Melting Down Grandma's Ring

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"The key to getting the highest price for scrap gold is finding out how much it is actually worth."

Daily Finance, Bruce Watson

With gold prices going through the roof, the market is cluttered with companies paying a fraction of actual gold values. The key to getting the highest price for scrap gold is finding out how much it is actually worth.

The first step for figuring out the value of a piece of jewelry is determining the current market value of a gold pennyweight. NASDAQ's commodities price list is a good resource. There are 20 pennyweight to an ounce, so if gold was going for $1,890 per troy ounce, the scrap price of a pennyweight of 24k gold would be $94.50. . .View Full Article

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