Spot is the market price of pure gold. Scrap is what a buyer pays you after accounting for purity, refining costs and their profit, so it's always a percentage of spot.
What is the spot price?
Spot is the current trading price for one troy ounce of pure gold, the number quoted on financial news. It applies to large, refined bars traded between dealers, not to a ring in your jewelry box.
What is the scrap price?
Scrap is what a buyer pays for gold that will be melted and refined. Two things bring it below spot:
- Your item isn’t pure gold. A 14K ring is 58.3% gold. The rest is other metals that buyers don’t pay gold prices for.
- The buyer has costs. Refining, testing, shipping, overhead and profit all come out of the price they offer.
How karat changes the value
| Karat | Gold content | Common stamp |
|---|---|---|
| 24K | 99.9% | 999 |
| 22K | 91.7% | 916 |
| 18K | 75% | 750 |
| 14K | 58.3% | 585 |
| 10K | 41.7% | 417 |
So before any buyer discount, a gram of 14K gold is worth a little more than half of a gram of pure gold.
What’s a fair offer?
Payouts vary a lot by type of buyer. Local pawn shops usually pay the lowest share of the gold’s value; online buyers and refiners that handle large volumes tend to pay more. Use the payout presets in the calculator to see the range.
Tip: Ask the buyer what percentage of spot they pay before they weigh your items. A good buyer will tell you.
How to get more for your gold
- Weigh and sort your items by karat at home first.
- Get at least two or three quotes.
- Use the offer checker to see where each quote lands.
- Keep anything with designer, antique or collector value out of the scrap pile.