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I used the complete, easy to follow guide you provided and it came out almost perfect. When I accepted my scrap for sale it was only $1.63. I came home with $433 in just junk. I got a $2 junk sale. saved my day Thanks for your guidance!”

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“I had several pieces of junk costume jewelry I wanted to sell but wanted to make sure I wasn’t being scammed.

One of the quickest and easiest ways to make extra money is to sell your scrap gold. Bullion dealers, pawn shops, and cash-for-gold shops are now as common as convenience stores and retailers, making it easy to sell scrap gold at any time. Although the process is simple, you might not know where to start and that’s why we’re here.

We’ll tell you everything you need to know about selling scrap gold.

Step One: Identify Your Gold

First, you need to know that what you are selling is actually gold. The best way to do this is to look for identifying marks on your jewelry, such as: 14K, 18K, 22K or 24K. These are all signs that your jewelry contains some pure gold.

14k = 58.3% gold

18k = 75% gold

22k = 91.6% gold

24k = 99% gold

If any of the pieces you sell are between 10,000 and 24,000 gold, you will be paid for the gold content of the piece.

Some jewelry may contain hallmarks such as GF or RGP. This indicates that the piece of jewelry is not made of gold but is gold plated or gold filled.

GF stands for gold-filled, and it’s not solid gold. It may still contain some gold characteristics, but the gold grade will be significantly lower than any karat weighted gold. The same goes for RGP, which stands for Rolled Gold Plate. Rolled gold plates are found on many types of costume jewelry and contain no gold value; Therefore, they cannot be sold or recycled.

See Also: 14K vs 18K Gold: What’s the Difference?

Step two: Weigh your gold

You should weigh the gold yourself before trusting the pawn shop or bullion dealer. To weigh gold, use a troy ounce measurement. A troy ounce is 480 grains or 31.1034768 grams. You can weigh your gold at home using a commercial postal scale, but your measurement will be about 9% less than the gold’s actual weight.

Step three: Research the market price of gold

The market price of gold is calculated using the price of gold per ounce. You can look up the current price of gold per ounce online, in newspapers, or by calling your local bullion dealer.

The market price of gold can change daily, so it’s a good idea to do your research now rather than wait until you’re ready to sell. There may come a day when stocks, mutual funds and bonds affect the market price of gold negatively or positively and ultimately determine when you should sell your scrap gold.

Typically, a dealer or pawn shop will pay about 80% of the total market price of the gold jewelry. So keep this in mind when calculating how much you want to make from selling your scrap gold.

If you sell gold coins, gold bars or designer jewelry, the payout is usually more than 80%.

Step Four: Shop Around

Don’t be afraid to take your scrap gold to different locations to get the highest price when you sell your gold. We recommend using a reputable company that is a member of the Jewelry Trade Association so you can get the highest price for your gold while ensuring your transaction is secure.

As you shop around, be sure to search companies online for reviews or complaints on the Better Business Bureau. This will help you determine if you need to avoid certain pawn shops or gold dealer cash.

Step five: Do your due diligence

Once you’ve decided on a place to sell your scrap gold, don’t assume that the jeweler or dealer will treat you fairly. They should oversee the process in which they measure your gold. A reputable gold buyer will measure your gold to the standard in which it is presented. For example, if you have different types of gold of 14k and up, make sure they weigh each piece individually to ensure you are getting the highest price per gram or ounce of gold.

Also, be skeptical of gold parties or mail-in gold exchanges if you’re looking to sell your scrap gold jewelry. While some of these may be legit, many turn out to be scams. Instead, you should seek out a reputable gold dealer or jeweler in the gold market who you can speak to in person to ensure you are treated fairly when figuring out the value of your gold before selling it.

Step 6: Bring ID and get paid

Once you’ve taken your scrap gold to a dealer and agreed to sell your gold item, it’s time to get paid. This is an important step in the sales process as you should be paid by check and not cash. There should be paperwork accompanying the sale of your scrap gold. This should include the pieces you sold, the weight of the gold, and how much the dealer paid you for the gold.

If a dealer tries to give you the market price of gold in cash, you should call for a check or take your business to a bullion dealer who will write you a check and provide documentation for the pieces you are selling.

You must also bring your ID to the bullion dealer or pawn shop that will buy your gold. Your ID will be required during the purchase process, so be sure to take it with you when you’re ready to sell.

Gold Prices Per Gram is a free service from Goldpriceoz.com that displays the current gold price (including bid, ask and daily range) and historical gold price charts (London Gold Fix price). Today’s gold price per gram is updated every 1 minute.

Gold price per gram = $55.26 Bid: $55.26 Ask: $55.3 Daily range: $55.14 – $55.86 Updated prices: New York time

Gold price per ounce charts

Gold price per ounce in US dollars

Gram US Dollar US Dollar Gram 1 gram = $55.26 $1 = 0.01809 grams 2 grams = $110.53 $2 = 0.03619 grams 5 grams = $276.32 $5 = 0.09047 grams 10 grams = $552.64 $10 = 0.18095 grams 20 grams 5 = $8.095 20 = 0.3619 grams 25 grams = $1381.6 $25 = 0.45237 grams 50 grams = $2763.2 $50 = 0.90475 grams 100 grams = $5526.39 $100 = 1.8095 grams 1000 grams = $55263.92

Gram – a unit of mass

Gram is a system metric unit of mass that is also a derived SI unit. It is defined as “the absolute weight of a volume of pure water equal to one hundredth of a meter cubic and at the temperature of melting ice”. The unit symbol for grams is “g”.

