What is scarp gold? Scrap gold is gold that already been used among first hand buyer jewelry such as chains, earrings, bracelets, anklets, charms, rings, watches, money clips, lockets etc. It also refers to karat gold jewelry at least 10 karat. Normally, people plan to sell it back because of broken, damaged, ice-age fashion and rarely worn it. But how “the gold dealer” calculates it before they buy back?
This is how to kick-start of SCRAP GOLD
- Verify which karat of your GOLD either 10K, 18K, 22K, 24K
- Determine the weight using a gram scale (Ounce, oz convert to gram, g)
- Check out the spot gold price (www.kitco.com)
- Divide spot gold price by 31.1 (31.1g is equal to 1 oz)
- Divide the karat by 24K and multiply spot gold per gram (step 4)
- Multiply back the price per gram (step 5) to your gold weight in gram
I have 5g OBAMA gold ring. The purity is 22K. I want to sell it because the price of oil is increase therefore need some CASH in my hand. I bring my pen and calculator along before sell it to Ah Long Gold Shop.
Spot price 1 oz = USD1400
USD1400 divide 31.1g = USD45.016 per gram
OBAMA gold ring is 22K divide 24K = 22/24 = 0.916
0.916 x USD45.016 = USD41.235
USD41.235 x 5g OBAMA gold ring = USD206.17
p/s: most gold jewelry shop buy back with 15% -20% deduction of the spot price
source: www.wikihow.com
2 comments:
You can also sell your gold in gold parties. Or you can be a host. It's a good way to earn.
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