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If you own some scrap gold and you want to sell it for cash, it can be difficult to determine the price you may want for the gold. The prices of gold tend to go up when there are worries about inflation or war, or when the economy is flat. However, before you decide to bring your dental fillings, nuggets, gold jewellery, bars, or teeth to the counter of the scrap gold dealer, or even send the gold scrap off by mail, you need to know How Much Is Gold worth at the time of selling. This will make you know if you are really getting a better price in exchange for your gold. The majority of the scrap gold dealers will not allow you to know how they do the calculations, but here is everything you need to know about How Much Is Gold worth.
Step One: Separate Your Scrap Gold by Its Karat
Separating the gold by its weight is the starting point of assessing its value. In fact, it helps you point out the items that are not gold. So, your first task is to know how to differentiate real gold and fake gold. Using a magnifying glass, you will be able to decipher the karat number on every piece of gold you have.
Sometimes, it might be unreadable. However, in such cases, look for a reputable gold dealer to test your gold. On other circumstances, you will find the gold is just gold-plated. In such circumstances, the dealer will perform a chemical test to determine its value.
Step Two: Do Your Own Test on Gold Items
Start with acid test. Buy stone and the acid, both of which can be bought from physical jewellery or online suppliers for a fair price. You can buy them as a set or separately. Typically, a kit comes with 22K, 18K, 14K, and 10K bottles of testing nitric acid. The kit will also have a test stone, typically known as touch stone or a streak stone that is made from different materials, such as novaculite.
Now, for the 14K gold items that you are not sure of, rub them on the stone then place a drop of the 14K nitric acid onto the marks they leave on the stone. So, if your gold items are really gold of 14K, they will not change color, but if they are less than 14K, the color will turn to brown, or even disappear completely if the are not real gold.
Alternatively, you can go for a Skey test. You just need to buy a gold verification pen or a gold tester which employs the Skey testing method. These testers are available in the market for less than $50 yet you can get about 1000 tests. Skey test is very safe and can therefore replace the acid test. It tests very accurately on metals, especially white gold.
Now, for every scrap gold item that you suspect, write a ¼ inch line then go over that line for about 4 times without removing the tip of the pen from the test material. Immediately after the forth time, write a line using this pen, on a white paper. The following information gives you details of how to interpret your results and determine how much gold is worth.
For less than 10k gold, the line will be brown, but within seconds, it will turn to green. For a 10k gold, it will be brown. For 14k, it will be dark brown. For 18k, it will turn to orange. For 22k, it will turn to yellow, while for 24k, it will be red.