With the price of gold on the rise and holding fairly steady, consumers and business owners have been cashing in on their damaged or scrap gold. To determine how much your scrap is worth, you will need to know the purity as well as the weight. To calculate an approximate value, you will also need to know which market / prices your gold refinery is basing their payouts on. Manhattan Gold & Silver calculates their scrap gold payout based on the London Fixings released twice daily by the London Bullion Market. Hedging options are available in order to make spot trades throughout the day, limited to certain accounts.
Start by separating your gold into karat weight (10k, 14k, 18k, etc.). As a reminder, 24 karat is 99.9% pure gold. Jewelry is not normally made with this karat weight since it is so soft; it is more commonly found in gold bars and coins. 14 karat is 58.5% pure gold, and is the most popular choice for jewelry. Use the following chart as a reference when determining the purity of your scrap gold. Do keep in mind when calculating your scrap gold you want to leave a half karat room for error. This is to account for solder and other impurities on jewelry.
Once you have separated your gold by purity, take the weight in pennywiehts divided 20 X assay X percentage return X gold price. You can simply call for a pennyweight price; this is what we use for small quantties when tested by hand. Higher percentages are paid for melts and assays. The LBMA sets gold fixings per troy ounce, which is not a commonly used metric outside of the jewelry industry. If your scales do not provide a troy ounce reading, consider keeping a troy ounce conversion chart or gold calculator handy for quick reference.
Payouts for scrap gold vary based on the size of your lot, purity of gold, and percentage your gold refinery keeps for their services. Manhattan Gold & Silver is equipped with on-site furnaces, which allows for same day melt, assay, refining and payouts. Calculate your estimated payout using the tools above or contact us today for a free quote.