|Written by karen cotton|
So you've decided to transform your unwanted gold jewellery, fillings and electrical components into cash. Before sending off those once valued items for smelting into gold bars, it's worth calculating what you will get in return for them - especially if you're looking at more than one buyer. Fortunately it isn't too difficult to figure out scrap gold prices - all you need is a bit of paper and a pen or a simple calculator. Of course, there are also online calculators to do this for you, too.
Step 1: Begin by sorting your gold into categories: gold plated; 10K; 14K; 18K; 22K; etc. A magnifying glass can help you identify items as gold is hallmarked with the number of karats.
Step 2: Discard any gold plated items from this exercise. You *may* be able to earn money from these pieces via an online auction or yard sale - but a gold dealer will not be able to work with these items.
Step 3: Weigh your gold items in groups using an electric scale (in grams). Alternatively you can weigh in ounces and convert to grams.
Step 4:┬á Now let's work out the current market price for gold in grams. It's best to do this via a company which isn't trying to buy your gold - simply so you can ensure that you are working with an accurate market price. Goldprice.org is one site that continually updates its prices. What's more, it covers markets from around the world - so wherever you may be you can be sure of using a current value.
Step 5: Gold is frequently priced in 'troy ounces', so you will now need to convert the price per troy ounce into price per grams. One troy ounce is equal to 31.0135 g. Divide your price per troy ounce site by 31.0135g. The new figure is your price per gram.
Step 6:┬á Your groups of items (10K gold, 14K gold, etc) each contain different amounts of pure gold. So now we need to calculate the gold value or price for each group. Use the following equations to work this out:
10 karat gold = price per gram (step 5) x .4167
14 karat gold = price per gram (step 5) x .5833
18 karat gold = price per gram (step 5) x .75
22 karat gold = price per gram (step 5) x .9167
24 karat gold = price per gram (no further calculation needed)
Step 7: To determine the price fpr each gold group (10k, 14k, 22k, etc), just multiply the weight in grams (from step 3) by its appropriate price (from step 6).
Step 8: Add up all of your prices to create a value for all of your gold jewellery.
Step 9: Now visit cash for gold sites to see what they can offer you based on your weights. With postage and smelting costs involved - as well as expensive advertising campaigns - you could see values offered that are as little as half of the market price.
Step 10: The price you're offered can be wholly dependent on weights of items involved: the more you have the more they can offer. If you know of others who may be interested in joining in, you could consider consolidating your assets for maximum gain.
Step 10: Before sending off your jewellery items it's always a good idea to consider more conventional re-sale values such as online or real-time auctions. And if you have coins, etc. in your group of unwanted gold items always seek the advice of a coin expert.