1 gram = 0.03215 troy ounces

1 gram = 0.001 kilogram

1 troy ounce = 31.1034768 grams

If you haven’t been exposed to at least some form of publicity lately about what to do with your unwanted gold, you’ve probably been living under a rock. The “great ideas” range from sending them in the mail to dropping them off at a “We Buy Gold” office or attending a gold buying party.

Where can you sell your gold?

Small walk-in pop-up gold shops have been flooding my town for the past few months. They are literally everywhere.

The problem with so many options is deciding where to go to get the most out of your gold. To make things even more difficult, there are many people out there trying to rip you off and the resulting losses could be huge.

What I’m going to do is outline the options you have and guide you a bit in which direction to go:

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From the beginning

So let’s start from the beginning. You have some gold that you no longer want or need and you want to get rid of it. Remember that all gold is worth money whether it’s broken, tangled, mismatched or whatever. gold is gold It’s worth money, and it’s never been worth more money than it is now. Even in its worst form, gold can always be melted down to retain its value.

First off, there are a few no-brainers to the process. The first is to never mail your gold to any of these companies that will tell you how great the process they have devised is and how efficient it will be for you. They are 100% an absolute rip off, no questions asked. They will no doubt pay you pennies on the dollar. I have seen negative newspaper articles, local investigative news on the subject and things written by former employees of these places. Never… just don’t do it!

Second, I would never sell to the first place I got an offer from before checking other options. The gold market is incredibly competitive right now, and the chances are slim that the first place you look will give you the best price. Get a feel for the current rates in the market by looking at your different options.

Third, I would do a little legwork before proceeding. By that I mean at least that I would weigh your gold and get an idea of ​​the current gold price. Don’t hang out with people who don’t know the subject or you’ll get ripped off. This is just a small measure to avoid being “taken” by not knowing how much you have.

The bad news

However, keep in mind that you will most likely not get anywhere near the current price of gold. If gold was currently trading at $1,200 an ounce, you can only sell changes for significantly lower prices. This is because the buyers of your gold are essentially “middlemen” and are taking a risk in buying your gold. Since they have created a market for you to sell your gold in, you have to pay them a fee that can be considered a courtesy fee. Despite all of that, it doesn’t change the fact that there’s still the “best deal” out there for you.

The options

You have four options:

1) Take it to one of those walk-in We Buy Gold pop-up buildings. If you can’t find one near you I would be shocked. You walk in there, they weigh your gold and make you an offer, usually in just a few minutes. But keep in mind that they can be a little on the “smooth” side. In my case, I knew how much gold I had in grams because I had made some preparations in advance. Just for fun, I asked her how much I had. They gave me the weight of my gold in something called a “penny weight,” which is another valid way to weigh gold, but few people know what it means or how much weight it really means. These places just do this to confuse you. And it increases the need for you to weigh your gold so you know what you’re being offered. In my case, I made sure to switch them to a weight I was more familiar with so they couldn’t hit me with a quick weight.

A few quick guidelines before heading to any of these places

Pure gold is currently paying around $1250 an ounce. If you do the math, that means 10-karat gold “scraps” at about $16.35 per gram. And 14k gold is “scrapped” at $23.50 per gram. Scrap prices refer to what these big companies get paid when they send that gold to be smelted, which is what most of them do with your gold. This means that it is almost impossible for you to ever be offered more than this amount for your gold. In fact, it most likely won’t even come close to that number. As I mentioned earlier, this is due to the “facilitation fee” these trades receive for being market makers. Of course, the closer you get to these numbers, the better.

2) Your second option is to go to a pawn shop. Many people recommend going to pawnshops over the We Buy Gold places as they often pay significantly more. I recently sold some gold myself and that’s exactly what I did. I will describe my experience of selling gold later in this post.

3) You can sell your gold online through an auction site like Worthy. This is the most convenient option as you don’t have to leave your home – Worthy’s professional gemologists clean and photograph your items, send them to third party appraisers for grading and list them in auctions visible to more than 1,000 professional jewelers. Because Worthy takes a flat percentage of the sale price, it has an incentive to get you the highest dollar—probably more than a pawn shop or an in-store gold buyer.

4) After all, all you can ever do is wait. Hold on to your gold and wait for the price to rise. gold fluctuates. But in the long run it was always uphill. If you don’t really need the money, it might be the way to go. Save it for that “rainy day”.

My experience in selling gold

I recently sold some gold and decided to use a combination of the first two strategies here. I knew I’d go to a few pawn shops since I’d heard they pay more than the “we’ll buy gold” places. But first I went to one of the pop-up stores. They offered me pennies on the dollar. About what I expected. Sure, the process only took a few minutes, and they tried to confuse me by telling me how much I had in Penny Weight. When I got up to leave they asked me how much I was looking for. What I had was 14k and I told them I wanted $20 a gram for my gold. I didn’t have much, and I knew I probably would never get that amount, but starting high is a great negotiating technique.

