How to Sell Gold Weight
Scrap gold can be your saving grace when you encounter unforeseen financial difficulties. Selling your gold by weight is easy and convenient because there are many companies buying gold. However, use prudence to get an approximate value before selling your gold so you won't get taken advantage of by an unscrupulous merchant.
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Things You'll Need
- Scrap gold
- Magnifying glass
- Scale (preferably a gram scale)
- Internet or newspaper
- Calculator
Instructions
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1
Use the magnifying glass to determine the number inscribed in the gold and group your gold pieces by karats (10k, 14k, 18k, etc.).
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2
Weigh each group using the gram scale and note the amounts of the respective groups. If you do not have access to a gram scale, simply convert by multiplying the number of ounces by 28.3495231 grams or use a gram calculator (see Resources).
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3
Find out the price of gold for that day by using a newspaper or by searching online; a troy ounce equals 31.1 grams.
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4
Divide the price of gold you find by 31.1 to get the price per gram.
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5
Divide the number of karats by 24 for each type of gold that you have grouped by karat number. Then multiply this number by the price of gold per gram. This will give you the price per gram for that karat number.
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6
Multiply the price per gram for each group by the weight in grams you have for that group.
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7
Add the figures you got for each group to find the total worth of your scrap gold.
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Tips & Warnings
The price of gold fluctuates according to supply and demand.
If you are unsure of the karats of a piece of gold, chances are the piece is gold plated. Take it to a reputable jeweler to be sure.
References
Resources
- Photo Credit gold image by Marek Kosmal from Fotolia.com
