Before you could sell gold, you should first know how to calculate the value of your gold pieces. You might not be that good in mathematics, but knowing what the actual price of your gold collection is will help you end up with the best prices. B
esides, there is no need for you to be a mathematician to do the computation. It is simple and quick, as you would soon find. This article will also provide with a useful example to follow. In that case, bring out your pen, your paper and a calculator.
There are two basic factors that play a big role in the price of your gold pieces: the actual metal used in the piece and the artistic value. If you have tried buying gold jewelry in a mall or in a jeweler’s shop, the prices are usually thrice the actual price of the metal should you go directly to a gold buyers or refiner. This is due to the artistic value used in the jewelry. However, when you try to sell gold, especially gold scraps, you will only be priced according to the metal value. The buyer usually makes use of the gold and then melts it to become a full gold jewelry with a much higher price.
Knowing these factors, you can now fully understand the computation. To sell gold in the best possible price, find companies and websites that buy gold in the same rate. Here is the step-by-step procedure on how to do your calculations:
First Step:
You would need to know the current value of gold. If you have an Internet connection, you can simply type ‘spot gold’ in your favorite browser. The first rate is usually the rate followed if you are to sell gold. In fact, if you are to compare the current gold rate today and the rates years ago, you would see why the business in gold is expanding. The rates have skyrocketed, and selling gold scraps can be a very good source of financial security.
Second Step:
Determine the purity of your gold pieces. You can find this information marked in the actual jewelry. Group the jewelries with the same purity to enhance the quality of your calculations. Since 24K is the carat value for pure gold, you would need to divide the markings you have found by 24. A 14K jewelry will have a purity of 58.5%. (14/24 = 58 .5)
Third Step:
Weigh your gold pieces. You can use any scale you would, but just ensure that it calibrated properly. If you want to sell gold, you would need to be precise. After that, you would need to convert that value into troy ounce, the measurement used in the rates.
Fourth Step:
Another factor that you should analyze is how much of the actual rate will be given to you. This one depends on what your profession as a gold seller. Usually the percentage is between 20% to 65%.
An example:
You plan to sell your 24K earrings weighing 17 grams. The spot price for gold is $1465 per troy ounce.
$1465 * 24/24K * 17/31.1 * 65% = $520.52
With this knowledge in your mind, you can sell gold with more confidence.
Before you could sell gold, you should first know how to calculate the value of your gold pieces. You might not be that good in mathematics, but knowing what the actual price of your gold collection is will help you end up with the best prices. Besides, there is no need for you to be a mathematician to do the computation. It is simple and quick, as you would soon find. This article will also provide with a useful example to follow. In that case, bring out your pen, your paper and a calculator.
There are two basic factors that play a big role in the price of your gold pieces: the actual metal used in the piece and the artistic value. If you have tried buying gold jewelry in a mall or in a jeweler’s shop, the prices are usually thrice the actual price of the metal should you go directly to a gold buyers or refiner. This is due to the artistic value used in the jewelry. However, when you try to sell gold, especially gold scraps, you will only be priced according to the metal value. The buyer usually makes use of the gold and then melts it to become a full gold jewelry with a much higher price.
Knowing these factors, you can now fully understand the computation. To sell gold in the best possible price, find companies and websites that buy gold in the same rate. Here is the step-by-step procedure on how to do your calculations:
First Step:
You would need to know the current value of gold. If you have an Internet connection, you can simply type ‘spot gold’ in your favorite browser. The first rate is usually the rate followed if you are to sell gold. In fact, if you are to compare the current gold rate today and the rates years ago, you would see why the business in gold is expanding. The rates have skyrocketed, and selling gold scraps can be a very good source of financial security.
Second Step:
Determine the purity of your gold pieces. You can find this information marked in the actual jewelry. Group the jewelries with the same purity to enhance the quality of your calculations. Since 24K is the carat value for pure gold, you would need to divide the markings you have found by 24. A 14K jewelry will have a purity of 58.5%. (14/24 = 58 .5)
Third Step:
Weigh your gold pieces. You can use any scale you would, but just ensure that it calibrated properly. If you want to sell gold, you would need to be precise. After that, you would need to convert that value into troy ounce, the measurement used in the rates.
Fourth Step:
Another factor that you should analyze is how much of the actual rate will be given to you. This one depends on what your profession as a gold seller. Usually the percentage is between 20% to 65%.
An example:
You plan to sell your 24K earrings weighing 17 grams. The spot price for gold is $1465 per troy ounce.
$1465 * 24/24K * 17/31.1 * 65% = $520.52
With this knowledge in your mind, you can sell gold with more confidence.
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