Gold Price per Gram vs Weight of Gold
Knowing how much your gold weighs is just as important as knowing the gold price per gram or pennyweight, and will determine how much you sell your gold for.
Step 2: How much gold do I have?
Now, the price of gold is always quoted by the ounce, not by the gold price per gram, or pennyweight. This is a simple conversion that we will get to in the next step.
But understand this:
At $1000 per Troy ounce, 24K gold trades at over $32 per gram in world commodity markets where institutions buy and sell millions of dollars at a time. Given today’s gold price per gram, even if you only have 20-30 grams of gold to sell, a few grams either way can make a big difference in your payment.
Did you know that when you buy a steak for $7.99 a pound, you are paying a little less than 2 cents a gram? (1 lb= 454 grams) and yet we insist that we know the price of the steak by the pound and how much of it we are buying.
With gold price per gram, we are talking about $32 a gram vs. 2 cents a gram. Accurate weight is an important issue when doing a transaction for gold. Don’t you really want to verify the weight of your gold, before you try to sell it or blindly give it to a stranger to weigh for you?
Ok, in Step 1 you have identified what type of gold you have. Now you need to figure out how much of it you have.
The easiest and most accurate way is to weigh the gold on a “gram” scale. Most gram scales are accurate to at least 1/10 of a gram, fine for gold transactions.
Don’t have a gram scale?
Remember the good old triple beam scales we used in high school and college labs? There are still plenty of these around, they work fine, and they are gram scales.
In the last 15 years, most of the gram scales being manufactured and used for trade are digital scales, and they have a digital readout of at least 1/10 of a gram, (0.1) which is fine for our use.
You can actually buy a decent quality digital scale for $15.00, or an accurate “postal gram scale” for $3.00 (See our store page called “Scales Testing Kits”)
Now any time you use a scale, especially for trading gold, it is prudent for you to make sure the scale is “calibrated” (See Glossar) or accurate. This is done by placing a calibration weight on the scale to determine if the reading is correct. A calibration weight is an item that is certified to weigh the amount listed on it. They come in all sizes from 1 gram to 1000 grams or more. Place a 50 gram weight on a scale, and it should not be off by more than 1/10 of a gram.
Don’t have a calibration weight? Of course you do, you have a pocket full of them.
The US nickel weighs 5 grams. The US penny weighs 2.5 grams. 6 nickels weigh 30 grams (a Troy ounce weights 31.1 grams.), 1 quarter weighs 5.67 grams. See www.usmint.gov/about_the_mint/?action=coin_specifications.
Ever wonder about the scales at your local grocery store? I know, they are not gram scales, however, you can test them with this method. Just for fun, ask the person at the deli counter, or the fish counter, or the cashier to weigh 2 rolls of quarters in front of you. (2 rolls weigh 453.6 grams plus 2.2grams - 1.1 grams per each wrapper, 456 grams, a pounds weighs 454 grams) If the scale reads weighs more than 1.01 demand to see the manager! (In this case each .01 lbs equals 1 percent.
Anyway, no scale? Place the gold in a small sandwich baggie, (I prefer the kind that does not have a zip lock top) and put nickels and pennies into another baggie, until when you pick each of them up with 2 fingers, they seem to weigh pretty much the same, then figure out how much the bag of coins weighs.
Remember, a nickel weighs 5 grams, a penny weighs 2.5 grams
This is actually not a bad way to estimate the weight of your gold. (I prefer this to holding the gold in one hand and the coins in the other.)
Most kitchen scales are not accurate enough to be of any use to you. If holding your gold in a box makes a significant difference in your weight when you get on your bathroom scale with or without it, call me and I will fly in and help you sell your gold.
Do not walk blindly into the night. Determine the weight of your gold or at least have a damn close estimate. Always check scales for accuracy (especially every time you use them for gold transactions).
Given today’s price of gold, knowing approximately how many grams or pennyweights of gold you have is as just as important as knowing the gold price per gram.
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