If 31.1 grams equal one troy ounce, then you can figure out the price of the scrap gold in your possession, with some simple math. You will use the most recent price of gold (approx. $1050 per troy ounce, minus the commission). Weighing your unwanted gold and subtracting the alloy content will give you a good idea of how much wealth you have, in the form of scrap gold. If gold is not 24 kt. gold, then it contains an alloy and you will not be paid for the alloy's value. For example, if you own a broken necklace that is 10 kt. gold, you have a necklace with approximately 42% of gold (10 divided by 24). The scrap gold price is the price of 1 troy ounce of gold, without numismatic or workmanship value added. You originally paid more for the actual content of your necklace, because you were charged for the workmanship.

This is a good time to sell, although the consensus is that gold will go a lot higher, and waiting will bring in even more cash. Gold does not come onto the market, except though mining and enters the market in a gradual fashion. Paper money is created out of thin air, simply by the act of printing, or crediting an account electronically through the Federal Reserve. Therefore, gold is the ultimate hedge against inflation, affecting the dollar or whatever other currency is losing its value, because too much has been created or printed.

In these times with the rising price of gold, do some searching, mainly on the internet, for a dealer who can earn your trust. There are no shortages in those who will purchase your gold. Turn your unwanted or unused scrap gold into ready cash. In these times cash is a very sought after commodity, until its value is undermined by excessive printing of money, leading to inflation.