Does anyone know if getting $75 for 6.6 grams of scrap gold is decent?

**myrdale** · 03-08-2010, 06:09 PM

I am assuming your gold is 24 karat

The price for gold right now is $1120 per troy ounce.

There are 31.1 g per troy ounce.

The price per gram would $36 / gram.

You have 6.6 grams x $36 = ~$240.

That $240 is what the jeweller could get for it. BUT first he is going to have to melt it down, thats time and money. He's going to have to get someone to buy it, thats hassle. He's got to pay taxes on it I'm sure. He's got to make a living.

In other words, getting 25% of its face value seems like a bum deal on the surface, but he is going to have a bit of his own time invested in it, and he HAS to make a profit.

Worst case, shop around and see if anyone will offer you more.

**wincrasher** · 03-09-2010, 04:08 AM

Sometimes they melt it down and reuse it themselves. Sometimes they just pack up a bunch of old jewlery and sell it as a lot to a bigger operator.

I'd shop it around a bit, you may get lucky.

**ScrimpAndSave** · 03-09-2010, 07:04 AM

I'm sorry - it is not 24K. It is 14K.

**Penny Pincher** · 03-10-2010, 05:13 AM

The spot price of gold changes daily. Google current gold price or some variation of that to find out what the price is on any given day.

**biff** · 07-30-2010, 12:29 AM

Gold price

I sold a 14k gold bracelet 21 grams and got about $19 per gram. So $400
$11 per gram is a little low.

Does anyone know if getting $75 for 6.6 grams of scrap gold is decent?