Then something strange happened. This person gave me a card that guaranteed me 10% more than any other offer I got out there. I put that in my wallet and left.

Next I went to a few pawn shops. Don’t worry, they’re fine. The ones I found were pretty clean too. I went to a “chain” pawn shop and a few corner shops. What I found was that the national chains offer you significantly more for your gold because they have more financial backing.

I got a great offer from the national chain pawn shop, got the offer in writing and decided to come back to We Buy Gold to show them the offer. Boy did they have a cow! What they originally offered me was about $8 a gram ($163) and the pawn shop offered me $18 a gram ($375). According to the card they gave me, they would have to pay me $19.80 per gram. This woman spoke to her manager about five times on the phone and none of the people on the other end of the line were very happy. They finally said they would “match” that offer from the pawn shop so I didn’t have to drive all the way back there. Even though they didn’t deliver on the 110% promise, I decided to take the $375 from them.

So you see, I more than doubled the money I would have gotten by just doing a little research and footwork. If I had been more fickle I probably could have forced the 110% pledge, but I was happy with the $375 overall.

Any reader stories about selling your unwanted gold? What worked and what didn’t work? We’d love to hear about your experiences.

Do you have scrap gold lying around? Broken gold chains, bent gold bracelets, solo earrings without a partner?

Does that sound like you?

Selling scrap gold can be a quick way to make money, especially since it doesn’t usually have sentimental value like jewelry.

Below, learn more about scrap gold and the best places to sell it for the most money, including our #1 recommendation, CashforGoldUSA, which has an A+ Better Business Bureau rating, gets paid within 24 hours, and is backed by news research was found to be solvent three times that of its competitors.

Frequently asked questions about scrap gold:

What is scrap gold?

Scrap gold is any piece of gold that is not used for anything else – for example, not jewelry or a coin. Likewise, any gold that cannot or will not be used in the way it was originally intended (such as broken jewelry, old gold tooth pieces, or electronic scrap) is considered scrap.

Lower priced jewelry is considered scrap gold when sold because it is melted down and resold as bullion – as opposed to the necklace, ring setting or bracelet it once was.

Where to sell scrap gold

1. Scrap Gold Buyers Online

Our #1 recommended online gold buyer is CashforGoldUSA. Some other online scrap gold buyers you might consider are:

American gold bars

APMEX

Goldco Precious Metals

gold geek

JM gold bars

Kitco

Liberty Gold and Silver

Luria

Exchange for money metals

SellYourGold.com

US gold buyer

2. “Scrap gold buyers near me”

If you are looking for scrap gold buyers in your area, you can find local buyers where you can physically bring your gold for sale. Pawnbrokers, local jewelers and bullion exchanges are likely to fall into this category.

For some people who are nervous about mailing their scrap gold, the fact that they can bring their gold in person is a great feature. But it’s also important to note that pawnshops, local jewelers, and gold exchanges probably won’t pay as much for your gold as an online gold buyer.

If you want to see if there are other scrap gold dealers in your area, you can search ‘who is buying scrap gold near me’ or ‘where can I find scrap gold for sale near me’.

Who pays the most for scrap gold?

Typically, you’ll get the most money for your gold by selling it to a trusted online gold buyer. These buyers tend to pay more for gold than other buyers (like pawn shops and local jewelry stores) because they don’t have the overhead of a physical store. Online gold buyers also have to compete nationally, not just locally, which tends to skyrocket the amount they pay gold sellers. Here’s more about our top picks:

The best place to sell scrap gold is CashforGoldUSA.com

If you’re looking for the absolute best place to sell your scrap gold where you can be sure you’re getting the best possible money, our number one recommendation is CashforGoldUSA. We like CashforGoldUSA for a couple of important reasons.

Firstly, they are one of the oldest and most respected online gold buyers in the business, which means you can rest assured that they won’t rip you off.

Second, CashforGoldUSA has a reputation for paying top dollar when buying gold. An investigation by Fox Business News once found that CashforGoldUSA paid three times more than its competitors.

And third, CashforGoldUSA pays quickly – within 24 hours depending on how you accept payment.

Some other reasons why we recommend CashforGoldUSA:

A+ rating with the BBB

100% FREE prepaid postage envelope to send your gold

Insured up to $100,000

CashforGoldUSA also buys silver and diamonds, coins and gems, watches and engagement rings, making it easy to clear everything out at once instead of going to different buyers

How to sell your gold through CashforGoldUSA:

Go to CashforGoldUSA.com, fill out an estimate. Send your scrap gold as soon as you have received insured postage. CashforGoldUSA will assess your items and provide you with a quote within 24 hours of receipt. If you accept the offer and decide to sell, you will pay quickly, within 24 hours. If you decline their offer, they’ll send your items back to you at absolutely no cost to you.

Receive a 10% bonus if you mail in your item within 7 days of receiving the mailer.

Find out more about CashforGoldUSA in our review.

Emma’s personal experience: how she found the best place to get cash for gold

I recently compared the same 14 karat, 16 inch gold chain that weighed 6 grams.

They were similar to this women’s 16-inch yellow gold necklace for sale at Kay Jewelers for $399:

These transactions occurred during the days of January 11 to January 13, 2022 when spot gold prices ranged from $1,795.36/ounce to $1,848.38.

