- Step 1: Remove stones Remove any stones or non-gold objects from the scrap gold.
- Step 2: Weigh the gold Weigh the scrap gold on an accurate digital scale calibrated in grams. If you have more than one object, weigh those having the same carat value together.
- TIP: Digital scales can be found at most kitchen and home stores.
- Step 3: Check the spot price of gold Check the current spot price of gold on the Internet. The price in dollars for troy ounces of gold can be found on gold.org.
- Step 4: Convert to grams Divide the spot price for 1 troy ounce of gold by 31.1 to get the spot price of 1 gram of gold.
- Step 5: Calculate the amount of pure gold you have Multiply the weight of your scrap gold by its carat value and then divide by 24. This is the number of grams of pure gold that you have.
- TIP: Pure gold has a rating of 24 carats. 22-carat gold is 22/24 parts pure gold; 18-carat gold is 18/24 parts pure gold, and 9-carat gold is 9/24 parts pure gold.
- Step 6: Sell your gold Take your scrap gold to a dealer. Expect to receive from 85 to 90 percent of the value you determined, allowing for the cost to melt it down. And remember not to spend all your money in one place!
- FACT: By 1854 -- 6 years after gold was discovered in California -- approximately 1 out of every 90 persons living in the United States had headed to the gold fields.
You Will Need
- Scrap gold
- Digital scale
- Internet connection
- Spot price of gold