Have you thought about buying and selling gold? Do you have gold jewelry or coins at home and wonder what the current market value is? What kind of price can you get for your gold jewelry and coins?
Many people possess coins, jewelry or other items worth of this precious metal but have never discovered how to convert those items into some worthwhile cash. Well, this article could not have come at a better time. Simply follow the following magical steps;
1) Put your gold in different piles based on levels of purity, or number of karats.
There are 3 main levels:
24 karat (99.6% pure)
18 karat (75% pure)
14 karat (53.11% pure)
1) Weigh the gold you currently have (in ounces) for each pile.
It doesn’t matter what you paid for the gold, it only matters how much it weighs.
2) Then, multiply the number of ounces you have by the percentage of purity.
For example, let’s say you have two, 18-karat gold necklaces, and in total they weigh
(weight in ounces, 1.473) X (percentage of gold purity, .75) = 1.10475
So your two necklaces have 1.10475 ounces of pure gold.
3) Go to an online “spot gold” calculator to get the current market price.
Input the number of ounces of pure gold you have.
In our example we have 1.10475 ounces of pure gold.
Today’s “spot gold” market price is 1,054.39 USD per ounce. So…
(weight in ounces of pure gold, 1.10475) X (spot gold price, 1,054.39) = 1,164.79
The final result reveals that the current market value of the gold in your
two necklaces is $1,164.79
Note: There are hundreds of online gold calculators. Many of them don’t require you to calculate the percentage of gold purity you have. All you have to do is weigh your gold, input that number into the online calculator, and then select one of the 3 options for purity. The website will calculate the market value of your gold based on the selected level of purity.