When you go to sell your gold and silver jewelry, whoever you send (or bring) your valuables to will be determining the value of your gold by testing the purity and weight of your gold. Then, they’ll make you an offer based on this. If you know the purity of your gold, you can calculate approximately what the actual value of your gold is so you can make an informed decision when deciding whether or not to sell.
Step 1: Determine the Purity of Your Gold
Once you’ve gathered up all the gold and jewelry you might want to part ways with, make sure you keep any papers or verification of your valuables with the correct pieces. It’s really only going to help the value. Remember most places you sell it to are pricing it based on melting it down for its metal value. If it is made someplace special, is an ornate antique, or is especially rare or collectible, you might be able to get a better price for them than the “regular spot price.”
It’s not a good idea to try to clean things yourself. Especially with coins or fine jewelry, you can easily damage them be scratching or discoloring their service – just present them in their original condition.
Many pieces of jewelry will have the gold purity designation written on it. If it has a number on it, like 583 for example, it means it’s 58.3% gold (or 14k). Group all your gold and valuables together by purity. If there isn’t any documentation or numbering on your pieces, you can take it to a local jeweler who will test the gold and determine its purity. If you’re dealing with gold bars, gold located inside electronics, or dental gold scrap, there definitely won’t be a carat designation. You’ll have to take these to a dealer as well, and we’d recommend taking it to multiple dealers to make sure you’re getting appropriate readings.
Let’s say we have 3 groups of Gold as follows:
10k Gold Group
14k Gold Group
18k Gold Group
Step 2: Weigh the Gold
Now it’s time to weigh the gold. You’ll have to weigh each purity group separately to calculate the price accurately. Knowing the units of measurement of your scale is very important. You’ll want to convert the weight into grams (so if you have a grams scale that is best), so if you have an ounce scale, you can convert from ounces to grams by multiplying by 28.35 (1 ounce = 28.35 grams, 2 ounces = 56.7 grams).
Let’s say we have 3 groups of Gold as follows:
10k Gold Pile: .353 ounces (10 grams)
14k Gold Pile: .282 ounces (8 grams)
18k Gold Pile: .141 ounces (4 grams)
Step 3: Calculate the number of Troy Ounces you have
Troy ounces are not the same as regular ounces. That’s very important to remember. 1 Troy Ounce = 31.1 grams. That should make it pretty simple right? Taking a look at the piles of gold we have:
10k Gold Pile: .353 ounces (10 grams) = .3215 Troy Ounces
14k Gold Pile: .282 ounces (8 grams) = .2572 Troy Ounces
18k Gold Pile: .141 ounces (4 grams) = .1286 Troy Ounces
Step 4: Find the Price of Gold per Troy Ounce
We like using GoldPrice.org because it displays the real-time price right at the top of the screen. As I look at it right now, the price per Troy ounce is $1656.75.
Step 5: Calculate the value of 10k, 14k, and 18k Gold
The price of gold per troy ounce is based on the price for 24k gold (pure gold). Since the gold that we have in our piles isn’t pure gold, we need to calculate the number of troy ounces of gold in our pieces. We do this by dividing the purity of our gold by 24k.
10k/24k = .4167
14k/24k = .5833
18k/24k = .7500
Step 6: Calculate the final value of your gold
To calculate how much your gold is actually worth, you need to multiply the purity, weight, and price per troy ounce as follows:
Pile 1: (purity value) * (weight in troy ounces) * (price per troy ounce)
= (.4167) * (.3215) * (1656.75)
Pile 2: (purity value) * (weight in troy ounces) * (price per troy ounce)
= (.5833) * (.2572) * (1656.75)
Pile 3: (purity value) * (weight in troy ounces) * (price per troy ounce)
= (.7500) * (.1286) * (1656.75)
Total value of all 3 piles: $630.29
Step 7: Sell your gold!
Remember, the value you just calculated is 100% of the value of the gold in the items that you have. You shouldn’t expect to get nearly that much from a jeweler or an online gold buyer. These businesses have to take the items to a refinery, which melts down the gold to its pure form (and they charge money too!). So, realistically, you can expect to receive between 60%-90% of the actual value of your gold. Generally speaking, the more gold you have, the closer to the actual value you can get.
The top websites we tested were paying around 80% of the value of the gold, which is great considering we only sent in a couple hundred dollars worth of gold. We are very confident in the gold test we did, and are confident you’ll be happy working with our top online gold buyers. Most of them are as helpful as a local jeweler would be – speaking with them over the phone about the value of your pieces is very easy, and they are very understanding if you decide not to sell your items. Plus, it’s free!
|Company Name||Insurance||Payment AMT||BBB|
|$5000||$158.12||A||30 Days||3 Yrs|
|$5000||$146.65||A+||30 Days||12 Yrs|
|$1000||$119.77||A+||10 Days||11 Yrs|
|$1000||$96.85||A+||15 Days||2 Yrs|
|$2500||$75.81||A+||14 Days||19 Yrs|
|$1000||$54.77||A-||12 Days||2 Yrs|
|Cash for Gold USA|
|$1000||$61.02||Not Accredited||14 Days||6 Yrs|