Below is a summary of the results of my experiment:

Offer Pro Con Jewelry store near me $95 Local shop Low offer, gross business Pawn shop $110 Nice people, my offer, easy They saved my personal information CashforGoldUSA.com $191.97 Very easy, no need to leave home, transparent process, 10% bonus.

Accepts all gold and silver items. No offer until you send in your item, except for the gold grade calculator on the SellYourGold.com website $81.59 Good website, good communication after request Requires personal ID, poor tech, very low offer AbeMor.com $0 n/a Didn’t do business with them Doesn’t accept smaller items and the minimum isn’t clear. Local Cash for Gold Stores $0 to $153 Could be quick cash at a maybe decent price? Dirty deals can be of questionable integrity.

Read the details of shopping the gold chain at the highest price in this post about selling gold.

Old gold price today:

Gold prices surpassed $2,000 this year for the second time in 50 years. As of , the resale value of gold in the United States was at a near record $per ounce or $per gram.

What is scrap gold worth?

Scrap gold is just that: gold. This means that scrap gold is worth the same as any other type of gold. The fact that it’s junk doesn’t matter at all.

Not sure how much your scrap gold is worth? Ultimately, it depends on three things: the weight of the item, the gold content of the item, and the current spot price of gold.

How to Get Rid of Junk: 24+ Free & Cheap Junk Removal Options

gold grade

Gold content is measured in carats. The higher the karat number, the more gold is in your old gold. Below is a list showing the grade of gold you will find:

24k: 99.9% gold

22k: 91.7% gold

18k: 75% gold

14k: 58.3% gold

12K: 50% gold

10K: 41.7% gold

9K: 37.5% gold

weight

To know how much your gold is worth, you need to find its weight. Gold is typically measured in either grams or ounces, so you should find your item’s weight in one of these units.

spot price of gold

The spot price of gold is the current price at which gold is sold on the open market. Gold prices are at a 7-year high.

Find out the value of your gold

To determine how much your scrap gold is worth, all you have to do is take its weight, multiply it by its gold grade, and then multiply that number by the spot price of gold.

For example, imagine you have an 18k gold necklace that weighs 5 grams. To determine how much it’s worth, you would:

Multiply 5 grams by 0.75 (equivalent to 3.75)

Multiply 3.75 grams by $61.21

This shows that the gold content in your scrap gold chain is worth around $230.

How much does scrap gold cost?

How much money you get for your scrap gold ultimately depends on how you sell it. In any case, you are unlikely to get the full value of your gold. (After all, the buyer must make a profit if they resell it in the future).

That being said, there are a few general rules of thumb to keep in mind:

Pawnshops will typically pay 25-60% of the retail value of your item

Local gold exchanges or jewelry stores that buy gold will usually pay a little more than pawn shops, between 60% and 75% of your gold’s value

Online gold buyers typically pay the most for the gold they buy. This is because they have less cost of doing business (exist virtually) and have to compete with other buyers. While the exact percentage depends on the buyer you choose, you can expect to receive between 80% and 90% of the value of your gold.

Learn more about selling gold and the top gold buyers.

Where can I find scrap gold?

Scrap gold that you may have on hand to sell includes:

Gold fillings, bridges and gold crowns

broken jewellery

Antique Porcelain – You can chip off gold trimmings on these dishes

Gilded silver cutlery

Gold is found in the processors and connectors in computers, circuit boards, tablets and smartphones use gold – although extracting this gold is complicated

Gold heat shields, gold reflectors, gold mirrors, gold optics

gold solder

How much is old gold worth

Here’s how much scrap gold is worth and how to calculate its value before selling your unwanted gold.

The central theses

You may unknowingly have scrap gold in your home that you can turn into cash. Besides broken jewelry, do you know the many other sources of unwanted gold such as: B. Flea markets and get cash for gold. Know how to test if gold is real or its karat grade using gold test kits that you can buy online or through reputable dealer grading. Gold prices vary. If you want to get a more accurate reading, check out our live gold chart for the daily price of gold. You can get 10% underpaid if you don’t know the correct unit of weight for precious metals. Use our gold value calculator for a correct estimate of gold value.

You may unknowingly have various gold possessions lying around the house. Instead of letting them gather dust, you can sell them as scrap gold. But what is scrap gold and how much is scrap gold worth?

What is scrap gold?

Scrap gold is any piece of gold that is no longer valued in its original marketable form or finish and is sent to the refinery for smelting and recycling. For example, you have old, broken gold jewelry or gold from electronic circuit boards, gold teeth, gold coins or bouillons.

How is scrap gold valued?

To determine the value of scrap gold, we need to know three things: the purity of the gold measured in karat, the weight of your scrap gold, and the current price of gold on the market.

1. Purity

To find out the purity percentage of your scrap gold, check the karat gold hallmark on it. If this is not evident, you can go to a reputable dealer to test the gold. You can also search for gold testing kits available online or from local gold dealers.

Of course, if you have sorted scrap gold, group it by carat.

After you determine the karat rating, remember that with 24 karat as the standard for 99.9 percent gold purity, you simply divide the karat weight of your gold by 24.

