Is money tight right now? You may have unexpected wealth just sitting around in your home, in the form of gold you don’t need or don’t want. Whether it’s unwanted jewelry, coins, or some other form, you could take your unwanted gold to a pawn shop or gold buyer, trading it in for cash. Here are a few factors that determine how much cash for gold you can get.
The first thing to figure out is how pure the gold is. Carat measurements tell you what percentage of gold an item is, for instance:
- 14k is 58.5 percent gold
- 18k is 75 percent gold
- 22k is 91.6 percent gold
- 24k is more than 99 percent gold
The weight of gold is part of the equation as well. Use a scale that measures in either ounces or grams, although one that measures in grams is likely more accurate.
Next, you will need to factor in the purity of the gold to determine how much of the piece’s total weight is actually gold. For instance, a 90 gram necklace that is 14k gold is only equivalent to 52.65 grams of gold (90 multiplied by 58.5 percent, or .585). However, a 60 gram necklace that is 22k gold is actually worth more, despite its lesser overall weight, as its gold content is equivalent to 54.96 grams (60 multiplied by 91.6 percent, or .916).
Finally, you will need to know the current price of gold to complete your assessment of your gold’s value. The price of gold is set by the London Bullion Market Association (LBMA) and changes all the time.
For instance, back in 2011 gold hit an all-time high of $1,896.50 per ounce, or $60.98 per gram. That 60 gram necklace mentioned above, which equaled 54.96 grams of gold based on its purity of 22k, would have been valued at $3,361.46. In early February 2018, however, gold was hovering around $1,300 per ounce ($41.80 per gram), making that same necklace worth approximately $2,297.33.
The formula for determining value is simple, but estimating how much you’ll get is more complex. For instance, since gold prices change frequently, it’s important to keep in mind that the value of the gold you’re trying to sell today could rise or fall by the time you take it to a pawn shop.
So what is your gold worth? Whatever its value, it’s definitely worth finding out what you can get in cold, hard cash! Bring your gold into Oro Express Chandler today to find out.
Photo by: Wit Olszewski/Shutterstock