| Thinking about the money you can make you may be ready to reach into the safe and sell your jewelry, gold coins, or other precious metals. But first learn about the process, risks, benefits, and other things you need to know before selling gold jewelry and other expensive items such as bullion bars, rare coins, or estate jewelry. |
So, you are planning to sell your gold for some quick cash. Here are the things you need to know in order to determine just how much you can expect to be paid out of your gold.
- Determine the karat value of your gold (i.e. 10k, 14k, or 22k). There is an inscription somewhere on the piece that tells you the karat value of the piece. A gold chain stamped with “375″ would be 37.5% precious metal, or 9K. If you are uncertain about all these, then have the gold tested by a reputable dealer.
- Determine the gram weight of your piece using a gram scale. If you use ounce, convert to grams by multiplying by 28.35. Example: 2 oz. is equal to 56.7 grams.
- Determine today’s price of gold per troy ounce. A troy ounce equals 31.1 grams.
- Divide gold price by 31.1 to get the gold price per gram. If price of gold per ounce is $900, then $900 / 31.1 = $28.94, the gold price per gram.
- Compute for purity of gold by dividing the karat amount by 24. If you have a 10k gold, then you divide that by 24. So, 10 / 24 = 0.4167.
- Compute for the gold price per gram again by multiplying $28.94 by 0.4167 and yield the result of $12.06, the actual gold price per gram.
- Then, multiply the gold price per gram by the weight in grams. If you have 5 grams of 10k gold and you calculated the price at $12.06 per gram, then gold is worth 5 x $12.06 = $60.3.
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