For example, to calculate the purity of a 14 karat piece, 14/24 is 0.583 pure gold. Simply put, 14k jewelry is 58.3 percent pure gold.

Karat Percent Gold 24 99.9% 22 92.6% 21 87.5% 20 83.3% 18 75% 15 62.5% 14 58.3% 12 50% 10 41.7% 9 37.5% 8 33 .3% 6 25%

So scrap gold with less than 24k purity has other metals like silver, copper or platinum. This is to be expected in jewelry as 24k pure gold is too soft to be used for this purpose.

We need to find out the percentage of pure gold because that’s what gold buyers are looking for.

2. Weight

Scrap gold is usually weighed per troy ounce. 1 troy ounce is 31.1 grams, which is slightly more than the normal ounce at 28.34 grams/ounce. 1 troy ounce equals 1.09 ounces.

This is where a customer selling precious metals of any kind can be unknowingly “cheated”. 1 troy ounce is 10% more than the ounce we use for other commodities like sugar or other food. But when it comes to precious metals like gold, silver, platinum, they are traded in troy ounces.

Conversely, a gold trader who is only aiming to get more out of a deal will sell in ounces when he only weighs 90% less gold in t oz.

Another unit of weight used for scrap gold is known as the pennyweight or dwt, which is equal to 1.555 grams, while a troy ounce is equal to 20 dwt.

3.Current gold price

After determining the purity and weight of your scrap gold, you need to know the current price of gold per gram. Below is a live chart where you can check the price in USD whether grams or ounces.

How much is scrap gold worth?

To calculate the value of your scrap gold, multiply its weight in grams by its percentage of karat purity, then multiply by the current market price of gold per gram.

If you have 100 grams of 14 karat scrap gold, multiply 100 by .583 (14 karat purity) to measure the actual pure gold grade at 58.3, then multiply by today’s gold price per gram. This gives you the estimated value of your gold.

Please remember that you cannot achieve this value if you were to sell. Most gold buyers buy their scrap gold at 60-80% of the current gold market price to cover their smelting and refining costs and profit.

Alternatively, you can use our scrap gold calculator to get estimated values.

Scrap Gold Calculator

Use this calculator to ensure you get the right value for your gold. Remember that not knowing the difference between troy ounces and ounces can mean a 10% loss.

For example, if you use this calculator and sell a piece of scrap 18k gold jewelry at the April 13, 2021 price, 5 troy ounces are worth 10% more ($7179.43) than 5 ounces ($6543.75).

Scrap Gold Calculator

This calculator gives values ​​in any measured unit, oz, troy oz and more.

frequently asked Questions

How much do jewelers pay for scrap gold?

Most gold traders/buyers will pay between 60-80% of the current price of gold per gram. This is to cover operational costs such as refining and smelting your unwanted gold.

How much is 14k scrap gold worth?

Multiply the weight in grams of your scrap 14k gold by 0.583 (14k grade) to measure actual gold grade, then multiply by the current gold price per gram. This will give you the estimated value of your gold.

How do you calculate the scrap gold price?

To calculate your scrap gold price, multiply its weight in grams by its pure gold grade rating, and then multiply it by today’s gold price.

For example, a 10 karat gold scrap weighing 80 grams should be calculated as 80 x 0.417 and is worth 33.36 grams of pure gold, then multiply that by today’s gold price in grams.

For example, you can use the calculator above to check your scrap gold jewelry in grams, ounces, or troy ounces.

Where to find scrap gold sources

Here are some of the most common sources of unwanted gold:

Old broken gold jewelry like old rings, tangled gold chains, broken bracelets

Gold Coins (Have them appraised first though, it might be a rare coin worth more!)

Scrap gold bars

tooth gold

electronic circuit boards

Certain costume jewellery

musical instruments

expensive pens

gold frame

A flea market near you can be a great source of unwanted gold. While it’s best to have a gold testing kit and scale, this may not always be handy when prospecting for gold at flea markets.

An easier option is to bring a small magnet (the size of a cube) as real gold does not stick to magnets, unlike gold plated metal which does. Test clasps and actual jewelry separately.

The magnet method only tests whether it is real gold or not. To test in karat, a gold testing kit will distinguish them, for example a 10k versus a 14k gold.

Also remember to group your unwanted gold by purity.

Where can I sell scrap gold?

Sell ​​to a reputable gold dealer in your area, do your research. Check the reviews on the internet.

Look for gold dealers with a physical store, preferably one that has been around for years or decades. Longevity in business is a good sign of trustworthiness.

A reputable gold buyer will also take the time to appraise your gold (or any precious metal such as silver) and tell you its fair and honest value. Remember that a gold buyer can try to underestimate you by using oz instead of t oz as the unit weight, resulting in you losing 10% on the transaction.

At Gold Galore you can be confident that you will receive a fair and honest evaluation. Start with our calculator and live gold chart. Contact us today and turn unwanted gold into cash!

Gold is one of the most valuable metals out there and it comes in a variety of colors and styles. If you have gold jewelry yourself, it is important that you know how to test gold at home to find out if the gold is pure or not, as not all gold is necessarily real gold. It can be gilded, gold dipped, or even gold filled, which is different from real gold. When you receive a piece of gold jewelry, it usually comes with a mark that indicates the purity of the gold, measured in carats. Depending on the purity, it can be either 10,000, 14,000, 18,000, 22,000 or 24,000. If your gold isn’t hallmarked, you certainly need to test it.

