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Tuesday, March 16, 2010

How to Work Out Scrap Gold Prices

As people look to cash in their old unwanted gold jewelry it is important for them to know the value of their scrap gold items. This article gives easy steps on how to calculate scrap gold prices

First you need to establish the gold purity of the scrap gold you have. For jewelry this is easy. Gold jewelry is classified in terms of karats (10k, 14k, 18k ,22k). It is usually marked on the jewelry item - you may need you magnifying glass for this.

For other scrap gold items such as CPU chips, gold flake and so on you can establish the purity of the gold by doing an acid test. you can get an acid test kit from ebay.

Once you know the karat value of of your scrap gold then you need to weigh it - knowing the weight in ounces or grams is fine.

Gold under 24 karat is a percentage of pure gold mixed in with other base metals. The percentages for different karats are as follows

10k = 41.7% pure gold
14k = 58.5% pure gold
18k = 75% pure gold
22k = 91.6% pure gold

Example in Ounces

I have 2 ounces of 14k gold. The current gold price is $1100 so the value of my gold is as follows

1100 x 0.585 x2 = $1287

Example in Grams

I have 5 grams of 14 karat gold and the gold price is $1100 per ounce

Gold price per gram = 1100/31.1034768=$35.37

Value of my gold = 35.37x0.585x 5=$103.44

Get the Gold Bug scrap gold calculator for iPhone or Android

Gold Bug Calculator - In Gold We Trust

Get it on Google Play


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