How to Find the Value of Scrap Gold
Single earrings and old gold teeth have value, particularly since the price of gold has historically continued to rise. Before you attempt to sell scrap gold, find the value. The price of gold is likely to change every trading day, and some gold watchers believe gold may reach $10,000 per ounce in the next decade, according to Lorimer Wilson at Kitco, a precious metals website.
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Instructions
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Ensure the gold is scrap. Old gold coins and unbroken jewelry have numismatic or artistic value beyond the scrap price. Get the most money you can by separating the scrap from items to sell in another market. Remove gemstones and diamonds from scrap gold and sell them separately.
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Divide the gold by composition. Most gold is yellow, but white gold looks like silver and has gold content, too. Many scrap gold dealers do not want the yellow gold mixed with white gold.
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Separate the gold by karat. Most gold is marked as 18 karats, 14 karats or 10 karats, and this is the gold content. Pure gold is 24 karats, and the base price of gold per ounce is based on 24-karat gold. Gold that is 18 karats is 75 percent gold, or 0.750; 14 karats is 0.583; and 10 karats is 0.417. Foreign gold may be weighed with these percentages instead of by karat.
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Use a gram scale to weigh each separate group of gold jewelry. If you do not have an accurate gram scale, you may visit a jewelry store or pawn shop to get an accurate weight.
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Refer to an interactive online gold calculator from Gold Price or download a gold calculator at Tucows website to calculate the price of your scrap gold. Alternatively, compute the price by using 31.1 grams per ounce. Divide 31.1 into the gold price that day to arrive at a price per gram. Multiply the price per gram by the decimal for the gold's karats. For example, multiply 0.750 (for 18 karats) by the number of grams you have for sale.
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Use these figures as the top dollar you should get for your scrap gold. Many shops will pay half that price, but you should be able to get about 85 percent of that price, according to a Consumer Reports blog. Refiners usually pay more than jewelry stores, but make sure they are members of the International Precious Metals Institute to ensure ethical standards.
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Tips & Warnings
Hire a jewelry appraiser for an hour for a consultation if you have questions, doubts or need a second opinion.
References
Resources
- Photo Credit gold elephant image by Andrey Rakhmatullin from Fotolia.com
