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How to Calculate the Value of Your Gold

How to Calculate the Value of Your Gold

2017-11-06

Whether you need to know where to buy or sell gold in Atlanta, you need to know how much it’s worth. While the value of gold can change on a daily or even hourly basis, it can help you if you learn the basic way to calculate the value of a specific amount of gold based on the current value. Knowledge is power, and having some idea of the worth of your goods can empower you to get the best deal possible.

Gold 1

Weighing the Gold

The first step is to figure out how much your gold weighs, as precisely as possible. This means that when you choose a scale, you should try to get one that ways in very small increments or one that uses several decimal places. The more you round a number, the harder it is to get an accurate calculation. You should also make sure your scale is accurate by testing it with some item with a known weight, such as a United States coin.

Calculating the Price

Once you have a weight for your Atlanta gold, convert it into grams if it isn’t already. You will also need to know the current gold spot price, which you can find from many places claiming “we buy gold in Atlanta,” as long as it’s a reputable business. Keep in mind that the price of gold can change multiple times within the same day. Divide that number by 31.1. This is the number of grams in a troy ounce, which is the unit of measurement that gold is weighed in. Set that number aside.

Gold 2

The final piece of the puzzle is the karat of your gold. 24K gold is pure, and if you have anything less than that, you should divide that number by 24. For instance, if you have 14K gold, you’ll get .5833, if you have 10K gold, you’ll get .4167, and so on. This indicates the percentage of purity, and you should multiply it with your previous number.

Professional Assessment

Of course, it doesn’t hurt to visit professional Atlanta gold buyers for their assessment, but keep in mind that they will very likely have a biased opinion. They may skew their calculations slightly in favor of themselves, the potential buyer instead of you, the seller. However, going to one or more businesses can help you get a ballpark estimate, and it can help you get an idea of whether you did your calculations correctly.

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