If you intend on selling some old jewelry that you have lying around, it’s best to determine the price of gold per gram before doing so. By doing this, you’ll have a good idea as to the kind of offer you should expect to receive. This is an essential step as there are many people selling their gold well below what it’s actually worth. Please consider the importance of taking care of this step first.
I’m sure you’ve probably noticed the commercials on television and radio offering “top dollar” for your gold. Or, you’ve seen the signs posted on your local pawn shop’s door offering the same “top dollar for your gold” pitches. There have even been businesses solely created to take advantage of gold’s record price. While these offers can sound enticing, many people are led astray simply because they don’t stop and do a little research beforehand. If you don’t perform your due diligence, you’re essentially gambling that you’ll be able to get a premium price for your gold. Hopefully, by reading this article, you’ll be better prepared.
Besides determining the price of gold per gram, there are a couple other things you should look at before selling your gold. To start, understand that once you sell your jewelry to your pawn shop or dealer you’ll receive only the value for the gold contained in the jewelry. Should you have jewelry which contains something besides gold, you won’t receive its value. So, you’ll want to sell pure gold if at all possible. Next, you should consider what the value of your gold will be on the street once it is melted down. Ok, let’s examine how you can figure out what your gold may be worth in grams.
Gold is typically quoted in ounces. Any time you hear gold being mentioned on the TV or the radio, it’s being referenced in ounces. So, lets look at a couple simple steps.
The Standard Rule of Thumb: 1 ounce of gold is equal to 31.10 grams of gold. For our example, let’s imagine the price of gold is $1,400 per ounce. We’d determine the price of gold per gram as follows:
$1400/ 31.10 (In Troy Ounces) = $45/gram (assuming 24 carat gold) So, imagine your gold is under 24 carat? Here is a chart that will help you.
Multiply the following to calculate the value of scrap gold sorted by various carats:
For 10 carat (10K) multiply the price of gold per gram by.4167.
For 14 carat (14K) multiply the gold price per gram by.5833.
For 18 carat (18K) multiply the price of gold per gram by.75
24 carat (24K) simply use the price of per gram.
You should multiply the number you receive from the previous step by the amount of grams of the quality you’re pricing. That’s the current price of scrap on the market. Just be conscious that once you sell gold scrap to dealers, you might receive a lot less versus the market value. So, it is crucial to go in prepared and determine the price of gold per gram so you ensure you receive top dollar for your gold.