Tims' Tips

If you want to know how much the gold is worth in a piece that you purchase, you must first know the price of gold on the day that you purchase the item.

From here it is a matter of simple calculations based on the weight of the item and the karat or purity of the gold. 

Pure gold is 24k, 14k gold is 14/24 pure or just over 58% pure.

Precious metals are weighed according to the Troy System..where 1 Troy Ounce (Oz.T.) is 31.5 grams or 20 pennyweights (dwts.).

Check the Precious metals quote for gold...today approx. $1100/Oz.T. For a 14k gold chain weighing 10 grams, the gold is worth .58x$1100x10/31.5 or a little over $202.00

This gives you an idea of what the manufacturing and marketing costs are for a specific item in relation to the actual value of the raw material...and makes you an educated shopper.