Before we start explaining the methods of testing gold at home, let’s get a few things straight. When you receive a piece of gold it doesn’t have to be in its purest form, jewelers usually mix other metals into the gold to make it more durable. Real gold in its purest form is a soft metal that bends easily. Because of this, you need to know what karat gold you have in your possession.

How do you test gold with vinegar?

One way you can test whether or not your gold is pure is to use vinegar. There are many ways you can use this method and the good thing is that there is no way it can damage your jewelry unless it is not pure gold. All you have to do is get the piece of jewelry you want to test and some white vinegar. Put your jewelry on a table or hold it in your hand, pour some white vinegar directly on the metal (an eyedropper can also be used), if the jewelry’s metal changes color, it is not pure gold and if it then continues to shine You have real gold in your hand.

You can also fill a cup or jar with white vinegar and drop your gold into it, let it soak for 5-8 minutes, remove and rinse with water. If the metal has changed color even slightly then the gold is not pure, but if it continues to shine then the gold is pure.

Use makeup to test gold at home

Another way to test your gold at home is to use a liquid foundation. It might not be as reliable as other sources when it comes to testing your gold, but it’s good enough to know if the gold is real or fake. Pour some of the liquid foundation onto your hand, blend into your skin and allow to dry. Take your gold and rub it onto the area where you applied the primer. If this area turns black or rubbing the gold leaves a black spot, it is obvious that the gold is pure. But if rubbing the gold does not affect the applied area, we are sorry to report that the gold is not real.

How can you tell if something is gold plated?

The most trusted way to test if something is gold plated or solid gold is an acid test. For the acid test, take a small piece of jewelry or scratch a tiny piece into your gold with a small needle, take a dropper from the acid kit and fill it with acid. Now use this dropper to inject that scratch with a small drop of acid. The scratched part is likely to change color in response to the reaction with the acid. Look carefully to see what color it has changed to and match it to the color chart included in the acid kit. Not only will this tell you if the gold was fake or real, it will also help you identify the actual metal it is. To test your gold at home using this method, you will need an acid test kit, which is available at jewelry stores and even online. The acid test is also used to determine the karat of gold. If you decide to use this method, please read the instructions in the kit carefully before starting the procedure.

Test gold with the float test

The easiest way to find out if the gold is real or not is to do a float test. It is the easiest way as only a glass of water is required for administration. Take a cup or glass, fill it up with water and now bring the gold you want to test. Drop it into this filled glass. If the gold floats it’s certainly not real, but if the gold sinks to the bottom of the glass then it’s pure gold. The real gold will sink as it is a heavy metal.

Test gold with the magnet test

One way to test if your gold is real or not is the magnet test. For this test you will need a stronger magnet than the usual one you have at home. Take your gold that you want to test and place it on a wooden surface. Gradually bring the magnet closer to the gold. If the gold is attracted to the magnet it is not real gold, but if the gold is indifferent to the magnet then it is indeed real. If the gold you are testing has a clasp, only the clasp may be attracted to the magnet as some jewelry does not have clasps made of gold.

Gold is a real world currency. When your country’s fiat currency fails, only gold can bail you out. Of all the precious metals known to man, gold is the most prestigious and has built and destroyed empires. People have always fought to own this beautiful, glittering metal. Even today, many governments use gold for international trade. It is the precious metal of choice for investments and serves as a hedge against inflation. Whether it’s a freshly minted coin or old scrap jewellery, old gold always has value. Many people make a tidy profit trading scrap gold. It’s a lucrative business that attracts many. You can run a successful business buying and selling scrap gold, all you need is to know how to go about it.

Knowing the price of gold:

Learning the spot price is essential to the scrap gold business. The spot price is set daily by gold markets around the world and is the same for the day around the world. It can be found on the website of any reputable bullion dealer or in newspapers. The spot price is always set at one troy ounce of 24k gold.

First and foremost, research how to make money buying and selling gold. You can check on the internet; There are several websites that can give you great information. You can also reach out to people already in the business for advice and information. A part-time job at a pawn shop can also teach you first-hand.

Calculating the value of scrap gold:

Although it requires math, it’s easy to figure out as the calculations are simple. First, the carat number of the old gold is determined. Karat is the percentage of pure gold present in a given item. Here is a chart showing percentage of gold per carat:

08k gold is 33.3% gold

9ct gold is 37.5% gold

10k gold is 42% gold

12k gold is 50% gold

14k gold is 58% gold

15k gold is 62.5% gold

18k gold is 75% gold

20k gold is 83.3% gold

21k gold is 87.5% gold

22k gold is 91.6% gold

24k gold is 99.9% or more gold

In Europe you can also find gold items made of 6k or 8k gold, but in the USA it is only considered gold from 10k gold. The most common carats you will find in gold items in the US are 10,000, 14,000, 18,000, 22,000, and 24,000.

Jewelers weigh the gold in grams per troy ounce or pennyweights per troy ounce (1 pennyweight = 1.555 grams). You must divide the spot price by 31.1 to get the gram price or by 20 to get pennyweights. Then multiply the number by the gold purity percentage to get the scrap gold value.

