How to sell scrap gold
understanding how to buy SCRAP “gold”, “silver” and “platinum” (at spot price)
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so how do you buy scrap gold at exactly
spot price oftentimes scrap gold won't
have a premium
like coins do because it's not minted so
you can get it right at spot price but
also
it won't come in 24 karat you'll get
lesser carrots and you have to know
how much gold is actually in there there
are a lot of different ways you can tell
what the carrot of the gold is sometimes
it's marked sometimes you have to do
acid tests
i already know that all of this is 18
carat i'm gonna weigh this
and then do the math to find out how
much it's actually worth in gold and so
we'll go ahead and
throw everything on the scale
so we know that this is 33 grams
and that's our starting place
so first we're going to get this to troy
ounces because
our spot price we know in troy ounces so
in order to do that we have to multiply
by one ounce
per 31.0 sorry 1035
grams this is the conversion factor
between ounces
troy ounces and grams and so grams
are in the numerator and the denominator
so they cancel and we're left with
ounces
and what this gives us
we can do 33
divided by 31.1035
and we get 1.061
troy ounces and the next thing we have
to do for this number this is the exact
weight
of our gold over here now we need to
multiply by 75 percent
and the reason for that is because this
is 18 carat
which 18 karat gold means
18 24
this is the ratio of the gold to the
other
alloying elements and so this gives us
0.75
which is 75 percent and that's the ratio
and so if we multiply these we'll get
how much of this is actual gold
and that brings us to 0.796
ounces but this is ounces of gold
not ounces of the scrap gold this is
ounces of pure gold
now all we have to do is take the 0.7960
ounces and multiply it by the spot price
which is 1880
right now dollars per
one ounce the ounces cancel we're left
with dollars
and we can multiply that
in and we get one thousand
four 496 dollars
approximately the gold value in here
is 1496 dollars of pure gold
if you wanted to buy this much gold in
coinage
minted coinage there would be a pretty
big premium probably about 150 bucks
which would be
10 of your of your actual value here but
this
uh we haven't paid any premium we just
paid the amount
that it's worth it also works with
buying scrap silver
these are pre-1964
quarters dimes half dollars also work
you just have to know that these are 90
so unlike the 18 karat gold which is 75
these are 90 and that's what you would
multiply your
your weight by to find out how much
there is um
and then we also have some platinum this
is also 90
and it works the same way we didn't have
to pay a premium on this
either these are all just spot value
purchases so if you want to buy precious
metals without a premium this is a great
way to do it
with scrap metals