1. Determining the Types of Gold Materials.
First determine the type of scrap gold materials that is worth starting with. In a moment of big market prices and dense number of dealers trying to make big money out of this business, honesty is limited. So you might try little things first, such as earrings, coins, necklace and order gold jewelries in order to become very systematic on how to calculate the value of a scrap gold before taking the more obviously valuable ones.
2. Using Karat Fineness of Gold.
Separating your scrap gold into various karat fineness and sizes using a magnifying glass. This numbers might be 10k, 40k, 50k, etc, all according to their fineness the numbers are inscribed. You can also use chemical test in determining whether a gold is just plated, in order to determine its cost before taking it to the dealer. If you're not sure of your results you might need the help of reputable dealer to measure it out for you. The need to do it ourselves rises because of the clever measurement that scrap gold dealers do. Most of them concentrate on cheating on measurement in order to pull out high profit. Gold coins have numismatic gold coin value based on age, rarity, and condition, in the sense that they're more heavier than metal. If you have one take it to a coin dealer, you might eventually make more money towards that. Always learn to research more of the your particular scrap gold material's value before deciding to sell.
3. Measuring Each Gold Piece With Digital Balance.
One of the easiest way to calculate the value of scrap gold is by using digital balance. This is plainly a balance used to measure weight of small materials. Just like metal dealers, more gold dealers make use of weight in determining the quality of scrap gold, therefore converting the total into a fix amount. This amount might be for example, 2 ounce equals to $200 or $300. As a whole if a piece of gold measures five ounce, you might get away with $600 to $700 respectively. This is just a rough example, but the real value of gold in dollars is above this. Just make sure you measure and calculate the value of scrap gold one by one, carefully to avoid mistake and fraud. You might also need an information on high paying and reputable dealers in order to sell your scrap gold with a high peak of value. Sometimes, those values are measured in gramms.
4. Determining the price of your scrap gold.
As the price gold rises and falls according to demands, you can determine its value using a troy ounce equaling 31.1 gramms. Gold has no standard price, it fluctuates hourly. So in this case you also need the internet to stay updated of the prices of gold. This can help to know when the price of gold is higher and lower in order to accurate your calculations. You only need to divide the day's gold price in dollars per ounce by 31.1 gramms. For example, if today's price is USD$3000 per ounce, then the formula for our scrap gold calculation would be USD$3000/31.1. Anything the result gives you means the day's price per gram.
5. Determining Scrap Gold Value By Multiplication with Fineness.
As Said Earlier, in order to calculate the value of scrap gold using using fineness you have to group them based on karat then divide the number of karat by 24 which would be multiplied by the day's gold price per gram. You are to be very in figuring out how the fineness of gold differentiates, in order to be sure of the accuracy of your calculations.
In determining the value of gold you need to stick to one method of calculations. For example using only ounce per gram method may be so different to proving fineness and multiplying it with the karat number. All you have to do on how to calculate the value of gold stick to the ounce per gram formula which always gives an accurate result and believed by most scrap gold dealers.
