Gold,Weight,Basics,Scrap,gold, DIY Gold Weight Basics
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Scrap gold can be great source of cash in these recessionary times. Said pieces of gold usually come from pieces of gold jewelry like twisted rings, a single piece of an earring, or broken necklaces and bracelets with a few chains missing in the link. Just gather these pieces and then sell these to a reputable pawn shop in your area.But it pays to know the approximate weight of the pieces of scrap gold before doing so for several reasons. At the very least, you can negotiate for a higher price because you know its weight and its approximate market value based on the price of gold quoted on the newspapers' financial sections.Examine the gold pieces to determine their purity. In the gold industry, purity is measured in 10K, 14K, 18K and 22K; K stands for karats and refers to the composition of gold in the alloy. It must be noted that 24K gold is so soft that another metal like copper, palladium, and nickel must be added to make it hard and, thus, suitable for jewelry.The alloy is then designated by the percentage of gold in it. Thus, 24K gold is 99.7% gold; 22K gold is 91.67% gold; and 18K gold is 75% gold. The general rule is that the higher the karat rating, the more valuable the gold in the market.Separate the scrap gold pieces into separate piles according to their karats. Be sure to remove any other objects from the pieces like gems, beads and stones because these will not be counted.Weigh each of the pile using a jewelry scale or a postage scale or a coin scale. Bathroom and kitchen scales are not advisable because these are not sufficiently sensitive in weighing jewelry.You can then use an online gold weighing converter or convert the weight yourself using your calculator. The steps are relatively simple as follows: Write down the weight in ounces. Multiply the weight by the purity - 10K by 0.417; 14K by 0.583; 18K by 0.750; and 22K by 0.917 - for each pile. Add the totals for the approximate weight for all the scrap gold.Browse through the financial section of your local newspaper for the spot price of gold for the day. You will then be able to determine the approximate price for your gold jewelry by multiplying the spot price with the approximate weight.
Gold,Weight,Basics,Scrap,gold,