Figuring Out Your Gold's Value

The best way to not get ripped off when selling gold is to find out how much your gold is actually worth. That way when the time comes and you get your payment finally form the gold dealer, you will be able to compare it with a figure that estimates how much it is actually worth. To do this you need basic math skill and a kitchen scale or jewelers scale. A jeweler scale is preferable because you won't have to convert from grams or ounces to pennyweights. Pennyweights is what gold is weighed by. If you need to convert it just Google search it.

The first step is to obviously weigh the gold. Once you have that, you need to figure out how much gold is in the item. Most jewelry will have the Karats imprinted somewhere on the item. Pure gold is 24 karats, anything under that is mixed with a hardening agent and is not pure. This is the category that most jewelry falls under. Because pure gold is too soft for daily use. The final step is to find out what gold is selling for right now. You can try goldprice.org or some other financial site. Now you convert that price to pennyweights and see how much it is worth at 24 karats. Once you have that you just multiply that by the actual karats.