Dear Customer (name blocked for privacy),

Although you may be calling it scrap, you need to be careful of where you sell it. Gold is sold as a primary metal, depending on its purity by weight. Gold is currently being sold at 581.90 per ounce.

14KT gold is 58.33% pure gold by weight.

The jewelry sales person will charge you about 4 times what a piece of jewelry is worth.

To find out what I mean, use the following formula determine what a piece of 14 KR gold jewelry or eye glass frames might be worth:

The formula is: The current price of Gold, divided by the purity (times the decimal value), times the weight times 25% for manufacturing or processing costs.

Take this figure time the actual weight of the item to determine the price. Remember purity

For example, for a 3 oz piece of gold jewelry that is 14 Kts.

581.90 times .5833 (14 Kt) =339.42227/oz * .25 = 84.8555675

The sum of your processing costs and the value of gold by weigh in the piece = 339.42 + 84.8555675 =424.2755675/oz of 14kt gold

We said the jewelery weighed three oz.

3 times 424.2755675 = 1272.83 (The value of the jewelry for scrap).

I did precious metals inventories for the military. Do not forget that sources of gold scrap includes 14, 22, and 24 kt gold plated eyeglass frames. Dental offices also have gold residue.

Another source is the filament tube in old teletype and fax machines. They have a special "Gold Tube" in them with pure gold filaments.