Follow the steps carefully, and you will be able to estimate the value of your scrap gold:
1. Sort your gold into groups based on its karat markings.
2. Get Gold’s Spot Price from: www.kitco.com
You will be taken to a very busy web-page. You will find the spot price for gold on the right hand side of the screen, in a little box that is titled “Daily Gold Charts”. I suggest you copy the spot price into your clipboard, as you will need it for the next step. To navigate back here, use your web browser’s back button.
3. Convert to Canadian Dollars: Get the exchange rate from: www.bankofcanada.ca
Before leaving, don’t forget to copy the converted total into your clip board.
4. Get the price per gram from:
At the bottom of your screen you will find a box titled “SCRAP Gold Price Conversion Calculator”. Enter the amount in the “$/ounce” box. Don’t forget to delete the comma, and click calculate. If you have 10 or 14 karat gold, write down the values in the boxes labeled, “$/gr 14K” and “$/gr 10K”. This gives you the dollar value per gram for 14 karat and 10 karat gold.
5. Weigh your gold. A digital kitchen scale is very inaccurate when trying to weigh gold for selling. I will weigh your gold to 1/100th of a gram. However it will be good enough for a rough estimate. Just remember that a reading of 5 grams could really mean a weight of 4.45g to 5.44g. Subtract 1.0g from your reading, and the real weight will be a little higher.
6. Now multiply the price per gram from step 4 with the weight from step 5.
7. I pay 75 percent of the number you get in step 6, so multiply the value from Step 6 by 0.75. (Remember, I weigh to 1/100th of a gram, so the amount I will actually pay will be slightly different, and hopefully a little more than the one you just calculated.)