I Think I Fugured This Gold Thing

[MinelabMan]

Step one you put in the current price of gold, it shows it at the bottom of the screen.

Step two, you check what measurement you're using diamond weight or grams.

Step four, you put in the weight of the item in grams or diamond weight, depending on what you checked in step two.

Then click on step three for the calculation.

[Steve in PR]

You will need to have a scale capable of weighing in grams or dwt.

I use grams.

I take the total weight of the item in grams then multiply it by the decimal equivalent to the purity. For example, if it is 14 Karat, that would be .585 or 58.5% pure gold.

Using 10 grams of 14K as a weight for this example, the formula would be:

10 x .585 = 5.85 grams of pure gold

If gold is at $1000/ounce, divide 1000 by 28 (the number of grams in an ounce) and you get $35.71/gram.

5.85 grams of gold x 35.71 = $208.90


Refiners will take a commission to cover their costs. The fee varies between refiners so make sure you know what it is that you are paying them and shop for the best deal.

Some people prefer to sell their finds on FeeBay or Craigslist but you must be able to accept the liability that what you are selling is what you say it is. For example, if it is marked 14K and it turns out to be plated, you would be liable for misrepresenting the goods.

Some refiners will take everything you send them and take a sample of the purity of the melted batch and pay you based on that assesment. Others use specialized machines or chemical testing to assess the grade of your items.

Make sure you understand how your goods wil be assessed and ask to be contacted prior to the actual melting with a yield estimate. With the gold market so volitile, it may pay to wait a day or 2 if you think the price of gold will rise significantly.

I have no experience with pawning or selling gold to jewelers. I am sure that most are quite reputable but, as with any transaction, caveat emptor - Let the buyer beware, or in this case the seller.

Have an idea what your item is worth before you make the deal.

[smartfox]

thanks steve