Will you liquidate some of your gold holdings in the coming year? If you do, today’s post will help you understand how much money you can receive for them.
First, a Quick Review of Karats
Karat ratings are a bit confusing, because they are based on the number 24, not the base number 100 that we use when working with dollars and percentages.
Let’s make things simpler by offering these conversions from karat ratings into percentages:
- 24 karat gold is 100% pure gold
- 22 karat gold is 91.6% pure gold
- 18 karat gold is 75% pure gold
- 14 karat gold is 58.5% pure gold
- 10 karat gold is 41.7% pure gold
What other metals are contained in “gold” items that are not 100% gold? In many cases, it is silver. But other metals can be used to color the gold, make it harder, or lend it other properties.
Second, Here’s an Example of Why You Need an Expert to Calculate Values
On the surface of things, you might think that it would be quite straightforward to figure out how much a gold item is worth. Let’s say, for example, that you have an 18 karat gold ring that weighs five grams. First, you would have to convert those five grams to troy ounces, because information on current gold trading prices is based on that measure. So you make that calculation and determine that your five grams equals 3.215 troy ounces. But you also have to remember that only 75% of your ring is pure gold, because it is made of 18 karat gold. So you would then calculate that you have 2.41 troy ounces of pure gold in that ring.
But then other factors come into play. For example, what other metals are included in the 25% of your ring’s weight that is not made up of pure gold? It that metal is copper, your ring will be worth less than if it is silver – that’s just one example. That “missing” 25% could be made up of two, three, or four additional metals.
That Explains Why You Need Us
Because it is difficult to accurately estimate the value of the gold items you own, you should call the experts at our gold refinery, then send in your item for testing. We use only the latest chemical and electronic testing methods that will not harm your gold items or diminish their value.
Call us at 800-426-2344 and we can explain how you can convert your unwanted gold items into cash.
Selling Your Gold: What’s the Difference Between an Appraiser and an Assayer?
Where to Find Hidden Gold and Other Valuables in and Around Old Houses
Is this a Good Time to Sell My Gold?
Why Your Recyclable Gold Will Always Be in Demand