Are you interested in making a little extra cash on the side? Do you have old, broken, or unwanted scrap gold jewelry laying around your home that you no longer use? If this is the case, you may be able to sell off all of that unwanted gold jewelry to a scrap gold buyer.
You may have heard that the price of gold is on the rise. With the gold price well above $1,100 an ounce, scrap gold demand is up and many people are cashing in on what appears to be a once in a lifetime opportunity to convert your scrap gold into major cash.
If you are interested in selling your scrap gold, you will first want to know how much your scrap gold is worth. The value of scrap gold is determined by the weight of your piece, its purity, and the current price of gold per ounce. This means that the first step to calculating how much your gold is worth is to determine its weight and purity.
Your gold’s purity is measured in karats and should be indicated on your piece by a number followed by the letter “K”. Once you have located the purity of your gold, the next step is to weigh your piece. This can be accomplished by using a simple gram hand scale. Next, look online to determine the current price of gold. Use the following formula to determine how much you should expect for your scrap gold:
Scrap gold value = ((Karats/24) * weight in grams) (Current price per gram) (.80)
Once you have determined how much your scrap gold is worth, you will be able to negotiate price with a gold buyer. Visit several gold buyers before making a selling decision.
Author: Abdullah Patel