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Do you have any scrap pieces of gold lying around? Perhaps you have a broken watch or a lone earring that isn’t doing much use?
If you’re not using gold scrap price, don’t let it go to waste by letting it lie at the bottom of a draw. Many companies are interested in buying unwanted gold, and you can get a decent amount of dollars just by getting rid of unwanted scrap gold.
Gold Scrap Price and It’s Worth
But before you part ways with your gold, you may want to understand what the value of your pieces is. If you’re interested in learning the prices of scrap gold, you’re in the right place.
Do you know why gold and silver prices fall with stocks post Coronavirus? Read that post carefully to know about this topic.
Keep reading to learn how much your gold is worth.
Discover the Purity
If you want to learn the price of scrap gold, your best bet is to discover the purity of the gold scrap price. The quality of gold is measured in karats, which determines the gold’s purity on a scale of one to 24. Usually, the karat is inscribed directly on a piece of gold with a stamp indication. For example, it could be 10k, 14k, or 22k.
To learn the percentage of purity, dive the number of karats by 24. For example, 12k gold is 50% pure, 24k gold is 100% pure, and so on.
If you notice a marking on your gold, use a magnifying glass to understand the karat number stamped. An item may also be stamped with a number such as ‘375’. In this case, this would suggest 37.5% gold content.
Once you understand the purity of your gold, you’ll need to measure it on a scale. Gold prices are often quoted by per troy ounce, which is 31.1 grams. So, you can divide the current gold price by 31.1 to gain the price per gram.
Separating your gold by its karat weight not only helps you determine its value, but it can help you discover pieces that aren’t even gold. If you don’t notice a marking or you can’t read the stamp, you could also opt to have your gold tested.
Get 4 Tips for the best way to buy Gold and why it’s important from here.
Learn the Melt Value
The gold melt value refers to the spot price of a given piece which helps you learn exactly what it’s worth.
To learn the gold melt value of a piece, use the weight of your item measured in grams, the purity of your piece measured by percentage, and the current gold scrap price per gram.
Check the current gold prices online on a site that tracks commodities prices. This displays the price of gold at that moment per troy ounce.
Perform an Acid Test
Got some gold items you’re unsure about? If you’re uncertain as to whether an item is gold or not after looking at it through a magnifying glass, it may be a good idea to acid test it.
An acid test will require a gold testing kit or the separate parts that create one (the acid and stone). Find a gold testing kit online or buy one at a physical jewelry shop.
An acid test will come with 10k, 14k, 18k, and 22k bottles of testing acid which is usually nitric acid. The test stone can be made from a range of materials, including novaculite or other types of flint material.
If you suspect your prices of scrap gold is 14k, for example, rub the gold on the stone and set a drop of 14k acid onto the mark left. If your item is 14k, the acid will not change. If it’s 10k instead of 14k, for example, the acid will go brown.
If the acid completely vanishes, then bad luck – the item isn’t even gold.
An acid test also helps with the possibility that your gold may just be gold-plated instead of solid gold. So why you should investing in precious metals?
Check the Market Rate
Once you have an idea of how much your gold is worth, you can check the market rate of gold scrap price to compare.
Remember, you can’t really believe you’ll gain the market rate for your gold items because that’s the price that buyers are willing to pay. If you’re working with a mail-in, cash-for-gold business, a pawn shop, or jewelry store, recognize that they need to purchase the gold at less than the market rate to make a profit.
Plus, remember that the price of gold fluctuates daily. That means gold buyers won’t be selling it the exact same day they purchase it. They must protect themselves against the market rate dropping between the time they buy it and the time they sell it.
Be aware that a lot of gold manufactured before 1980 is slightly below its noted karat value. For example, gold indicated as 18k would be between 17k and 17.5k.
This is because, in 1980, the laws relating to the marking and purity of gold jewelry were adjusted.
If you’re looking for a reputable gold buyer, head to Crown Gold Exchange. If your gold is in good condition, Crown Gold Exchange will buy it. That’s whether it’s new, old, damaged, broken, vintage, or antique.
Learning the Prices of Scrap Gold
Now you know how to calculate and understand the prices of scrap gold – congratulations!
If you want to sell your gold, we recommend monitoring the gold market and shopping around. By keeping an eye on the market, you can notice when gold is selling high to boost your chances of gaining the best possible price for your gold pieces.
By shopping around and developing your knowledge on the gold market, it’s less likely that you’ll get ripped off when selling your gold.
Did you enjoy this article? Check out the rest of our website’s Gold and Silver Bullion for similar content.