Here is a case in point:

Let’s say the spot price today is $1000; You need to divide $1000 by 31.1 which gives you the result: $32.15/gram. So the value of a gram of 24k gold at this spot price is $32.15. Now if you need to find out the value of 14k gold, you must first determine the purity by dividing 14k by 24k, 0.58, which is 58%. So the value of 1 gram of 14k gold would be $32.15 times 58% which is $18.64.

After you have determined the value of your scrap gold, you can decide on the price. You can check your local competitors’ prices and quote your own accordingly.

Types of Scrap Gold:

Scrap gold can come in a variety of forms. Some of the most common ones that qualify as scrap gold are tangled gold chains, watches, and aged jewelry. Also entangled or broken bracelets, pins, brooches, rings, wedding/engagement rings, jewelry or broken or bent precious metal objects.

Importance of the license:

If you want to sell the scrap gold you own to a jeweler or refiner, all you have to do is show your ID. However, if you plan to start buying and selling gold in the US, you will need a license. Without a license you may be breaking the law. As suggested above, if you do not wish to obtain a license at this time, you may take up a part-time or full-time position as a buyer or broker with a company that is already licensed.

Tools of the trade:

There are a few essential tools you need to check the purity of gold and determine the weight. The tools won’t cost you much, all the tools together are about $30 or so.

Cash: Since you are buying scrap gold, you must have enough cash to pay your customers. If you’re just starting out, you should have at least $500 in your pocket to buy some trinkets. Gold Testing Kit: This is available at a reasonable price. The kit must contain different acids that test for 10,000, 14,000, 18,000 and 22,000 gold. Scale: Although a kitchen scale is good enough if you’re planning to sell your jewelry, if you’re looking to get into the business, consider investing in a professional jewelry scale. Magnet: The first test you will perform is a magnet test. Gold never sticks to a magnet. Normally gold plated items can contain other metals, which is detected by this test. However brass also does not stick to the magnet and can look similar to gold and sometimes even be hallmarked like 10k or 14k so you have to be careful. File: You will need a file to scrape off the outer plating of the item to check if it is real gold or plated before purchasing scrap gold. Magnifying Glass: A magnifying glass can help check many things, like the hallmark and karat engravings in tiny marks on the back of any vintage jewelry. A magnifying glass can also help you check the metal for scratches to check if there is still gold underneath the scratched part. Look for green stains that indicate the item is gold plated and has reacted to moisture.

advertising

Advertising is the best way to let people know you’re ready to buy their scrap gold. You can make a simple ad by sharing it with your co-workers, calling relatives and friends, informing neighbors and posting it on your social media page. Many people are unsure where to sell scrap gold. You can also have business cards printed to give out at meetings you attend or create pamphlets to give out. If you work with a pawnbroker, they will likely give you some marketing ideas themselves. You can also use newspaper, radio and television to advertise. Creating a website allows you to do online marketing at later stages when you have acquired enough customers.

Organization of the gold appraisal party

When you’ve done enough publicity and people know about your business, you can start hosting gold appraisal parties. People can bring their scrap gold to have it appraised. If they’re willing to exchange it for cash right away, you can buy their scrap gold. If not, give them your card and ask them to consider you for scrap gold sales. Many people do not feel comfortable selling their gold to a pawn shop. Organizing a great party with light refreshments and creating a relaxed and friendly atmosphere can help people feel more comfortable selling their gold items to you. If someone else organizes the party for you, you can offer the host 10% of your profits.

Save a contact list

Make a list of all your contacts and everyone you’ve done business with and create an excellent database of your contacts that may come in handy in the future.

How much profit can you expect

Typically, small pawn shops will pay around 30-35% of the gold’s value, while a reputable dealer will pay you between 40% and 60% of the price. After the merchants buy from you, they must smelt, refine, examine, and then bullion the items before they can proceed with selling the gold. Going straight to refineries can be more profitable, but there may not be many well-known refineries in your area. Reputable dealers are therefore the better choice, as you can also send your scrap gold by post.

Once you get the hang of it, buying and selling scrap gold can help you chart a successful career path in the precious metals industry. If you have scrap gold that you want to sell, send us your scrap gold! You can also email your questions to [email protected] or call us at (212)-354-5557 to learn more.

Uplift represents an opportunity to spotlight artists who deserve a bigger voice through talent and triumph. As each of us progresses in this world, we should pay attention to helping those around us. When one of us stands up, we all stand up together.

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It’s not a bad idea to sell your old gold jewelry or coins to help you survive the recession. Just don’t expect full market value for an ounce of gold you hear so much about.

First, you get a percentage of scrap value for your gold, not market value. Buyers melt down the gold so they don’t pay anything for the craftsmanship or style of the jewelry. Second, traders have to pay a smelter, i.e. someone who melts down the gold, up to 30 percent of the value to refine the precious metal. Then there’s the buyer’s gain.

Also keep in mind that some gold items are purer – and more valuable – than others. Pure gold is considered 24k or 24k. Think of it as a cake with 24 slices – each slice a single carat. Therefore, a one ounce 10k gold necklace has less than half the gold of a one ounce 24k gold necklace.

