Go figure - Gold 101 class

[ModernMiner]

Dumb question time.
How do I figure the value of a piece of gold (jewelry) at today's gold prices? What formula do you use?
For example: I have a 14k gold ring that weights 3.96 grams. Since 14k is only 58.3% pure gold, what would the value be with gold today at let's say $660 an ounce?
As Forrest Gump would say..."I'm not a smart man Jennie".
Thanks,
MM

 

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[Farmercal]

I'm sure there is a formula out there somewhere to tell you what you want to know. Most folks just send what they want to sell to the reputable refineries and take the check. Those places with a good reputation don't rip you off.

 

[Ant]

Dumb question time.
How do I figure the value of a piece of gold (jewelry) at today's gold prices? What formula do you use?
For example: I have a 14k gold ring that weights 3.96 grams. Since 14k is only 58.3% pure gold, what would the value be with gold today at let's say $660 an ounce?
As Forrest Gump would say..."I'm not a smart man Jennie".
Thanks,
MM

When dealing with Rare Metals the weights are expressed using the Troy Scale of measurement.

20dwt or 20 penny weight = 1 troy ounce ( that's what we see in the Market, spot price is based on 1 Troy ounce of Gold). I think that's about 32.5 grams on the avoirdupois scale. The acronym (dwt) stands for Dry Weight Tonage.

This is how Goldkit pays http://www.goldkit.com/Prices-We-Pay.asp

But I here the best place to deal with is Midwest Refineries.

If you wight your gold in Tory I'll show you the formula. I could convert avoirdupois to troy but I'm at work and I don't have the time right now but that how it works.

HH

 

[djabend]

Go to http://goldprice.org/gold-price-per-gram.html
Then multiply grams by price listed
Then divide by % gold
I got $49.50 for your gold ring. Sound good? HH,
Donny

 

[ModernMiner]

Go to http://goldprice.org/gold-price-per-gram.html
Then multiply grams by price listed
Then divide by % gold
I got $49.50 for your gold ring. Sound good? HH,
Donny

Thanks Guys.
You guys are soooooooooooo smart. That's the info I needed.
So the 3.96 gram white gold ring I have for sale in the classifieds is a good deal for only $40 then.
I was just starting to wonder if I was asking too much, because I didn't know how to figure out the price even as scrap 14k gold.
Thanks again,
MM

 

[BioProfessor]

Gold is at $666 a troy ounce right now. The refiners are paying a little over $500 a troy ounce.
1 troy ounce = 31.1034807 grams

So weigh your gold in grams. Divide this by 31.1034807 to get Troy ounces. Multiply by 20 to get pennyweights (dwt). This should give you all the numbers you need to get the price from any site. Assuming all the gold is the same carat. If not, you have to weight and price each carat separately.

Somebody check my math. It's late in Amsterdam.

Daryl

 

[Ant]

Gold is at $666 a troy ounce right now. The refiners are paying a little over $500 a troy ounce.
1 troy ounce = 31.1034807 grams

So weigh your gold in grams. Divide this by 31.1034807 to get Troy ounces. Multiply by 20 to get pennyweights (dwt). This should give you all the numbers you need to get the price from any site. Assuming all the gold is the same carat. If not, you have to weight and price each carat separately.

Somebody check my math. It's late in Amsterdam.

Daryl

I'll remember that BioProfessor, 31.1034807. Hey is that down to the 10,000,000th, wow (tenmillionth).

 

[ModernMiner]

Gold is at $666 a troy ounce right now. The refiners are paying a little over $500 a troy ounce.
1 troy ounce = 31.1034807 grams

So weigh your gold in grams. Divide this by 31.1034807 to get Troy ounces. Multiply by 20 to get pennyweights (dwt). This should give you all the numbers you need to get the price from any site. Assuming all the gold is the same carat. If not, you have to weight and price each carat separately.

Somebody check my math. It's late in Amsterdam.

Daryl

Thanks Daryl. That's some great info.
-MM-

 

[BioProfessor]

Hey. They're decimals. Use em if you've got em.

Daryl

 

[Ant]

The top price Goldkit is paying for 14k is $14.29 per pennyweight. You have 3.96 grams avoirdupois and converting that to Tory will be 2.54628 pennyweights. That’s what you have and.

The conversion factor is .643, used to multiply avoirdupois grams to troy pennyweight. Your ring is worth $36.157176 and lots of people don’t care for white gold so you might be pricing your ring too high.

Your ring is a little over 2.5 pennyweight. I found the time, now how’s that?
HH

 

[Cubfan64]

Try this site - it's my favorite - very little thinking needed

http://www.dendritics.com/scales/me...its=g&Alloy=22K&PrOzt=&CurrencyN=USD&Markup=0

 

[ModernMiner]

Try this site - it's my favorite - very little thinking needed

http://www.dendritics.com/scales/me...its=g&Alloy=22K&PrOzt=&CurrencyN=USD&Markup=0

Cubfan64,
That's what I'm talking about!!! It can't get any easier than that site to figure the price. My ring came out to $49.02 on that site.
Fantastic.
Thanks,
MM

The top price Goldkit is paying for 14k is $14.29 per pennyweight. You have 3.96 grams avoirdupois and converting that to Tory will be 2.54628 pennyweights. That’s what you have and.

The conversion factor is .643, used to multiply avoirdupois grams to troy pennyweight. Your ring is worth $36.157176 and lots of people don’t care for white gold so you might be pricing your ring too high.

Your ring is a little over 2.5 pennyweight. I found the time, now how’s that?
HH

Thanks Ant for that info. I like the $49 price a lot better than the $36.
Hard to believe a 14k white gold wedding band is worth only about $40. Doesn't get me too excited to find anymore.
Oh well, I may just keep it & have it melted down with some other gold.
HH,
MM

 

[EDDE]

.

 

[DFX-SE Gregg]

MM...remember if you try to sell at a jeweler they might as well be wearing a patch! They are like pirates!!!!! If you think that is bad I got prices at 4 diiferent places on a ring I sold earlier in year....ranged from 30 to 55...was almost 8 grams of 10k...did take the 55.

 

[Ant]

We don't often find $36.00 coins. As a matter of fact I have never found a coin worth that much. But on the other hand, I have found lots of gold items that fetch $36.00 each. You might want to rethink that one.

Most buyers pay more for Gold lots over a certain weight. So it's best to save the gold you find to get the maximum value when selling.

But Midwest Refineries claim that they will buy one ring. And pay at 94% spot, quote:

Midwest Refineries pays 94% of the value of gold metals based on the gold market on the day your order is completed.

Turn around time is usually 3 to 5 working days.

Here's the link:
http://www.midwestrefineries.com/gold.htm

 

[ModernMiner]

We don't often find $36.00 coins. As a matter of fact I have never found a coin worth that much. But on the other hand, I have found lots of gold items that fetch $36.00 each. You might want to rethink that one.

Most buyers pay more for Gold lots over a certain weight. So it's best to save the gold you find to get the maximum value when selling.

But Midwest Refineries claim that they will buy one ring. And pay at 94% spot, quote:

Midwest Refineries pays 94% of the value of gold metals based on the gold market on the day your order is completed.

Turn around time is usually 3 to 5 working days.

Here's the link:
http://www.midwestrefineries.com/gold.htm

Cool. Thanks Ant.
You're right. I think my most valuable coin to date was worth about $18.
Thanks for your help.
-MM-