How to Calculate the Value of Scrap Gold
If you have scrap gold, you can sell it, but for how much? Gold prices tend to increase when the economy is flat or there are worries about war or inflation. However, before you bring gold jewellery, dental fillings, teeth, nuggets, or bars to a scrap gold dealer’s counter (or send it off by mail), you should know exactly what it’s worth to be sure you are getting a fair price in exchange. Most scrap gold dealers keep the calculation a secret, but this article gives you all the information you need to figure out the value of your scrap gold for yourself.
Here is how you do it.
Separate and organise your gold by carat.
Separating your gold by its karat weight will not only help you begin to assess its value, but it can point out items that are not even gold, for example, items which may be gold plated. You will need to learn how to tell if your gold is real or not.
Use a magnifying glass or even your phones camera zoom to see what carat your gold is, reference this with hallmarks to identify your Karat.
Remember that jewellery manufactured before 1980 will have a lesser Karat value than stated, for example, 18k would only be 17-17.5k.
If your hallmarks are too faded, purchase a chemical testing kit from your local jeweller or from an online retailer.
Once you have your chemical testing kit, test your gold purity and sort it into specific Karat categories.
Always remember to separate gold coins from scrap gold as there could be more value in the coin than just the weight of the gold itself.
Now that you have all of your gold separated into Karat weight, you can start to weigh your gold to see how much you have of each Karat. Remember that stones in rings etc will not be calculated in your gold weight.
Once you have all of your weights, you now have a good idea of what you can get for your gold based on the current gold scrap price