This appears to be the closest category for my questions. 1. Is the gold spot listed on a site such as KITCO the price of a Troy ounce? If not, where do I find the gold spot for a Troy ounce? 2. If I want to deal in grams should I divide the gold spot by 31.1 to get the price per gram? 3. If I'm dealing with something labeled in karats, should I use this formula to get the bullion value of an item: Value = Gold Spot times grams/31.1 times karats/24 Or is there a nice site that will do this for me? (But I'd still like to know if my formula is correct.)
Kitchen spot is price per troy oz. When buying 1000 oz. I think. At least with silver. Karats are basically just fractions. If spot is $1000/oz, for a 1 ozt 12 karat item it's $500. (12/24)*spot Edit: that's simplified, but just mentioning the math. 18 karat = 18/24 = .750 gold.
Kitco - and all international standard reporting companies use Troy Ounces for gold/silver/platinum pricing. 10k = 42% gold content 14k = 58.5% gold content 18k = 75% gold content Spot price is per troy oz = 31.1 grams. Sample math: 1 troy ounce (1 OZT) of gold is currently $1340 spot price. (1 ozt) / (31.1 grams) = $43.08 per gram of 24k gold. 1 gram of 18k gold = $32.31 1 gram of 14k gold = $25.20 1 gram of 10k gold = $18.09 Cheers!
Thanks, all. I can create an Excel file to do the calculations for me. Only thing I'd have to update would the the gold spot. Got my mother's charm bracelet. Instead of trying to sell the think whole I'm going to remove the charms and sell each individually. I'll start with the bullion value and let the auction go from there. The good thing is that I've gotten a GIA analysis.
http://www.silverrecyclers.com/ I use this site. Look to the left side and they have different calculators available. Some for coins, some for silver scrap, some for gold scrap, etc...
Just for kicks, where is the bracelet from (e.g Pandora)? Does it have any gemstones, etc? I'm not really asking to attempt to value your bracelet, I'm really just asking because I'm curious as to what type of item you have! Excel is great for how you are using it. I use Excel myself for this reason. I can input different things that I own and just update the spot price and see a total melt value of everything (not that I would ever "melt" my stuff, of course).