How to Sell Your Scrap Gold

Categories: Invest, Spend

The price of gold is climbing again to about $1,800 per ounce, close to its all time high of $1,895 on 9/6/11, so many people are thinking about selling their old gold jewelry they have lying around. If you are interested in selling yours, here are a few tips to help you get the most for it.

  • 24 carat gold is 99.9% pure gold, and the price fluctuates everyday
  • 99.9% 24 carat gold is very soft; most jewelry is either 10, 12, 14, or 18 carats, but it can be other grades as well
  • Coins and bars might be pure gold
  • Jewelry stores and gold buyers have to buy your gold at a discount, either because the market price may go down tomorrow or they need to make a profit when they sell it
  • 10 carat gold is 41.7%, 14 carat is 58.3%, and 18 carat is 75% gold
  • Your scrap gold is weighed in grams, and it is purchased from you at the buyer’s per gram quote offer, depending upon your gold’s carat rating
  • There are approximately 28 grams in an ounce
  • An Example: If gold is selling at $1,700 per ounce and you have 14 grams (1/2 ounce) of 14 carat gold, the current market value of your gold equals 50% of $1,700 ($850), and then 58.3% of $850 (to account for the amount of gold in your item), or $495. Go to Wikihow for additional information before selling.

When you decide to sell your scrap gold, first have a reputable jeweler grade your gold (with a little acid and stone test), and weigh it. Next ask their purchase price per gram for each item, and then ask for the total amount they will give you for your items. Then call or visit some other gold buyers for their prices per gram for your carat weight. Make sure each item is tested and weighed separately, since each one could be a different carat. Don’t ever mail your gold to any gold buying firm.

Take each item, such as old gold teeth, bars, coins and scrap jewelry, in a separate ziplock bag, and take your time. Some buyers talk fast and the process can be intimidating. A few days ago, a relative took 4.7 grams of 14 carat gold to 2 places. Assuming a $1,750 per ounce (solid gold), or $62.50 per gram. If 14 carat would be 58% of that, or $36.25 per gram. The retail price is $170.35. They were offered $40 from a coin shop (23% of the value) and the attendant didn’t weigh it. The second offer was from a jewerly store was for $90 (52% of the value). Don’t be hurried, understand what you have, if you don’t do your homework and visit 2 or more reputable buyers, you might get ripped off.

Leave a Reply

Your email address will not be published. Required fields are marked *