Gold Testing (What Gold Buyers Don’t Want You to Know!)

Right, hi guys. Today I’m going to show you how to check the karat, the weight, and the value of your gold before you send it out to any gold buyers in the mail and or take it to your local jeweller. Get rid of it, trade it out for cash for gold.

Alright so we’re going to start with this 21 karat gold chain I have here, you can see that or not, come closer and but we can do is take a loop right here which I got actually on eBay with all of this stuff right here. This is all the testing solutions for platinum, 22 karat gold, 18 karat, 14 karat, ten and also silver. Got a little stone right here, I’ll show you how, what that is used for in a second and also a jewellers scale right here.

I got all of these things right here on eBay for 20 bucks okay super cheap and super worth it if you’re going to you know if you’re considering selling your gold jewellery. So you know, have a good idea of what it’s worth before you just blindly put it in the mail and get whatever you get not knowing you know what it’s really worth. Because people will pay you less, not more. So on that note to test this necklace to see if it’s really you know a 21 karat piece, because a lot of times some pieces will be stamped one thing but not read for what it is stamped for it, could be you know nineteen karat or 18 karat versus 21, sometimes that happens you know.

So what we’re going to do is take this chain and rub it on this stone so we leave a trace of the necklace on the stone. What we’re going to do now is take the highest solution that I have here, the 22 karat, you always no matter what you’re testing, always start with a higher grade of solution and by the way this is a blend of muriatic and nitric acid; highly corrosive, don’t get it on your skin.

9ct Round Curb Chain (HM-CUR-0005)-335It’s very easy to manage in these little eyedropper bottles, so just put one drop on the stripe that you put on there, just smear it on there and you wait a few seconds and start to see what happens here is that if the karat of gold it’s less than the solution that you are using on it, it will be dissolved, it will be pretty much disappear under the solution. See how you can see the gold stripe is kind of clearing up, it’s breaking up, the acid is eating the base metals of the little the gold that’s in there, breaking it off the stone. So you know it’s definitely not a 22 karat chain, okay doesn’t say that it is, but that’s what we have to start with.

So we’re going to wipe it off that stone, we’re going to make another stripe of gold on the stone, okay and then we’re going to go down to the next solution, the 18 karat solution. Now again just a drop is enough, just rub it on there and see what happens.

Now you may or may not be able to see this but the gold is still on the stone. Okay you can still see the gold particles they’re not lifting off the stone so much as they were when the 22 carat solution was on there. So we know it’s definitely at least 18 carat, if not higher.

Let’s give it the benefit of the doubt that is a 21 carat gold chain. Clear that up, put that aside, next thing we’re going to do is weigh it. Okay you’re on the jeweller scale you turn it on and you don’t touch it, you don’t touch the table or anything let it set itself at zero and gently put the gold on there and it shows 24 grams.

You see that? Put it over, 24 grams okay and with that we’re going to calculate the value of the gold. Today on, which is the website that most gold buyers refer to when they are checking the precious metal price, the current metal price of the day whether it’s platinum, gold, silver what-have-you. Today was 1181 or when I checked it, it changes all you know minute by the minute by the hour it was 1181 per troy ounce.

Now there are but I have 24 grams here how does that relate to a troy ounce? Well there are 31.1 grams in a troy ounce, so what we’re going to do, the way we’re going to calculate this, is we’re going to start with the world spot price per troy ounce which is 1181.  Okay 1181 and we’re going to divide that by 31.1 because that’s how many grams are in a troy ounce.

So we’ll see how much per troy ounce gold is going or how much per gram gold is going for. So divided by 31.1 equals 37.97; okay $39.97 per gram for 24 karat gold. We do not have 24 karat gold here, we have 21 karat gold, divide this by 24, breaking down per carat 24 and then we have to multiply that by the karat that we have. To see what that worth is, times 21 karat equals, so we have here is $33.22 for the karat I have.

Okay that’s on the world spot, that’s not what we’re going to get. We are going to multiply that by 24 grams, all right and that gives us $797.45 on the world spot price. But we’re not going to get a hundred percent of that, you know we’re going to take whatever, we’re going to get the difference between the gold buyer, what the gold buyer will pay us.

Typically they’ll keep, you know, if you’re just taking a couple pieces it’s between between 10 and 30% that the gold buyer will keep and you will get the rest. So we get 70 to 90 percent of what the world spot price is of the gold that you have. So on the 797 let’s say I know someone who will pay me 90% okay of world spot price, just for this one piece. A lot of times they’ll pay you more, the more gold the more pieces you have, the more percentage they will give you of the world spot price.

So let’s say so we’re going to multiply that times 0.9 797 times 0.9 equals $717.71; so this beautiful 21 karat gold chain, I can get today, 717 dollars for. On that note get rid of your old gold and cash out know what you’re taken to the bank pretty much, so you don’t get ripped off and good luck.

Video Credit – Sandro Marino