What the Calculators Do
The calculators automatically subtract the weight of the "non" precious
metal content from the weight you enter. The remainder (which is .999
pure precious metal), is then converted to troy ounces and multiplied by the spot price to give
you the gross melt value. The "gross melt value" represents the current value of the
raw metal without any fees normally associated with a transaction. If you would like to see the "net" value of your goods, you can enter
a profit or loss percentage into the input box provided on the calculators and
the net or "Profit\Loss" value will be displayed alongside the gross
value.
Note: If you purchase coins or bullion from a dealer, then you can expect to pay a premium.
The dealer tacks on a certain percentage over the the current spot price. When you sell precious
metal, the buyer will sometimes subtract a certain percentage from the current melt value.
Using the Sterling Silver Melt Value Calculator:
Example #1
Let's say we have 20 sterling silver forks that each weigh 24 grams. That makes
480 grams in total weight. Go to the sterling silver calculator and select grams from the weight dropdown,
then simply enter the total weight of 480 into the weight text box and click calculate.
Since sterling is only 92.5% silver and not 99.9%, the calculator subtracts the 7.5% that
is not silver and displays the value of the pure silver portion only.
Note: Regarding precious metals, .9999 is the purest form you can acquire. So from a practical standpoint, all of the calculations display 99.99% as 100% pure.
Using the Scrap Gold Melt Value Calculator:
Example #2
Let's say we have a broken 14K gold chain and a gold ring that is stamped 10K.
The chain is carefully weighed and its total weight is 37 grams and the ring weighs
exactly 17 grams. Remember to keep the weight separate. Do not add the weight from
items of different Karat together.
Go to the scrap gold calculator and select grams
in the weight dropdown. For the chain, select 14k in the purity dropdown and simply
enter the total weight of the chain, 37, into the weight text box and click calculate. The
value now displayed on the calculator is the .999 pure gold portion of the 37 grams
that was entered. For the ring, we just select 10K from the purity dropdown, and then enter
the total weight of the ring, 17, into the weight text box and click calculate.
Now that we know the value of the raw metal, we'll know exactly how much the
buyer is charging us for the transaction when we go to sell the items. If the refiner
or dealer to whom your selling says, "they pay 90% of the current spot price", the
amount paid to you should be very close to the gross value found on the calculator at
the time of sale, less the 10%. If you need to see this net value then enter -10 in the Profit/Loss box, then click calculate.
How to Weigh Gold, Silver, Platinum or Palladium
It is very important when weighing your precious metals to be as precise as you can
with the measurement. This is especially true if you are dealing with scrap gold or platinum. Using
a scale that is accurate to .01 or 1/100 gram is preferred but not required.
How to Use the Calculators
To use the scrap gold calculator:
- Separate your items by purity
- Find an accurate scale and weigh the individual groups of .800, .830, and so on.
- Enter the spot price. You can use the spot price located on the calculator or
put in any value you want.
- Select the weight type you are using.... grams, grains, ounces...
- Select the purity
- Enter the weight for that group into the appropriate box.
- Click the "calculate" button.
To use the silver coin calculator or the gold coin calculator:
- Count the number of coins you have of each different type.
- Enter the spot price. You can use the spot price located on the calculator or
put in any value you want.
- Select the coin type.
- Enter the number of coins into the appropriate box.
- Click the "calculate" button.
