Selling Your Scrap Gold
There are full page ads in many local newspapers and on the web about
selling and buying scrap gold. Before leaping into selling your scrap gold
there are a few things to consider.
The most important issue to consider before selling your scrap gold is to
determine the actual gold purity of your scrap gold. This single criteria
factor will determine what you get for your gold from a gold refiner minus
their processing commission. You can pre-determine gold purity by purchasing
gold testing solutions for 10K, 14K, 18K, 22K and you should also have an
Once you have the gold testing solutions all you need to do is follow some
very simple instructions and test each piece for its purity and put each
piece in a separate pile by its purity. Once you are done testing for purity
the next step is to determine the weight of each purity group (10K, 14K,
18K, 22K) the weight factor for this analysis should be grams. With simple
math and using the table below you can determine the actual gold content of
each purity group. (Example: take purity weight (10K) times .417 fineness
equals gold weight content for the 10K purity group). Do this calculation
for each group. Summarize the purity weight of all the groups and divide by
Troy ounce (31.10 grams). Your final weight will then be in Troy ounces.
Once you have completed the process above you now know the gold content of
your scrap gold. Next, look up the spot price of gold. Multiply the gold
weight (in Troy ounces) times the spot price and this is the value of the
scrap gold based on the current market spot price. Remember the spot price
for gold will change every minute.
Going though this process provides you with a good estimated value of your
scrap gold. Now you are ready to sell with confidence and know in advance
what you should expect from the transaction.
Be cautious about selling scrap gold to Cash for Gold Businesses. The
return on the scrap gold will be much smaller (probably less than half
of its value).
A step-by-step guide
on how to educate
yourself before you sell your gold.
American Numismatic Association (ANA) How to Buy and Sell
Gold & Silver
Karat Purity Fineness
24K 100% 1.00
22K 91.66% .917
18K 75% .750
15K 62.50% .625
14K 58.33% .583
10K 41.67% .417
9K 37.50% .375
MDHTALK's recommendation is to sell your scrap gold to a gold refiner rather than a Cash for Gold business. The return will be much higher and that is the
ultimate goal. A refiner will usually only charge 2 – 5% but each refiner may have some specific rules to follow so check them out carefully.
By using a refiner there are a number of ways to get
paid. Of course the first choice by many will be check, other methods are
gold coins and gold / silver bars. Not all refiners will offer alternate
methods of payments but some refiners will upon request.
Unit Conversion Tool