So Christmas day is almost here and you are struggling to come up with that extra cash that you need to get you through Christmas? Maybe you need some extra cash to pay the rent this month or perhaps you are trying to put that big screen television under the tree for your Husband or Boyfriend. The solution to your money needs may be closer than you think.

With the extremely high gold prices this year you may want to consider selling your scrap gold jewelry. Scrap gold jewelry can bring you hundreds of dollars and is easy to sell. It requires very little effort to sell scrap gold because it is as simple as gathering all of your jewelry that is broken or not used and selling it to one of the many gold buyers out there.

Hear is a quick crash course on how to sell your scrap gold jewelry for cash. You can read a more detailed article at Healthy Financial Habits guide to selling gold.

First, gather all of the scrap gold jewelry that you can. You may want to ask your parents or relatives if they have any old gold jewelry lying around that they no longer want.  Offer them an incentive such as a portion of the amount that you receive for the gold.

Next, sort your scrap gold by the number of karats it contains. Karats are a measure of gold purity and are a significant factor in calculating what your gold is worth.  Karats start at 24 (pure gold) and go down from there. The further away from 24k your gold is, the more filler metals it contains and the less it is worth.

Now that you have gathered all of your gold, weigh all of your gold in grams and write down your total weight for each karat category.  After you determine the weight and purity of your gold check the internet for the current gold price. Todays gold is valued just below $1,100 an ounce.

With the weight, purity, and current gold price you are ready to calculate how much you should receive by selling your gold. Healthy Financial Habits has developed a formula for calculating scrap gold price:

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

Just plug in your variables and you will get the price that you should expect from a gold buyer.

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Author: Greg Jackson