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Scrap Gold- How to Determine the Value of Your Scrap Gold Pieces

By Edited Sep 5, 2015 0 0

If you have decided to sell or recycle your scrap gold pieces, you will want to get the highest price you can for your items. Now is a good time to decide to sell. With the gold prices at a ten year high, hovering near the $1000 per ounce mark your unwanted, unused or broken gold items are worth more than you would have paid for them when purchased.

You may be wondering what your gold is actually worth, before you decide to sell. Here is the basic formula for the valuation of gold.

First of all, you will need to know the current quote for gold in grams. Find this information on any financial site which quotes commodities prices, or you can go to goldquote.com for today's current quote. Prices are quoted in Troy ounces, so you will need to convert to grams to get the price per gram. To do this, divide today's gold price by 31.1 to get price per gram (today's quote / 31.1).

Find the gram weight of your gold pieces. If you only have a scale that measures in ounces, the conversion is 28.35 grams per ounce. To convert ounces, multiply the ounce weigh by 28.35 (ounces x 28.35) to get the gram weight.

Multiply by the fineness of the gold.

o 10KT = 10/24 = .4167

o 14KT = 14/24 = .5833

o 18KT = 18/24 = .750

This number is the adjusted price per gram based on the fineness of the gold in your piece.

Multiply the Gram Weight of your piece by the adjusted price per gram to get the value of the piece.

(adjusted gram price per gram x total gram weight of the piece) = Value of the piece

If you are really confused or, just want to comfirm the value of your gold before selling by mail, you can always take your pieces to a local gold dealer and have them value the pieces for you. Remember that they will quote you their buying price, which is a percentage of the value. Ask them for the full spot value of your items and to go over the calculation with you.

If you decide not to sell to the dealer you are consulting, the rest of your research should be a matter of shopping for the lowest spread and checking the Better Business Bureau reports for compliants of any company you are considering selling to. Remember that gold refineries and gold dealers make their money off the spread between true maket value and what they pay you and anything over 80% is a reasonable offer, with 85% or better being a good offer.



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