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How to Calculate Scrap Gold Prices

Watch more How to Make Money Fast videos: Subscribe to Howcast's YouTube Channel - Use these steps to calculate scrap gold prices. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Remove stones Remove any stones or non-gold objects from the scrap gold. Step 2: Weigh the gold Weigh the scrap gold on an accurate digital scale calibrated in grams. If you have more than one object, weigh those having the same carat value together. Tip Digital scales can be found at most kitchen and home stores. Step 3: Check the spot price of gold Check the current spot price of gold on the Internet. The price in dollars for troy ounces of gold can be found on Step 4: Convert to grams Divide the spot price for 1 troy ounce of gold by 31.1 to get the spot price of 1 gram of gold. Step 5: Calculate the amount of pure gold you have Multiply the weight of your scrap gold by its carat value and then divide by 24. This is the number of grams of pure gold that you have. Tip Pure gold has a rating of 24 carats. 22-carat gold is 22/24 parts pure gold; 18-carat gold is 18/24 parts pure gold, and 9-carat gold is 9/24 parts pure gold. Step 6: Sell your gold Take your scrap gold to a dealer. Expect to receive from 85 to 90 percent of the value you determined, allowing for the cost to melt it down. And remember not to spend all your money in one place! Did You Know? By 1854 -- 6 years after gold was discovered in California -- approximately 1 out of every 90 persons living in the United States had headed to the gold fields.
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