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Platinum Scrap Value Formula:
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The Platinum Scrap Price Calculator estimates the value of platinum-containing items based on weight, purity percentage, and current market spot price. It helps determine the scrap value of platinum jewelry, industrial components, and other platinum items.
The calculator uses the platinum scrap value formula:
Where:
Explanation: The formula calculates the actual platinum content value by multiplying the total weight by purity percentage and current market price.
Details: Accurate platinum scrap valuation is essential for fair trading, insurance assessments, recycling decisions, and understanding the intrinsic value of platinum-containing items.
Tips: Enter weight in grams or ounces, purity as a percentage (e.g., 95 for 95% pure platinum), and current spot price per gram. All values must be positive numbers.
Q1: What is platinum purity and how is it measured?
A: Platinum purity indicates the percentage of pure platinum in an alloy, typically marked as 850, 900, 950, or 999 (99.9% pure).
Q2: Where can I find the current platinum spot price?
A: Platinum spot prices are available on financial websites, precious metal exchanges, and from reputable bullion dealers.
Q3: Does the calculator account for weight conversion?
A: Yes, the calculator automatically converts ounces to grams using the standard conversion rate (1 oz = 28.3495 g).
Q4: Are there any deductions for refining costs?
A: This calculator provides the gross metal value. Actual scrap prices may include deductions for refining costs and dealer margins.
Q5: Can this calculator be used for other precious metals?
A: While the formula is similar, specific calculators are recommended for gold, silver, and other precious metals due to different purity standards and market factors.