| As the spot price of gold has risen sharply over | | | | Next, you'll need to divide the number of karats |
| the last couple of years, a large crop of buyers | | | | represented by each pile by the fineness of the |
| have emerged. In fact, you may have seen | | | | gold. That means dividing each by 24 like the |
| television commercials encouraging you to sell | | | | following... |
| your gold jewelry, dental work, or scrap. If you | | | | 10 karats = 10 divided by 24 = 0.41667 |
| own any pieces that contain a large amount of | | | | 14 karats = 14 divided by 24 = 0.58333 |
| gold, this is a good opportunity to sell them for | | | | 18 karats = 18 divided by 24 = 0.75000 |
| cash. The challenge is knowing how much your | | | | 22 karats = 22 divided by 24 = 0.91667 |
| items are worth. | | | | Now, simply multiply the price per gram ($35.05 in |
| Fortunately, calculating their value is relatively | | | | our example) by the factors above to find the |
| simple if you have the right tools and know the | | | | price per gram for each karatage... |
| formula. We'll provide the latter below. You'll learn, | | | | 10 karats = $14.60 |
| step by step, how to determine the worth of | | | | 14 karats = $20.45 |
| your entire collection. Then, we'll provide a quick | | | | 18 karats = $26.29 |
| blueprint for selling it to an online buyer. | | | | 22 karats = $32.13 |
| Split Your Items By Karat | | | | The final step is to multiply each of the "price per |
| The first step is to organize your collection by | | | | gram" figures above by the number of grams in |
| separating each of the individual pieces by their | | | | your individual piles. For example, if your pile of 18 |
| karatage (or karat fineness). For example, you | | | | karat pieces weighs 25 grams, that pile is worth |
| might own a 14 karat watch, an 18 karat | | | | $450 based on the current spot price. |
| necklace, and a 24 karat pendant. You'll need to | | | | How To Sell Your Scrap Gold Online |
| place each into separate piles. | | | | After you have determined the current value of |
| In most cases, you'll be able to see the karatage | | | | your gold items, find a buyer online. Try to work |
| on the item; it's a small stamp on the inside | | | | with a refiner rather than a broker. That |
| surface. If the stamp has been rubbed off, have | | | | eliminates the middleman. Without the extra layer |
| a dealer test the piece. Note that the testing | | | | of padding, you'll likely receive a higher price from |
| process used by dealers will result in a small | | | | the refiner. It's important to note that you will not |
| amount of gold being lost. | | | | receive 100% of your gold's value. The |
| Weigh Each Pile | | | | percentage of the spot price offered varies by |
| Once your items have been separated into piles | | | | the buyer; some offer as much as 80% or more |
| by their karatage, weigh each pile. Ideally, you | | | | while others offer less than 50%. |
| should have access to a gram scale. If your scale | | | | You'll need to mail your items to the buyer so |
| only displays ounces, you'll need to convert the | | | | they'll be able to weigh them. Many refiners will |
| number of ounces into grams (multiply it by | | | | provide a free kit that includes an insured shipping |
| 28.35). For example, if your pile of 18 karat pieces | | | | box and an inventory form on which you can list |
| weighs 3 ounces, it weighs 85.05 grams. | | | | each piece. Some refiners will even allow you to |
| Calculate The Current Value Per Gram | | | | create an account on their website so you can |
| Find today's spot price (you can do so at most | | | | track their progress. They'll extend an offer to |
| major news websites). Spot prices are listed as | | | | you which you'll be able to accept or decline. |
| the dollar amount per troy ounce. A single troy | | | | If you own old pieces of gold jewelry, coins, |
| ounce is equal to 31.1 grams. Divide the spot price | | | | dental fillings, or any type of scrap gold, consider |
| by that number to find the current price per | | | | selling it while the spot price is high. The quick |
| gram. For example, if the spot price were $1,090, | | | | inflow of cash can be put to better use than |
| the price per gram would be approximately | | | | jewelry that is collecting dust in storage. |
| $35.05. | | | | |