Trading Cash for Gold Is a Great Way to Make Money this Year
Do you have scrap gold laying around? Just about everyone does and many would like to sell it, but do not really know for how much. Gold prices tend to rise but before you sell your gold to a dealer or mail it off to one of those mail ins for scrap gold, you need to know exactly what your scrap gold is worth. Gold dealers have their own calculation and do not usually tell you what it is. Trading cash for gold is a great way to make money this year.
The first thing you need to do is separate your scrap gold into karats, for example; 10k, 14k, 18k, etc. If you are unable to tell the reading from inside the ring or jewelry, you can have it tested by a well reputable jeweler. He will tell you if there is any gold plating in the jewelry.
On gold coins, there may be a coin value, also called a numismatic value, above their metal value and this is based on the age, how rare it is, and the condition. You may get more money from a coin if you take it to a coin dealer.
You will then want to determine the gram weight by using a gram scale for each piece. If your scale only weighs by ounce, you can covert to grams by using this formula by multiplying by 28.35 (e.g. 2 oz. = 2 x 28.35 = 56.7 grams).
What is the price of gold today? You will want to find this out by going online. As of right now, fine gold is priced at about $900.00 per troy ounce, which equals 31.1 grams. According to the supply and demand of gold, the price of gold can change. To get the gold price per gram, divide today’s gold price by 31.1. Then multiply by the fineness of the gold. You will then divide the karat by 24, then multiply that number to what the price of the gold is today for each gram.
Lastly, multiply the price per gram by the weight in grams. For example: If you have 14 grams of 10KT gold and you calculated the price at $14.00 per gram, then your scrap gold is worth 14 x $14.00 = $196.00.
Most scrap gold dealers are looking to buy if it is about 10 to 20 percent less than what it is actually worth. You can probably talk the dealer into giving you more, but the more you have to sell, the more you will get in return. This is because of the process it has to go through and the profit from reselling it. As you can see, there is a lot going on when determining the price of your scrap gold and how it is calculated. You will want to get the most when selling whatever scrap gold you have and the best way you can do that is by learning more by following this link: Scrap Gold.
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