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Monday, September 24th, 2012
Calculating the Value of Your Scrap Gold
Typically, when it comes to calculating the value of your scrap gold, it comes down it what the gold price per ounce is. So, if you have scrap gold and wish to know how much you can sell it for, you will most likely have to figure that out for yourself if you want to be sure that you are getting the right amount for it. Many pawn shops, and other stores that deal in gold, will take advantage of the fact that their customers do not know the gold price per ounce. After all, how many people really know what it is or even what it means? The way to lock in your security is to educate yourself before you go ahead and sell your scrap gold.
The first thing you should keep in mind is that the gold price per ounce tends to go up when we are experiencing a flat economy or there is cause for worry due to inflation like there was during the war years. So, maybe you want to wait until there is a lull in the economy before you sell in order to get the best possible gold price per ounce. And again (I cannot stress this enough!), those that deal in scrap will do whatever they can to keep you in the dark about how they calculate how much your gold is worth, so be weary and read the following steps to figuring out how much your gold price per ounce really is.
The first step is to organize your pieces by karat. This will help you to see what you have and pick out any pieces that are not real gold. Also take note of all the jewelry that was made before the year 1980 as it is a bit less than its marked value per karat. For instance, if it says it is 18 karat gold than it is really only 17 karat gold. Use a magnifying glass to see any numbers that are too small to determine.
The next step is to make sure that your gold jewelry is separated from your gold coins. Some of your coins may be worth more depending on their dates and markings. The older coins are typically worth more and so many people collect gold coins that you do not want to take a chance at scrapping them just to find out later that they were worth a mint!
Finally you want to figure out the weight of the gold you have is. You can get a scale online or at a jewelry store. Weigh each item in a group depending on the karat size. The scale will likely tell you the weight in grams so you will have to convert this number to ounces. The conversion is about 14 grams for each half ounce of gold. Now you can go to an online gold price per ounce calculator and put in your numbers to find out what the value of your scrap is at that moment. That is all there is too it!