Calculate your own best price for gold !

Best price for gold pride ourselves on good honest business ethics and offer 100% transparency to our customers within our day to day dealings. So if you have wish to sell scrap gold or are just curious then why not configure your own gold and precious metal prices?

 

Here is how you go about this;

You require a decent weighing machine which start at around £10 for a small pocket version and should set your weight program to grams using the troy oz. scale which is equal to 31.1035 or round down to 31.1g to 1 (Troy oz.).

Identify the current price of gold, silver or precious metal by per troy oz. in British Stirling currency by the gram. This can be achieved by referring to the gold, silver and platinum real time graphs on our gold homepage as you need the price per troy oz. to get started, it will be around £800 per Oz on publication of this blog or by visiting an independent gold trading company on line.

The price of the gold per oz., i.e., £800 should be;

Divided by 31.1 e.g., so = oz., price (£800) divided by 31.1

Multiply the answer by .375 for 9ct or .585 for 14ct or .750 for 18ct or .916 for 22ct, If you have gold of a 'non-standard' purity (e.g. from outside the U.K.) pop to our gold hallmarks page where you can view the carat table for the most common gold content percentages.

Example – £800 divided by 31.1g = £25.72 x.375 (9 carat) = £9.65 or a spot price of £9.65. The spot price is the actual value of gold on the open market prior to any trading.

For silver adhere exactly to the same process (remembering to identify the silver trading price) but divide by .999 for fine .925 for Stirling and .800 for most other silver

You are now left with the price per gram at that particular moment in time or the “spot price”. If you prefer conducting your calculations in then do ensure you switch your weighing machine to Troy ounces (about 31.1g) not avoirdupois ounces, which is used for weighing food etc. (about 28g). Be aware that the spot price is the wholesale price and not the price that you will receive for your gold. Typically you should expect at least 80% of the spot price to be paid to you.

 

Confused? Well I was at first but this is a way for you to have full control over the price you sell, obtaning a best price for gold and also can be a fun exercise for some people, believe it or not! Good luck!!

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