How to Use a Melt Value Calculator: Step-by-Step Guide for Beginners
Whether you are new to purchases of precious metals such as gold, silver, or platinum or new to selling precious metals, one of the first things you need to learn is how to use a melt value calculator. These Internet devices allow you to know how much your jewelry, coins or scrap metal is really worth using market prices. They are easy to operate and may save you the agony of selling your products below their value.
This tutorial will take you through all that you should know about using a melt value calculator. This article is meant to make you a more informed seller, whether you are a small-scale seller, a do-it-yourself investor, or a person clearing out old jewelry.
With the help of a trustworthy gold calculator, you may have a clear idea of what your products are worth before you visit a dealer or a pawn shop. Most sellers are shocked to find out how much their metal is worth and how simple it is to find out with an online calculator such as MeltCalculator.com.
What Does a Melt Value Calculator Do?
A melt value calculator informs you what the actual value of a precious metal object is by taking into consideration its weight, its purity and the present market price (known as the spot price). It does not contain artistic value or collectibility, it only concerns itself with the metal content.
You may apply it to compute the value of:
- Gold (such as 10k, 14k,18k or 24k)
- Silver (coins, scrap, jewelry)
- Other precious metals and platinum
It is a calculator that downloads the current market spot prices and displays to you the value of your metal in case it is melted down and resold.
What You Need to Get Started
You require three items of information in order to utilize a melt value calculator:
- Weight of the product – This is normally in grams or ounces. An electronic jewelry scale is most effective.
- Purity or fineness – This is the percentage of pure metal in your item. As an example, 14k gold is 58.5 percent pure.
- Metal type – What is your product, gold, silver or platinum?
The rest will be done by the calculator. It measures melt value on the basis of the prevailing spot price.
Let us take an example, suppose you have a 10gm ring that is 14k gold and you want to know the melt value of the gold in the ring, you can easily get the 14k gold price per gram and multiply it with the weight of the pure gold in the ring to get the melt value.
How Market Spot Prices Affect Results
Spot prices are the live prices of precious metals. These prices are differentiated on a daily and sometimes hourly basis depending on world demand, the economy and trade.
When you enter the calculator of melt value such as the one at MeltCalculator.com, the calculator will be automatically updated with the current spot prices. This implies that your melt value findings are as precise as possible.
A slight fluctuation of the spot price may mean a large difference in the value of larger pieces, or greater quantities of metal. This is why it is prudent to find out the spot price prior to any sale.
Step-by-Step: How to Use a Melt Value Calculator
Now, how do we calculate the melt value of your precious metals? Let us take a step by step procedure.
Step 1: Choose the Right Metal Type
Visit MeltCalculator.com and choose the kind of metal you desire to calculate. There are options of gold, silver, platinum, among others.
Step 2: Enter the Weight of Your Item
Weigh your object using a digital scale. The weight is in grams or ounces. The default of most tools is grams.
Step 3: Select the Purity or Fineness
Select the karat or purity of your product. For example:
- 10k = 41.7 gold
- 14k = 58.5 percent gold
- 18k = 75 percent gold
- 24k = 99.9 percent gold
Step 4: Let the Calculator Do the Math
The calculator will multiply the weight, the purity, and the up to date spot price to display the melt value.
We can examine the examples of various metals.
Example 1: Gold Melt Value Calculation
Suppose, you have a necklace made of 14k gold and it weighs 12 grams. Visit the gold section of MeltCalculator.com:
- Choose “Gold”
- Weight: 12 grams
- Purity of choice: 14k (58.5%)
The tool will indicate the melt value using today spot price. This enables one to get a good price easily when using a sell gold calculator or when dealing with a gold buyer.
Example 2: Silver Melt Value Tool in Action
And now suppose you possess 100 grams of silverware.
- Choose “Silver”
- Weight: 100 grams
- Choice: 92.5% (sterling silver)
The silver melt value tool will provide you with the sum total in real-time dollars. You will be able to tell whether you should sell your silver or not.
Example 3: Platinum Melt Value Calculation
Suppose you have a platinum ring with the purest content of 95 percent weighing 8 grams.
- Select “Platinum”
- Input weight: 8 grams
- Choose purity: 95%
The melt value is indicated on the calculator and this can be above gold depending on the market.
Understanding the Results
When you are calculating melt value the number you get is the base metal value, that is not what a buyer will pay. The percentage of the melt value most dealers will pay varies widely, typically between 70% and 90%, depending upon the purity, demand, and your relationship with the buyer.
This is a value that is very useful. It provides you with a point of reference so that you do not accept a lowball.
It also assists you:
- Choose to sell or wait to sell
- Compare between dealers offers
- Monitor the state of your investment
FAQs
Is this calculator applicable to jewelry?
Yes! Melt value of rings, bracelets, chains and other gold or silver jewelry can be calculated. Simply make sure you measure them well.
What happens when I do not know the purity of my item?
To test it, you can go to a local jeweler, or seek hallmarks that denote karat (such as 14k or 925). Online, testing kits may also be purchased.
Does the calculator have stones or gems?
No. The calculator values the metal content only. Weight of any gemstones should be removed or subtracted.
Does this help in coin selling?
Yes. Numerous coins have a value based on the metal content. Even MeltCalculator.com includes a coin calculator.
Conclusion
By saving yourself time, money, and stress learning to use melt value calculator tools such as those on MeltCalculator.com, you will be able to save money. You do not have to be a specialist, you only require a scale, some basic information, and a couple of clicks. Through the proper procedure, you will be aware of the actual value of your gold, silver, or platinum and will be able to make the right choice whether to sell, keep or invest. Give it a go today and find out how simple it is to work out melt value on-line.