Monday, August 6, 2012

8/6/12 Report - Figuring Gold Values & Conditions

Written by the TreasureGuide for the exclusive use of

Here is a nice 14K ladies bracelet found on a Treasure Coast beach.  It weighs less than the ring I showed yesterday. 

Yesterday I discussed how gold is measured in Troy ounces rather than the Avoirdupois ounces that we use most of the time.  Also, a lot of people use grams when talking about gold.

1 troy ounce (ozt) is equal to 31.103 grams (g). 

As I write, the spot price for gold is around $1612 per Troy ounce, or close to $52 per gram.

But that is for 24 karat gold, so you have to make an adjustment to take into account the purity of your gold.

I explained yesterday that 18 kt gold is 75% gold.

Here is how to figure the percent of gold for common karat values.

10k = 10/24 = .4167

14k = 14/24 = .5833

18k = 18/24 = .750

22k = 22/24 = .9167   

So if you have .4 Troy ounces of 18 karat gold, the melt value would be figured by the following.

.4 times Spot Price (1612) times .75   =  $483.60

The other thing to take into account is that a seller probably will take some amount of commission, so will probably give you a little less than that amount.  That is something that might vary from buyer to buyer, so you might shop around or bargain.

If you are going to sell finds like this, try to sell them as jewelry.  That will generally bring a higher price than the melt value.  Only sell items for melt value when they are not in good shape or have no other type of value.  If they are nice and are collectible or something, they should be sold for more than the melt value.

Well, it's cloudy again and rainy.   That is not all bad.  I'd rather have some clouds than the hot sun burning down all day. 

Today we have Ernesto and Florence.  It looks like Ernesto is going to Mexico and Florence won't affect us for a while, if at all.   She might go north into the Atlantic.

The wind is out of the southeast, and the seas running 2 to 3 feet, with no big change for a few days.

Low tide tomorrow will be around 6 or 6:30.

Happy hunting,