangled gold necklaces, broken bracelets
- Gold coins
- Gold bullion scrap
- Expensive pens
- Gold frames
A flea market near you can be a great source of unwanted gold. While it is best to have a gold testing kit and scale, it may not always be practical to do this when hunting for gold in flea markets.
An easier option is to bring a small magnet because real gold will not stick to magnets, as opposed to gold-plated metal which will. Test clasps and actual jewelry separately.
The magnet method will only test if it is real gold or not. To test in terms of karats, a gold testing kit will differentiate them, for example, a 10k vs a 14k gold.
Also, remember to group your unwanted gold according to purity.
K Gold Price Per Gram
The current 18k gold price per gram is $43.59. This price is live and this page updates every 30 minutes with the most recent gold price. Bookmark this page and come back whenever you need to know the price of a g of 18 karat gold.
If you want to figure out the price of any other gold purity or some other weight of 18k use out Scrap Gold Calculator now!
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Know The Weight Of Your Gold
The pawn shop will need your golds weight to calculate its total value. Most of them use pennyweights or grams.
Once you know the weight of your gold, take it to multiple pawnbrokers. Their offers might not be similar, based on the points they consider to calculate the final price. Sell your metal or jewelry piece to the pawnshop offering you the most money.
How To Sell Your Scrap Gold
When it comes to selling off scrap gold, there are a lot of questions that may come to mind. Who is going to buy my gold? Will a gold dealer buy my gold pin? Its difficult to know where to start if youve never sold gold scrap. However, its not impossible to learn.
Read on to learn how to sell your scrap gold and the reasons why you should consider doing so.
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Is The Live Gold Price Just For The Us
Gold is traded all over the globe, and is most often transacted in U.S. Dollars. Gold can, however, also be transacted in any other currency after appropriate exchange rates have been accounted for. That being said, the price of gold is theoretically the same all over the globe. This makes sense given the fact that an ounce of gold is the same whether it is bought in the U.S. or Asia.
The price of gold is available around the clock, and trading essentially never ceases. While investors in the U.S. are sound asleep, for example, gold trading in Asian markets may be robust. The market is very transparent, and live gold prices allow investors to stay on top of any significant shifts in price.
The current gold price can be readily found in newspapers and online. Although prices per ounce in dollars are typically used, you can also easily access the gold price in alternative currencies and alternative weights. Smaller investors, for example, may be more interested in the price of gold per gram than ounces or kilos. Larger investors who intend to buy in bulk will likely be more interested in the gold price per ounce or kilo. Whatever the case may be, live gold prices have never been more readily accessible, giving investors the information they need to make buying and selling decisions.
Where Can I Sell Scrap Gold
Sell to a reputable gold dealer near you, do your research. Check reviews online.
Look for gold dealers with a physical store, preferably one that has been around for years or decades. The longevity in the business is a good sign of trustworthiness.
A reputable gold buyer will also take time to appraise your gold and give you its fair and honest value. Remember that a gold buyer may try to shortchange you by using oz instead of t oz as unit weight, causing you to lose 10% in the transaction.
Also Check: Value Of 18 Karat Gold Per Gram
My Gold Selling Experience
I recently sold some gold and went with a combination of the first two strategies here. I knew that I would be going to a few pawn shops since I had heard that they pay more than the We Buy Gold places. But first, I went to one of the pop-up stores. They offered me pennies on the dollar. About what I expected. Sure, the process only took a few minutes, and they did try to confuse me by telling me the amount I had in penny weight. As I got up to leave, they asked me how much I was looking for. What I had was 14 karat, and I told them I wanted to be paid $20 per gram for my gold. I didnt have much, and I knew I probably would never get this amount, but it is a great negotiating technique to start high.
Then, a strange thing occurred. This person gave me a card which guaranteed me 10% better than any other offer I received out there. I tucked that in my wallet and left.
Next, I went to a few pawn shops. Dont worry, they are OK to go into. The ones I found were pretty clean as well. I went to one chain pawn shop and a few mom and pop shops. What I found was that the national chains will offer you considerably more for your gold because they have more financial backing.
So you see, I more than doubled the money I would have gotten by just doing a little bit of research and leg work. If I had been more fickle, I probably could have forced the 110% promise, but I was happy with the $375 overall.
Calculation : Value Of Gold Metal
This calculation determines the value of scrap gold based on the weight of common scrap gold purities.
|Hide empty rows|
|Step 1: Value of gold metal|
|Value of gold metal = Sum= 0|
|Step 2: Value of gold metal – % adjusted|
|Value of gold metal = Value of gold metal × Gold metal value ÷ 100=0 × 100 ÷ 100|
This table will update automatically when the quantities change in calculation 1.
|Step 1: Total weight – grams|
|Step 2: Total weight – troy ounces|
|Total weight = Sum= 0 oz t|
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Price Of Scrap Aluminum
Aluminum is the second most produced metal on the planet. Buying and selling scrap aluminum is big business. While it does not have the highest values per tonne it is easily obtained and could be a cornerstone of many businesses. It’s widespread use makes acquiring aluminum very easy. Common sources are vehicles as the bodywork is often made of aluminum, packaging for canned drinks and foil and manufacturing tools.
Other Factors To Consider When It Comes Time To Sell Your Scrap
Although prices for precious metals are set per troy ounce by the London Fix, most dealers use the pennyweight of the gold to determine the payout.
A pennyweight is a standard unit of measurement used in the precious metals industry. It originated in 15th century England where the weight of an English penny was exactly 1/20th of a troy ounce and 1/240th of a troy pound of sterling silver. Therefore, there are 20 pennyweights in a troy ounce and 12 troy ounces in a troy pound.
To find out the equivalent pennyweights of a troy ounce, multiply the troy ounces by 20.
For example: 1.5 Troy Ounces in Pennyweights = 1.5 oz. x 20 = 30 dwt
Then, to determine how much your gold scrap is worth, simply divide the price per troy ounce by the pennyweight of your scrap.
The price of 1.5 troy ounces of 18 karat gold= $1350
$1350 ÷ 30 Pennyweights = $45 per dwt
You can also use our handy pennyweight calculator to easily convert other units of weight into pennyweights.
Finding a reliable, reputable place to sell your gold can be difficult. Many gold dealers exist that state We Buy Gold on their signs, but they dont tend to pay out the spot price of your item, so its important to choose wisely. Be sure to consider selling your gold to a precious metals refiner, like Manhattan Gold & Silver. We offer expert advice and offer all the tools you need to sell your gold at fair prices.
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