Weighing Raw Gold
The first step in evaluating your gold findings is to weigh them. Gold is typically weighed in troy ounces, which are different from regular ounces. One troy ounce is equivalent to 31.1034768 grams, while a regular ounce is equivalent to 28.34 grams.
To weigh your gold, you’ll need a set of digital scales that measure in grams. Place your scale on a stable surface, turn it on, and make sure it is weighing at zero. You can use an envelope or container to weigh multiple items, but remember to tare off the weight first.
Estimating the Value of Raw Gold
Once you’ve weighed your gold, the next step is to estimate its value. This involves determining the day’s spot price for gold and understanding the purity of your gold.
Determining the Spot Price
The spot price of gold is the current market price at which gold is bought or sold for immediate payment and delivery. You can usually find the daily spot price with a quick internet search.
Understanding Gold Purity
Gold purity is measured in karats, where pure gold is 24 karats. Most raw gold from nature is 60 to 85 percent pure. The higher the purity, the more valuable the gold.
Doing the Math
To calculate the value of your gold, divide its weight in grams by 31.1 to convert it to troy ounces. Then, multiply this by the current spot price of gold. Finally, multiply this total by the gold content percentage (its karat value divided by 24). This will give you an estimate of the value of your gold.
Remember, this is just an estimate, and the actual price you receive for your gold may be different based on the buyer, the location, and other market factors.
Finding a Buyer
- Local Gold Dealers and Buyers: An online search for local gold dealers and gold buyers will turn up options close to where you live1. You may want to research a potential gold buyer to make sure it’s a legitimate and trustworthy business.
- Online Marketplaces: Online auctions and marketplaces like eBay are also options for finding bidders.
- Gold Buying Companies: There are companies that specialize in buying gold such as CashforGoldUSA, Liberty Gold and Silver, Luriya, Money Metals Exchange, and SellYourGold.com. These companies usually offer free and insured shipping for your gold, and they pay you based on the weight and purity of your gold.
- Prospecting Clubs: You can join a local prospecting club and bid on raw gold owned by other members.
- Trade Shows: You can sell your gold to miners and gold dealers at trade shows.
- Pawnbrokers: Pawnbrokers can offer quick cash when you need it, but typically do not pay the most.
Weighing and estimating the value of raw gold is a crucial skill for any gold prospector. It allows you to understand the worth of your findings and make informed decisions when selling your gold. Happy prospecting!
*Please note that this guide is intended to provide a basic understanding of weighing and estimating the value