Scrap gold prices are sky-rocketing right now. And, considering the way things have been going, it’s a GREAT sign of better things to come. Whether you’re looking to make a little cash on the side, or to learn more about old jewelry, scrapping can be a cool little side-gig.
Before you consider selling gold, you should have a basic understanding of gold economies, and how they work. Essentially, all currency was once based on actual gold holdings. But, why base an entire system on a raw precious metal?
Well for starters, gold holds value extremely well, and thus, tends to stay steady overtime. This creates a secure ‘environment,’ where gold is tied directly to printed money. We call this value preservation in the gold world. In other words, all paper money has an equivalent amount of gold backing it. Hence the popular term “gold backed economy.” Gold backing is nothing new either, and in fact, has been around for thousands of years! This system allows anyone, anytime, to exchange their paper currency in for Gold.
Nowadays, major gold backed economies have been replaced with another ‘technique.’ Fiat systems are connected directly through a supply and demand structure. Similar to gold, fiat models are backed. But, unlike gold structured economies, they do not rely on something tangible. Instead fiat uses market demand for ‘things’ linked to an economy. And, when demand rises within sectors of the economy, the paper value of currency rises with it.
However, on the other hand, some fear the Fiat Currency is quite dangerous. And one of the dangers is called hyperinflation – where governments print money outside of supply and demand. Further, because economies can’t physically touch the demand they have, it’s hard to differentiate between what’s actually there.
Thankfully, we still have physical gold deposits. And even though our U.S. economy is no longer backed by gold, its holdings remain.
Gold Scrap Values
Enter gold scrap prices. Gold is quite complex, and has many “measures” that help us decide it’s worth. Currently, we refer to this as “market value.”
How Gold Is Weighed
We use three measurements to weigh gold:
Basically, without getting too far into the weeds, purity is the relationship between gold content and its karat rating. Parts of gold, karats (or carats), and % of gold, are all means of deciphering gold purity. For comparison, we’ll take a gold conversion chart to give a better idea of purity.
Number of Karats | Parts Gold | % Purity
- 9K | 9/24 | 37.5%
- 10k | 10/24 | 41.7%
- 12k | 12/24 | 50.0%
- 14K | 14/24 | 58.3%
- 18K | 18/24 | 75.00%
- 22K | 22/24 | 91.7%
- 24K | 24/24 | 99.9%
For example, let’s say you have 10 grams of 10k gold jewelry. We know that 10k gold is 41.7% pure, or, in other words, worth 41.7% of a 24k gram. So, therefore, we know that our 10grams is worth $229.91 USD.
Additionally when dealing with scrap gold and finding prices, you can use scrap gold calculators to help!
Finding Old Gold
You can find gold all over, but you have to know where to look. A good place to start is electronics. Laptops, the latest iPhone, Androids, Bluetooth speakers, pretty much anything that has a circuit board. For instance, a new laptop can contain up to $25 in gold. And similarly, your average size smartphone contains about 50mg of gold by weight.
Many of us also have old jewelry lying around – pieces we no longer enjoy, or that are broken and we never got around to repairing them. These are excellent sources of scrap gold.
How Much Are My Items Worth?
Scrap gold prices are constantly fluctuating, and that’s part of what makes scraping so fun!
Ideally, you’ll have a stash of old jewelry at the ready, or be willing to haul your neighbor’s old desktop away free of charge.
Now, we know you’re probably not going to get rich overnight by extracts old circuit boards out of junk desktops. But, scrapping of gold can actually yield more than you’d think.
For more info on our scrap gold prices, give us a call at: 1-877-857-6227
What’s In It For Me?
If you plan on getting into scrapping, you’ll want to find a business that knows what they’re doing. Our gold buying platform is 100% secure, fair, and no-hassle. Our gold cash buyers will offer you a competitive price. And, best of all, if you do not like the price we offer after shipping your gold, we’ll ship is back at no cost. Check out our client testimonials here.
Looking for help selling your scrap gold? Visit our website for more information.