Home   Money Making Tips   Work from Home   Make Money   Used Lumber & Building Materal   Beginner's Guide   Buy/Sell Gold   Electronics & Computer

Enter your e-mail

eBook Download - How to Make Money in the Home Based Salvage and Recycling Business Learn More

Free Report - Tons of Gold in Thrown Away Cell Phones Learn More

Popular Articles:

Make Money in Aluminum Recycling & Salvage: Winter Storms Bring Recycling Profits

Recycling for Renewable and Alternative Energy: The next new big thing in recycling and salvage?

Home Based Recycling and Salvage 101: Bootsrap Yourself out of the Recession

Learn How to Make Money Bootstrapping: Start Your Home-Based Recycling & Salvage Business With Little Cash & Without Going in Debt

High profits come from turning over your recycled and salvage material as quickly and as often as possible

Green Recycling Business: Gold from Electronic, Telecommunication & Computer Scrap Part 3: Finding Markets and Getting the Equipment You Need

Home-Based Recycling Business Profits: Sell Used Tech Gadgets for Cash

Green Home Based Business: Gold from Electronic, Telecommunication & Computer Scrap Part 1: To find the "gold" keep your eyes and ears open

Gold from Electronic, Telecommunication & Computer Scrap Part 2: Winning the Contract

VIDEOS: Recycling and Recovering Gold from Electronic & Computer Scrap

RECYCLING OLD COMPUTERS? Here are $1.2 Billion Reasons You Should

Starting an Electronics Recycling Business

USGS Report : Obsolete Computers, "Gold Mine," or High-Tech Trash? Resource Recovery from Recycling

Northeast Recycling Council: Setting Up an Electronic Recycling Business

Salvage Lumber Success in Petaluma: $700,000 in three years

Make Money With Used Lumber: Deconstruction and Lumbering of Found Logs Makes Good Business Sense

Deconstructing for dollars: Recycling building materials can mean more than simply salvaging light fixtures

Building Deconstruction and Material Reuse in Washington, D.C.

A Regional Opportunity to Promote Deconstruction and Reuse of Building Materials at JFK Corporate Square

How to Work out What Your Scrap Gold is Worth

Scrap Gold Price - Buying and Selling

Know what you're doing when selling scrap gold

How to Calculate the Value of Scrap Gold

Know what you're doing when selling scrap gold


Source: goldprice.org

PUBLISHED: June 5, 2008

So it seems that selling scrap gold is the latest craze for 2008.

Well, you can count me in when it comes to the latest fads.

Last week, I sold my pieces of old scrap gold and made $772 in the process. Nothing like cash in hand.

There went my old mangled gold necklaces and bracelets. I said "so long" to my 14-karat gold "C" charm that hung from my neck all through high school. Fare-thee-well to my old wedding ring, which was rendered unnecessary six years ago, and adios to a variety of other pieces that I inherited along the way.

Maybe you'd like to sell your old gold, too, but you're afraid you'll get ripped off. Well, you know what the first commandment of wheeling-and-dealing is.

Know thy stuff.

Here's how I determined what my gold was worth. It's not terribly hard even if you're not a jeweler.

After you get all your gold together, you'll want to determine the karat weight of the gold. You can generally find the karat number inscribed on the piece. You may need a magnifying glass to see it. Without the inscription, you may need to take the pieces in somewhere and have them tested -- and also hope you're dealing with someone honest.

All the gold that I had was either 10- or 14-karat gold. Pure gold is 24 karats, so as it turns out, 10-karat gold is about 41.7 percent gold and about 58.3 percent other stuff. Likewise, 14-karat gold is about 58.3 percent gold.


Next, I separated the gold by type and weighed the piles. Even if you don't have a highly-calibrated jeweler's scale, you can still get a fair approximation using a kitchen countertop scale preferably accurate to the hundredths of an ounce.

If weighing gold by the ounce, note that you'll likely need to convert ounces to grams. There are about 28.35 grams in each ounce, so if you have 2 ounces, that's roughly 56.7 grams.

The one thing I wasn't sure about is whether to weigh it using regular ounces or Troy ounces, which contain about 31.1 grams per ounce, but since the scale I used weighed in regular ounces, I thought that to be the correct measurement to use.

Once you know how many grams of each class of gold you have, you can go on the Internet and find a scrap gold calculator. I used a site called www.jackhunt.com. Enter the weight in grams into the appropriate karat-weight boxes, and enter the quoted spot price of pure gold, which is found at the bottom of the page on that site.

A word about gold prices: The price has been up over $1,000 per ounce this year, but it also has been at $800. Like any other commodity, gold is dictated by market forces of supply and demand.

There are at least a couple other things to note. First, you want to be as sure as possible that you have what you think you have. Again, know thy stuff. Anybody buying gold from you will use chemical testing to make sure pieces are what they say they are and aren't just gold plated.

Now here's the last word about gold prices. If you used the gold calculator and found that you have, say, $1,000 worth of gold among those scraps, you're not likely to get $1,000 for it. Also, eliminate as many middlemen as you can.

Some scammers are most assuredly out there looking to get their hands on your gold for next-to-nothing. Some common tricks are piling together different karat gold and buying for the lowest karat-weight, playing tricks in the weight conversion numbers, outright lying about the market price of gold and generally low-balling and bullying potential sellers.

Don't be bullied. Getting a second opinion is probably a good idea if you're not buying what they're saying.

Again, know thy stuff.

Chris Wright is a freelance writer from Pittsfield Township. He can be reached at [email protected].

Click here to learn how you can make the money that you need and want in this home-based business.

<-- Recycling Secrets
<-- Home Based Salvage & Recycling Business

Michael Meuser bootstrapped his way into the salvage and recycling business in the early 1980s. He began with building deconstruction and scrap metals and then moved into electronics, computer and telecommunications scrap where he learned to recover gold and other precious metal.
Michael tells his story, provides resources and offers his advice at his website, RecyclingSecrets.com, and his blog, Recycling Secrets Blog. Recently Mike completed the eBook How to Make Money in the Home Based Salvage and Recycling Business. It is a chronicle of his experiences, successes and failures in the business. Also, you can follow Michael on Twitter.

Email Mike

Return to: Recycling Secrets


Follow us on Facebook
News & Updates

Find What You Are Looking For

Recycling Secrets Blog for updates, ideas & answers.

Recent Blog Posts

Follow Me

Recycling Secrets Updates

Subscribe for Updates

Latest Scrap Metal, Electronic and Computer Market Prices

Chinese Scrap Metal Prices
North American Scrap Metal Prices
#1 Copper Scrap Price
#2 Copper Scrap Price
#1 Bare Bright Copper Scrap Price
#1 Insulated Copper Wire Scrap Price
#2 Insulated Copper Wire Scrap Price
9ct Gold Scrap Price
14ct Gold Scrap Price
18ct Gold Scrap Price
22ct Gold Scrap Price
Aluminum Cans Price

Privacy, Fair Use and Disclaimer Statement

Developed, maintained and hosted by Michael Meuser

Copyright © 2000-2018 Michael Meuser, All Rights Reserved
RecyclingSecrets is a Pop-Up Free Website -- Best Viewed With ANY Browser