How Can I Determine What My Scrap Gold Is Worth?
- 1). Separate your scrap gold into categories defined by karat. A karat is the measurement of the amount of pure gold an item contains. The karat value is usually stamped somewhere on the gold item. You can also take your scrap gold to get tested for its karat rating. But this is only recommended for large gold items such as nuggets and bars as some gold is lost during the checking process.
- 2). Use your gram scale and weigh the gold in each karat category separately. This means that if you have a 10, 16 and 24 karat pile, you will want to get the weight of each individual pile. If you only have an ounce scale, you can calculate the number of grams by multiplying the number of ounces by 28.35. For example, if you have 3 ounces of gold, this would equal 3 times 28.35 or 85.05 grams.
- 3). Determine today's price per gram value of gold. The price of gold fluctuates daily and it is important to know the current price before calculating the value of your scrap gold. The daily price of gold can be found on many websites or on daily money market television programs. A good example of a website to find the price of gold is www.usagold.com.
- 4). Divide the karat value of each category by 24 to determine the gold content of each category. For example, for your 10 karat pile divide 10 by 24 to equal .4167. Make this calculation for each category that you have.
- 5). Multiply the current per gram value of gold by the gold content value of each category. For instance, if gold is worth $30 per gram and your 10 karat content value is .4167, multiply 30 by .4167 to get a dollar value of $12.50 per gram. Do this for each category that you have.
- 6). Take the per gram value of the gold and multiply it by the weight in grams that you have in each karat category. For example, if you have 30 grams of 10 karat scrap gold which is worth $12.50 per gram, multiply 30 by $12.50 to get a value of $375 for all of your 10 karat gold. Use this calculation for each individual karat categories of scrap gold.
