Selling your scrap gold for fast cash online is simple to do, if you understand what your gold is worth. Getting involved with selling gold, completely unaware or what it is worth can end up costing you a lot of money. Some scrap gold buyers pray on people who have no idea what their gold is worth. Getting an idea of the value of your gold does not require an advanced degree in mathematics. All you need is basic math skills and little common sense.
The first thing that you need to know when it comes to determining the value of your unwanted scrap gold jewelry is the weight. A simple metal scale that weights in ounces should do the trick. Digital scales cost a little more, but are more accurate. Ask around, one of your friends may have a scale that you can borrow.
Once you have determined the weight of your gold, examine the piece for a purity stamping. This is usually stamped on a piece or is attached as a tag. The purity is measured in Karats and is indicated by the letter “K”. This letter usually precedes a number such as 14, 18, or 22. The closer the number is to 24, the higher the percentage of pure gold.
After you know the weight and the purity of your gold, you must now check out the current price of gold per gram. There are several websites that will give you live quotes on gold prices. Once you know the current price of gold per gram, its time for a little math. Use the following formula developed by Healthy Financial Habits to calculate your gold value:
Scrap gold value = ((Karats/24) * weight in grams) (Current price per gram) (.80)
You multiply your answer by .80 because buyers normally discount your gold prices 10% to 20% due to refining cost. With an idea of the value of your gold, you are ready to check out all of the different scrap gold buyers online. Be sure that the company you are dealing with is reputable before sending your scrap gold.
Author: John Zinsky