Thursday, June 16, 2011

How to value scrap Gold?

This is a process to value scrap gold for purchase price estimation or for resale value.

You should be able to get 95% of the current spot value price for scrap gold.

At the time of writing gold is valued over 1000 dollars for one troy ounce of 24 Karat gold.

What is a Karat when referring to gold?

Simply put a karat is the purity or amount of gold by the mass of the metal.

24 Karat = 100% purity of gold.
22 Karat = 91.6% purity of gold.
18 Karat = 75% purity of gold.
14 Karat = 58.5% purity of gold.
10 Karat = 41.7% purity of gold.

1 troy ounce is 31.1034768 grams.

Below 10 karat is not acceptable for sale as scrap gold in usual circumstances.

Finding the current spot price of your Scrap Gold.

Many online calculators do this free and are east to find by searching for online spot gold price calculator.

Many will allow you to change weight, Karat and denomination on the fly giving you an up to date price at any time. With this information to hand you are ready to buy and sell scrap gold now!