Figuring out your scrap value

[loki_81]

Well I'm sure the vets of this board don't require a scrap value calculation lesson, but it seems some of the newer members to the hobby might.

First there's the lazy way if you have internet access; the goldprice scrap gold calculator.

And if you are at a place that you don't have internet access, it's really basic math, you just have to remember the purities and how they translate into math. Have them written down along with the price of gold per gram.

First the purities;

• 24 karat (fineness 999 or higher) = 99.9%
• 22 karat (fineness 916) = 91.6%
• 21 karat (fineness 875) = 87.5%
• 20 karat (fineness 833) = 83.3%
• 18 karat (fineness 750) = 75%
• 15 karat (fineness 625) = 62.5%
• 14 karat (fineness 585) = 58.5%
• 10 karat (fineness 417) = 41.7%
• 9 karat (fineness 375) = 37.5%
• 8 karat (fineness 333) = 33.3%
• 1 karat (fineness 042) = 4.2%

So then the formula to figure out the price of your scrap would go as follows;

Amount of gold x purity in % = weight of scrap in pure form
Weight of pure form x price of pure gold per gram = value of your scrap

For example if you had 100 grams of 18k gold to find the value you would multiply 100 grams x .75 (18k purity in %) = 75 grams 24k . Then you would multiply the 75 grams x $48.07 (Todays spot USD $value) = $3605.25 USD total value of 100 grams 18k scrap gold.

It's really simple to do on the fly when you get the hang of it. Any experienced board members have any critque, other methods, or found flaws in my formula, please feel free to chime in.

Hope that helps. :mrgreen:

 

[daiene1979]

Well I'm sure the vets of this board don't require a scrap value calculation lesson, but it seems some of the newer members to the hobby might.

First there's the lazy way if you have internet access; the goldprice scrap gold calculator.

And if you are at a place that you don't have internet access, it's really basic math, you just have to remember the purities and how they translate into math. Have them written down along with the price of gold per gram.

First the purities;

• 24 karat (fineness 999 or higher) = 99.9%
• 22 karat (fineness 916) = 91.6%
• 21 karat (fineness 875) = 87.5%
• 20 karat (fineness 833) = 83.3%
• 18 karat (fineness 750) = 75%
• 15 karat (fineness 625) = 62.5%
• 14 karat (fineness 585) = 58.5%
• 10 karat (fineness 417) = 41.7%
• 9 karat (fineness 375) = 37.5%
• 8 karat (fineness 333) = 33.3%
• 1 karat (fineness 042) = 4.2%

So then the formula to figure out the price of your scrap would go as follows;

Amount of gold x purity in % = weight of scrap in pure form
Weight of pure form x price of pure gold per gram = value of your scrap

For example if you had 100 grams of 18k gold to find the value you would multiply 100 grams x .75 (18k purity in %) = 75 grams 24k . Then you would multiply the 75 grams x $48.07 (Todays spot USD $value) = $3605.25 USD total value of 100 grams 18k scrap gold.

It's really simple to do on the fly when you get the hang of it. Any experienced board members have any critque, other methods, or found flaws in my formula, please feel free to chime in.

Hope that helps. :mrgreen:

that helps!!!!

 

[Harold_V]

that helps!!!!

Depends on what you're doing. If you use some of those figures in calculating, you will end up with bogus answers. It all revolves around the percentage of gold contained in karat gold.

24 karat is 100% gold, therefore one karat equates to 4.1666, not 4.2%.
Typical 14 karat gold does NOT contain 58.5% gold, but instead 58.3%, and that's assuming that the alloying hasn't been shorted, which has been common practice, and was completely legal at one point in time.

There are in existence items made of 14 karat gold that are marked 585. Do not assume all 14K gold is the same.

The point is---if you start out with unreasonable expectations, you're going to be disappointed on a regular basis. You may also assume you are being cheated when you transact business with those that understand the difference, or those that assay.

Harold

 

[samuel-a]

Depends on what you're doing. If you use some of those figures in calculating, you will end up with bogus answers. It all revolves around the percentage of gold contained in karat gold.

24 karat is 100% gold, therefore one karat equates to 4.1666, not 4.2%.
Typical 14 karat gold does NOT contain 58.5% gold, but instead 58.3%, and that's assuming that the alloying hasn't been shorted, which has been common practice, and was completely legal at one point in time.

There are in existence items made of 14 karat gold that are marked 585. Do not assume all 14K gold is the same.

The point is---if you start out with unreasonable expectations, you're going to be disappointed on a regular basis. You may also assume you are being cheated when you transact business with those that understand the difference, or those that assay.

Harold

Spot on !

I routinely treat (and pay for) scrap karat as 0.5K less then the marking and 99% of the times i get it right when seeing final results.
Few months back i bought a marked 14K chain as 9.5K (didn't pass 10K acid test), final results was 9.7K.... That's real shame what dishonest jewelers/manufacturers will do to squeeze extra buck out of unwary costumers...