Selling your gold online can be a fast way to come up with a little extra cash when money is tight. Many people have old, broken, and unwanted gold jewelry lying around their homes that they no longer wear. You can get the market rate for your scrap gold jewelry when you sell it online to one of the many scrap gold buyers.

Before you send you scrap gold off, you will want to get an idea of what it is worth. Sending you gold to a buyer without remotely knowing what it is worth is not only risky but also foolish. Luckily, you should be able to determine the value of your scrap gold jewelry from home with a few quick, easy steps and some simple math. Calculating the price of gold requires knowledge of your gold weight, purity, and the current price of gold per gram. Here is the quick and easy way to estimate how much you should expect from the gold buyer of your choice.
The first thing that you are going to need is a scale to weigh your scrap gold. Your scale, whether mechanical or digital, will need to be capable of weighing in grams. Weigh your scraps and take note of the weight. The next step is to locate the tag that indicates your gold’s purity. This is usually indicated by a number followed by the letter K. The highest purity of gold that you will find is 24K. Twenty-four karat gold is virtually never used in jewelry making because other metals are added to make the gold more durable. You will usually see purities such as 10k, 14k, or 18k. Once you have located this number, divide it by 24 to find out what percentage of your jewelry is pure gold.
Once you know your weight and purity, you are going to need to know the current price of gold. The current price of gold per gram can easily be found online. Armed with the knowledge of your gold and the current gold prices, it’s time to compete a little math.
First, multiply the percentage of pure gold by the weight of your gold in grams. The resulting number will be the weight of pure gold that you have. Next, divide the weight of pure gold that you have by the current gold price. Take this number and discount it by 20% by multiplying by .80. You will want to discount your gold by 20% to cover refinery and administrative cost.
Author: Greg Jackson