If you’re wondering where to sell your scrap gold and wondering how to get the best price – consider reading the reviews of the dealer you choose. If you do, it could mean hundreds more dollars in your pocket when you sell your old jewelry. Yelp and Google provide great clues as to how good a deal you can get. Because some dealers don’t give you very much information – and information is power. Information is what you need to get the best deal. That’s just one of the things we do differently at Houston Gold Merchants. We give you LOTS of information.
Gold is measured in grams. There are 31.1 grams in a troy ounce. So if you have 3.1 grams of gold, you’ve got about a tenth of a gram.
If you’ve done your research, you know that there are various karat weights for scrap gold. There’s 10K, 14K, 18K – but that’s mostly in America. If you’re selling scrap gold, but you hali from a different part of the world, you might be bringing 21 or 22 karat gold.
When discussing prices for gold, you’ll hear things like “spot price” and “spot” to describe the current price as it is traded on the commodities exchange. At current prices, the payout on 14K gold is about $18USD. For every 100 dollars per ounce that gold increases, you’ll see about $5.00 per gram. At this writing, the price for all scrap gold for sale is derived from a “spot” price of $1398 per ounce.
Grams are the measurement of choice in most stores. Although some unscrupulous dealers will try to explain “pennyweight” as a way to distract you. If you ever need to convert grams to pennyweight, just divide grams by 1.555. So for instance, an ounce of gold (31.1 grams) is actually 20 DWT (pennyweight). You can check this by dividing 31.1 by 1.555 = 20.
The reverse is true also of course. If you have 10DWT, multiply by 1.555 to get the grams.
This will make it less intimidating to go into a dealer and get help with your scrap gold.
And you need all the help you can get when selling scrap. Most dealers don’t WANT you to get a good deal, so they try to disguise what the gold is worth or give the impression that it’s worth less than it actually is.
So the way you combat any effort to confuse the issue is to ensure that you’re armed with lots of knowledge before you go see your dealer to sell scrap.
This is the best method to get the most money for you scrap gold. Do the research!
Put in just a few minutes so that you can save yourself hundreds of dollars in unnecessary fees and low payouts.
In addition, remember that gold is separated into karat weight – 10K, 14K, 18K and up. These karat weights correspond directly to the amount of gold that’s mixed into the the scrap jewelry.