Scrap gold prices have hit an all time high. And, considering the way things have been going, that’s really no surprise. Whether you’re looking to find out more, or make a little cash on the side, gold can be great. But, if you don’t know what you’re doing, it can also be a tremendous waste of time.
What Is The Gold Standard?
Before you get too deep into the gold topic, understanding how gold works in the current economy can be very valuable. The Gold Standard is just that, a monetary policy. Essentially, all currency is based on a quantity of gold. Why base an entire economic system on a precious metal?
Well, for starters, value preservation. Money is much more complex than just a piece of paper with some special markings. And it’s important to understand how or why that piece of paper has any real value at all. In a gold backed economy, the government ties the paper money it prints with the physical gold it has on hand. Likewise, a government that prints money without backing runs the risk of devaluing their currency entirely.
If your economy uses a Gold standard, anyone, at any time, can trade their paper money in for actual Gold. And, similarly, can receive paper currency on the market for the weight of gold they possess.
It’s worth noting that this concept is nothing new. In fact, it has been around for a few thousand years. Gold and silver have both played their part in the growth of economies. For instance, Asian farmers used pieces of gold and silver as a method of payment, British empires used gold as the scaffolding for their empires.
Comparatively, Fiat backs its currency through a connection with supply and demand. Basically, the more demand you have within your economy, the more value your money has in the world market. Additionally, the more demand you have, the more money should be able to print (in theory).
However, on the other hand, some fear the Fiat Currency is quite dangerous. And one of the dangers associated with fiat is hyperinflation – where governments print money outside the confines of supply and demand. Today, more so than ever before, the dangers of fiat seem to be quite apparent.
Thankfully, we still have physical gold. And while the U.S. and European economies are no longer backed by Gold, their deposits remain intact.
Gold Scrapping Prices
Enter gold scrap prices. Gold is quite complex, and has many “measures” that help decide it’s worth. Currently, we refer to this value as “market value”
How Gold Is Weighed
We use three measurements to weigh gold:
And value for each change on a daily basis. You can check out current gold prices by visiting a website like Monex.com
Gold weights are not the only thing you have to think about when scrapping. Additionally, purity (or carats/karats) plays a huge role in how much gold is worth.
Basically, without running you through a science course, purity is the relationship between gold content and it’s carat rating. The purest gold is 24 carats, and contains 99% gold by weight. Comparitively, 10k gold is on the lower end of the scale. Today, one ounce of 10k gold is worth $700+ USD.
Where Can You Find Gold?
You can find Gold in just about everything, but you have to know where to look. We’ll list a few places to find it.
- Computers – Laptops, desktops, and all-in-ones contain gold components. Circuit boards found inside of a new laptop can contain between $15 and $25 of gold.
- Cell Phones – that’s right, don’t go throwing that old iPhone away so quickly. The average mobile contains 50 milligrams of gold in weight.
- Old Jewelry – this is the easiest place to find scrap gold by far. But, you’ll want to be wary as far as where you find it. Fool’s gold jewelry is practically worthless!
- Space Technology – gold is used by Nasa in their space shuttles. The metal can be found in a shuttles circuitry, connectors, and conductors.
Additionally when dealing with Scrap gold and finding prices, you can use gold-calculators to help!
How Much Are My Items Worth?
Scrap gold prices are constantly fluctuating, and that’s part of what makes scrapping so fun!
Ideally, you’ll be able to find a few common items containing gold using the list above. And, really once you understand where/how gold is used, it won’t be hard to find. But, to understand how much your scrap items are worth, it will take a bit of legwork.
Really it all comes down to weight and purity. But, that doesn’t necessarily mean the heavier your items are, the more they will be worth. A troy ounce is the most common measurement for gold. In our example, we’ll use the average amount of gold found in a smartphone: 50mg:
We know that 24 grains equals about 1/20th of a troy ounce (see pennyweight dwt). And, we know that you need 28349.5 mgs to have one ounce worth of gold. Likewise, we know that the market value for one troy ounce of gold today (6/8/2020) is $1,697.00, and our cell phone is 75% pure (18 carats).
Our 50mg gold containing smartphone internals have roughly 50mg’s of gold, or 0.03 ounces. Therefore, we can safely say our cell phone internals are worth $2.05.
Now, we know $2.05 is not going to make anyone rich overnight. But, if you gathered 100 smartphones, you may have something worthwhile.
For more info on our Scrap gold prices, give us a call at: 1-877-857-6227
To Scrap Or Not To Scrap
Scrap gold prices are very good right now, and unlike stocks or bonds, their value normally remains VERY stable.
Really, your chances of finding gold scrap will increase with access. Meaning, the more recycled electronics you can get your hands on, the better money you’ll make. Many other people also sell old gold jewelry, watches, and engagement or wedding rings to make extra cash.
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. 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. Watch our highly satisfied customer tutorials here.
Looking further help selling your scrap gold? Visit our website for more information.