A gold calculator has become a very important and useful tool over the last two decades, especially around 2009 when gold experienced a significant multi-year bull run, rising from $800 per ounce to over $1,800 per troy ounce. The extreme increase in the value of gold led consumers to offer their gold for sale. To find out how much gold is worth, a gold calculator is an irreplaceable tool of significant importance. Without this tool, calculating the value of jewelry, coins, bars, medals, and even dental gold is nearly impossible.
For any consumer without extensive jewelry knowledge, determining how much their shiny belongings are worth is a significant challenge. However, knowing the approximate value is fundamental when it comes to liquidation. Achieving a satisfying selling transaction without being aware of the true monetary value puts a potential seller at risk of being taken advantage of by any gold buyer.
Before selling any jewelry or other gold merchandise, using a calculator tool like the one from GoldCalculator.net is the first step toward understanding the true value of the items owned.
How is a gold calculator working?
A sophisticated and well-functioning gold calculator must feature the following options:
- 100% price accuracy, based on the current gold price.
- Calculation options for gold, silver, platinum, and palladium.
- Inclusion of all common gold alloys, such as 9k, 14k, 18k, and 24k gold.
Once you have ensured that the calculator you plan to use offers these necessary features, you can start calculating. However, to achieve accurate results, two additional specifications need to be determined: the weight and the purity of the gold.
Determining the weight is straightforward and can be done by using a scale. Most people already own a scale, but it is important to use a well-functioning and highly accurate one. A digital scale will usually provide the required precision. Accurate scales don’t need to be expensive; a reasonably priced scale from Amazon, eBay, or BestBuy will be sufficient. A precise weighing will yield an accurate value estimate.
Determining the purity of gold is somewhat easier. Fortunately, most people know the purity of the jewelry they plan to appraise. This is either because they still have the original paperwork or because they can look for the gold stamp attached to the piece of jewelry. The “gold stamp” is usually found inside a ring, on the clasp, or sometimes hidden on the post of an earring.
The most common gold stamps are 9K, 10K, 14K, and 18K, and they are used to label jewelry worldwide. From Australia to Great Britain and the US, real gold jewelry is always marked – by law – to ensure buyers know what they are purchasing. It is unlawful to mark non-gold jewelry with a gold stamp, as this would falsely represent the item’s value.
Once the weight and purity are known, the calculation process is straightforward. Most gold calculators feature a simple interface. After selecting the metal and purity category, entering the determined weight and purity information is all that is needed.
Interpret the calculator result
For those planning to sell, a selling discount needs to be taken into consideration. A trustworthy and honest gold buying outlet will usually purchase gold at a 10% to 15% discount from the calculated value. Similar to currency exchange, you cannot expect to receive the full value.
Be cautious, as many unscrupulous buyers may attempt to buy your gold at discounts of up to 50%. This is why using a gold calculator is crucial and irreplaceable for securing a fair and satisfactory selling transaction.
Calculating for proper insurance purposes is also important. Many jewelry owners bought their pieces 20 years or more ago. The amount initially paid is now outdated, and the jewelry is likely much more valuable. Proper insurance, based on the current gold price, will ensure that you receive an appropriate payout in case of an insurance claim.
Don’t be deterred by the minor hassle of using a gold calculator. It truly pays off.
