How much is scrap gold going for today? Asked Stefani
Alan, I have really bad looking gold jewelry here. Three rings, a pendant, a wristwatch with a broken nick, and a damaged necklace. A pawn shop in my home town Chicago offered me $300 for all items. How much is scrap gold going for today? What is a good offer? I haven’t sold yet because I was expecting more. Please do me a favor and help me Alan.
Stefani from Chicago in Illinois
It’s a pleasure for me to answer your question. As you know from our email conversation, I have to know more about your gold. You did a good job and the information you provided, was very usefull for me. Gladly I will let you know how much scrap gold is going for today.
reDollar appraiser, Alan Jensen
Stefani wants to know, how much is scrap gold going for today?
Stefani: Alan, I send you some pictures of my gold jewelry. I have three gold rings, a gold pendant, a women’s wristwatch with a damaged nick and a broken gold necklace. I have a pawn shop in my neighborhood buying gold. I was there to ask the guys for a price. In my opinion, they didn’t checked all items carefully and offered me only $300. It would be fine to have some extra money for a shopping trip with my boyfriend but I’m not in urgent need that’s why I decided to take my gold with me. How much is scrap gold going for today, Alan? What is a good offer?
Alan: It’s always the right decision to shop around before you finally sell. Furthermore, selling scrap gold is also a matter of luck because you have to meet a reliable gold buyer at the right time. You can get offered $300, $400, $500 or even $800 for gold which is worth $1,000. It really depends on the gold buyer you meet. We asked you to look for gold markings and you provided very useful information about your gold jewelry.
Stefani: With your help, it was childish simple to find out the requested information. I used my dad’s magnifier for spotting the gold markings. All items are marked as 14K. Only the wristwatch is marked as 18Kt. GOLD FILLED. I also removed a green stone, mounted in a gold ring as you told me. I weighed just the rings, the pendant and the necklace with a digital kitchen scale but not the wristwatch. It showed me 17.3 pennyweights in total. How much is this scrap gold going for today?
Alan: As you have supposed, your gold sells for the current scrap gold value. The condition of your jewelry is bad and I can’t see a resale value. Based on your provided gold weight, your scrap gold sells for $744.3, today. It was a perfect decision to keep your jewelry. Now you wonder why I’m not talking about your wristwatch. It’s because of the gold marking. Generally, 14Kt. stands for 14 karat gold but it shows also “GOLD FILLED” what means that it’s not made of solid gold. There is no significant material value of the watch. Furthermore it has just a normal quartz clockwork and it’s not made from a special brand. I don’t see a value in the watch. I hope I could answer your question, how much is scrap gold going for today, satisfying.
Stefani: Oh yeah, you did. Thank you very much for your time. I really appreciate your help.
What you can learn from Stefani’s question, how much is scrap gold going for today?
Local gold buyers: Some local gold buyers like pawn shops offer too little money for scrap gold. Run a comparison in your town to find the reliable gold buyers.
Unlock the value by yourself: Use a magnifier to spot the markings. Use a scale to determine the weight and use a gold calculator tool to find out how much gold is worth.
Scrap gold sells for the material value: Take a look on the current gold price to learn more about the value. Consider that the stock price is the price for pure gold.