Armed with this knowledge, here are five ways you can sell your gold – each a trade-off between price and convenience:

Mail-Away Operations

The scoop: Seductive advertising and the lure of easy money have attracted thousands of eager sellers. They mail in your gold and they mail you a check back. GoldPaq, GoldKit and Cash4Gold are among the companies offering this service.

The Pros: It’s simple – they mail a prepaid envelope, you hand in the gold, and they mail a check with a detailed receipt and a promise to return your gold if you’re not happy with the price.

The Cons: You pay a price for convenience. Consumer Reports found that mail-in companies were bidding between 11 and 29 percent of the gold’s meltdown value.

Bottom Line: Understand the compromises you’re making, says Paul Montgomery, President of the Professional Numismatists Guild. “The guys on TV offer a service, but they have a very, very high rate. They spend literally millions on advertising — and that’s (part of the reason) you might only get 20 or 25 cents on the dollar.”

Bankrate.com: Is old jewelry worth its weight in gold?

buys hotel gold

The catch: These companies advertise heavily on local TV, stating that they will be at a hotel near you offering “top dollar” for your gold.

The Pros: Sometimes these operations buy more than just your gold – if you have collectibles you might be able to sell them at the same time.

The Cons: The limited-time engagement can encourage high-pressure, low-recourse sales tactics if you feel cheated. Due to the high travel, rental and advertising costs, you rarely get more than 40 percent of the scrap value.

The bottom line: Do your homework, know a fair price, and wait for the pitch, says David Morgan, editor of Silver Investor in Colbert, Washington. “They have gold jewelry, they have cash. Everyone is happy, right? Everyone except the people who know they have a bracelet that when melted down is worth $100 and they’re being offered $40.”

jewelry/coin shops

The catch: Everyone seems to be buying these days, so you won’t have to struggle to find a store that’s willing to buy.

The advantages: Your local jeweler or coin shop will usually give you the best bang for your buck – up to 70 percent of gold’s value. If you have finely crafted jewelry, they’re also more likely to pay more for the jewelry itself, rather than just offering you cash based on scrap value.

The Cons: Many jewelers have realized that they don’t need to offer the best price for the gold and that customers aren’t getting any wiser.

The bottom line: “If a retailer tries to tell you the offer is only valid until you leave the store, walk out of the store,” says Montgomery. “Go shopping. When you come back the next day, the merchant will still want to buy your gold.” After all, if you shop around, go to all trades on the same day as the price of gold can fluctuate significantly.

Bankrate.com: Is It Time to Buy Gold?

Golden parties

The catch: It’s like a Tupperware party, but instead of going home with plastic and a hole in your wallet, you sell your gold and take home cash.

The Pros: It’s fun, sociable, and perhaps the only multi-level marketing program that leaves you with more money in your wallet than when you arrived.

The Cons: Don’t expect to make a coin. In addition to the company’s cut, the host of the party will likely snag a 10 percent commission. Not all party hosts are gold professionals, which means your gold may not be valued fairly.

Conclusion: is it fun? Definitive. Is it profitable? That is questionable. Expect to get 50 percent or less of what your gold is actually worth. “It boils down to that,” says Montgomery. “Do you trust the person you do business with?”

pawnshops

The scoop: The pawn shop business has been going since the beginning of the recession, but also since the price of gold has skyrocketed. They check your gold for authenticity and then offer a price.

The Pros: If you suddenly realize that you don’t really need to trade your grandma’s brooch for a few bucks, you can usually buy it back, albeit at a higher price.

The Cons: Pawnshops aren’t always in the best area of ​​town, which can be off-putting for some sellers, and there’s no guarantee you’ll make the top dollar.

Bottom line: “You wouldn’t sell a car, boat, or any other asset without doing some homework and learning what you’re doing,” says Montgomery. “If something doesn’t seem right, it probably isn’t.”

Bankrate.com: Could you be an online dating gold digger?

Gold Prices Per Gram is a free service from Goldpriceoz.com that displays the current gold price (including bid, ask and daily range) and historical gold price charts (London Gold Fix price). Today’s gold price per gram is updated every 1 minute.

Gold price per gram = $55.26 Bid: $55.26 Ask: $55.3 Daily range: $55.14 – $55.86 Updated prices: New York time

Gold price per ounce charts

Gold price per ounce in US dollars

Gram US Dollar US Dollar Gram 1 gram = $55.26 $1 = 0.01809 grams 2 grams = $110.53 $2 = 0.03619 grams 5 grams = $276.32 $5 = 0.09047 grams 10 grams = $552.64 $10 = 0.18095 grams 20 grams 5 = $8.095 20 = 0.3619 grams 25 grams = $1381.6 $25 = 0.45237 grams 50 grams = $2763.2 $50 = 0.90475 grams 100 grams = $5526.39 $100 = 1.8095 grams 1000 grams = $55263.92

Gram – a unit of mass

Gram is a system metric unit of mass that is also a derived SI unit. It is defined as “the absolute weight of a volume of pure water equal to one hundredth of a meter cubic and at the temperature of melting ice”. The unit symbol for grams is “g”.

1 gram = 0.03215 troy ounces

1 gram = 0.001 kilogram

1 troy ounce = 31.1034768 grams