If you are looking to make some quick cash to pay your rent or just to pay bills, you may want to consider selling your scrap gold jewelry for cash. Scrap gold demand is at an all-time high as gold prices continue to rise. Right now may be a great time for you to cash in all of your old broken scrap gold jewelry. Selling scrap gold is easier than ever with many websites that are willing to purchase your precious metal.
The process of selling scrap gold is fairly simple. There are plenty of people that are willing to take your gold and give you some amount of money. The difficult part is determining exactly how much you should expect to get for your gold jewelry. Not knowing what your jewelry is worth can end up costing you hundreds or thousands of dollars.
Determining the value of your scrap gold only requires a scale that weighs in grams and the ability to perform simple math. The steps involved in finding your scrap gold value are:
1. Determine the weight – weigh your gold in grams
2. Determine the purity – look for a tag or marking on your gold that indicates its purity. The stamp will often read something such as 14k or 18k
3. Determine the current price of gold per gram
4. Use the following formula to determine the value of your scrap gold
Scrap gold value = ((Karats/24) * weight in grams) (Current price per gram) (.80)
Armed with knowing how much your gold is worth, get several estimates locally. If you are not satisfied with the prices that you were given, try sending your gold to an online buyer. Make sure that you know who you are dealing with before you send your gold to just anyone.
Author: Abdullah Patel