If you have been following gold prices you would know that the value of gold has been on the rise. Selling your scrap gold can be a great way to raise some extra cash to pay your bills or buy Christmas for the kids. Currently, the United States economy is showing signs of improvement according to data that was released for the month of November. Better than expected data caused the Dollar index to rise ultimately lowering the value of gold. Although gold prices are not as high as they were at the beginning of the month, prices are still holding on around $1,100 an ounce.

Right now may be a great time to sell your scrap gold and make a little extra cash. January is fast approaching and data for the month of December will be released. If economic indicators continue to show signs of improvement, especially in a month as significant as December, the dollar index will continue to rise and we will see the price of gold take a nosedive.

If you have decided to sell your gold then check out our complete article on How to sell your scrap gold.

The process is fairly simple and straight forward. First, you must determine the value of your gold. This is accomplished by first finding the weight of your scrap gold in grams. After you know the weight you need to determine how much of your jewelry actually contains gold. Look for a marking on your gold jewelry such as 18k, 14k, or 10k. Next divide this number by 24. This will give you a percentage of pure gold contained within your jewelry. Take this number and multiply it times the weight in grams. The resulting number will be the weight of pure gold contained within your jewelry. Now, multiply this number times the current gold price (in grams). Finally take the results and multiply it times 80%. The reason why this is done is because your scrap gold must be melted down and refined.  The process will take approximately 20% away from the price of your scrap gold. So the formula looks like this:

Scrap gold value = ((Karats/24) * weight in grams) (Current price per gram) (.80)

Using this formula, a 10k bracelet that weighs ¼ of an ounce will fetch roughly $92.00 with a current gold price of $1,100 an ounce.

Once you have determined the value of your scrap gold its time to sell. Check around with your local jewelers, pawnshops, or with someone who specializes in gold buying. It is fairly common these days to find scrap gold buyers. Knowing what your gold is worth, ask around and see who will give you the most cash for your bling.

Check back with Healthy Financial Habits this holiday season for more great gift ideas. Here you will find a variety of ways to save money on everything from gifts to groceries. If financing is a problem then we offer financing solutions. If you have a question or specific topic that you would like to read about contact the staff: Healthyfinancialhabits@gmail.com

Author: John Smitt