If you have scrap gold lying around the house, there’s never been a better time to think about selling it for some extra cash. However, before you sell your gold, you should figure out how much your gold is worth to make sure you get a fair payment for your valuables. Many places that buy gold will try to offer you less than what your gold is really worth — make sure you sell your gold the smart way by calculating its value.
Here are four easy ways to calculate the value of your gold before you sell your gold to a gold buyer:
1. Organize your gold by karat: Before you sell your gold to just any buyer, you should separate the items by their karat value. Solid gold jewelry is 24 karats, which is rare to find. If you can’t find your gold’s karat value with a magnifying glass, take it to the best place to sell gold near you, who can perform a test to find out the piece’s karat value.
2. Weigh your gold before you sell your gold: Gold is weighed in troy ounces, so if you use a household scale to determine your gold’s weight, you should keep in mind that 31.1 grams is equivalent to one troy ounce.
3. Sell gold coins separate from your gold jewelry: A gold coin’s worth is determined by different criteria than those of gold jewelry. In fact, if you don’t know how to sell gold coins based on their numismatic (coin) value rather than their melt value, you could risk losing hundreds of dollars. Age, rarity and condition are all factors that could greatly increase your coins’ value.
4. Stay updated on the spot price of gold: Regularly checking the spot price, or selling price, of gold is essential to make sure you sell your gold at the right time. You can often find the current spot price by looking online.
Once you have determined the karat value, weight and spot price of your gold, you can enter these values into an online gold value calculator — then you can feel confident that you will sell your gold at the fairest price possible for its value. Read more here.