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Scrap Gold Secrets
This is how YOU figure out what YOUR scrap gold is worth. I put this out here because there are A LOT of unethical companies and pawn shops out there. If you want to sell your scrap gold to us, we will work through this with you.
First, let's learn about gold. Gold is measured by weight and PURITY. Weight is in grams, ounces, or pennyweight. My observations that the less than ethical companies use "penny weight" to skew your calculations making it look like they are paying you a lot, when they are paying you a little.
The price of gold is ALWAYS referenced to Troy Ounces. This is different from a "regular" ounce. A regular ounce is 28 grams, a Troy ounce is 31.1 grams.
Now that you understand grams and ounces, let's look at penny weight. What is a penny weight? Does that mean anything to you? Probably not. One troy ounce is 20 penny weight.
PURITY: This is the karat number on your gold. 24 karat is PURE gold. This is NOT common. Thai Botts and some gold coins are all that you will probably see that is 24k. 12k gold is 50%. 10k is 41.6%. Just divide your karat rating by 24 to get the purity. Got all that?
Now, lets put this to use:
Here is the math:
Lets try it.
My wedding band is 18k and weighs 10 grams. Gold is currently $1700/ounce.
W=10 (I got this from the scale)
This works for ANY piece of gold.
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