Quote:
Originally Posted by barrysloate
Here is how I calculated it, so if you think I made a mistake please tell me:
First I weighed it on my O'Haus gram scale, and it weighed between 25 and 26 grams, so I called it .9 of an ounce for convenience. I multiplied that by the price of gold, which was around $1300 at that time. Then since it was 14K, I multiplied that by .583, since it is 14/24 pure. So I got:
.9 x 1300 x .583= $682 worth of gold. And I offered it for $625.
I also have a gold testing kit, with the acid bottles and the black stone, so I know how to test it too. Were my calculations right?
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Keep in mind that an ounce of gold isn't measured in regular ounces, it's measured in troy ounces. There are 28.35 grams in a regular ounce, 31.10 in a troy ounce. So, let's say you had 25 grams of gold, really that's only .8 of a troy ounce, not .9.
When I do the math on my calculator, I get $609.24. When I use this scrap value calculator, I get $609.52, so very close.
http://coinapps.com/gold/14k/calculator/