09.14
How to calculate what your gold is worth.
10 Karat gold is 41.7% percent pure gold.
14 Karat gold is 58.3% pure gold.
18k Karat gold is 75% pure gold.
21 Karat gold is 87.5%
22 Karat gold is 91.3% pure gold.
24 Karat is .999% percent pure gold.
Therefore if gold were trading at 950.00 ounce (That’s 24 Karat Gold) you would have to break down your gold with this formula.
If your gold was 10 karat then you would divide 950 (gold price) by 100. That is 9.5. Then multiply that number by 41.7 (10 Karat gold purity) That number is 396.15. Therefore if gold were trading at $950 and we did this formula you would know your 10 karat gold was worth 396.15 per ounce. If you wanted to know the GRAM value use this formula. There are approximately 28.35 grams in an ounce. So you would divide 396.15 by 28.35 which is 13.97 dollars per gram. To use this formula with other Karats of gold simply replace 41.7 with your golds purity percentage.
The reality is your gold is worth more than the above amounts I quoted for each karat. There is a reason for that. Refinery’s don’t buy small amounts of gold from the general public. They buy in large quantities from gold buyers, jewelry stores, etc. These local gold buyers have to pay for a precious metal license, a store front, employees and of course make a profit. BUT- there is a difference in making a profit and ripping you off. I work as a gold buyer and I am here to help make sure you get the most you can for your gold.
-The Gold Man