Most of you at some point have seen Cash for Gold ads. This has been a rapidly growing business in the past few years but have you ever wondered what is the driving it? Are there hundreds and thousands of people lining up to sell their gold? Surely the Canadian economy is not that bad. Anyhow, if you are one of these people then the article should help you figure out how much your gold is worth.
First you need to determine the purity of your gold. The unit that is widely used to denote the purity of gold is millesimal fineness. For example, 75% gold is denoted as 750 millesimal fineness and if you have a gold ring you will notice a millesimal fineness value stamp inside the ring. This value ranges from 999 for 24 carat gold down to 585 for 14 carat gold.
Then you need to look up the spot price for gold. This is the gold price set by the financial market. You can obtain this by visiting goldprice.org, goldinfo.net or a financial paper. The price is currently $41,662 CAD per Kg or $41.662 per gram.
It is worthwhile to note, the price in the market is usually given in troy ounce (oz) which is equal to 31.1 grams. On some sites like goldprice.org you can get the price in Kg which makes your calculation a little easier.
You can now figure out the price by using the following formula:
Your gold value = The total number of grams you are selling x The millesimal fineness value of your gold x Gold spot price in grams
If you are not keen on doing the math you can use the following look-up table that gives you the value based on today’s market price, which is $41,662 CAD per Kg.
Gold Price ($/g) in Toronto
| Carat | Millesimal Fineness | Price Per Gram |
|---|---|---|
| 24 | 999 | $41.62 |
| 22 | 916 | $38.16 |
| 21 | 875 | $36.45 |
| 20 | 833 | $34.70 |
| 18 | 750 | $31.25 |
| 14 | 585 | $24.37 |
If you are visiting Mr. Oh Yeah, or Harold or any other scrap gold dealer, do your homework in advance, otherwise don’t be surprise if you getting far less for your jewellery unless you have borrowed it !
EF22BVW79RA8
