Resource for
Clubs
and
Individuals
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 electronic scale.
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).
Read More
A step-by-step guide on how to educate yourself before you sell your gold. Read More
American Numismatic Association (ANA) How to Buy and Sell Gold & Silver Website
Gold Purity:
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
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/quote.gif)
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 electronic scale.
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).
Read More
A step-by-step guide on how to educate yourself before you sell your gold. Read More
American Numismatic Association (ANA) How to Buy and Sell Gold & Silver Website
Gold Purity:
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