We do not Buy Scrap Gold and Silver
But here is some useful information.
- Look for the Karat rating on the gold.
- 8kt, 10kt, 12kt, 18kt, 20kt, 22kt, 24kt
- The markings should only be :
- KT (Karat)
- KP (Karat Plumb)
- CT (Carat normally used for stones weight sometimes stamped in gold)
- Markings tagged with more than above won't be accepted.
- KTGEP - KT GOLD ELECTRO PLATED - not accepted.
- KGF - KARAT GOLD FILL - not accepted
- HGE - HEAVY GOLD ELECTRO PLATED - not accepted
- etc etc you get the idea.
|
Now lets talk about KT ratings.
- 24kt is 99.9% pure gold.
- It is soft and does not keep its form well.
- 14kt is 59% pure gold.
- This means 14kt gold is 14 parts pure gold and 10 parts other metal.
- The other metal is added to give strength to keep its shape.
- You can do the math to figure it's percentage by taking 14 and dividing by 24.
- 14 divided by 24 = .59 (roughly) = 59% - INDUSTRY STANDARD 58.5%
- You now understand your PERCENTAGE OF GOLD.
|
Now let us figure out your gold value.
-
Weigh your scrap gold on a "grams" scale.
-
Let us say for this instance you have 14 grams.
-
Minus one gram for a stone in it, scrap places give no value for the stones.
-
So you have a total of 13grams.
-
There are 31.1 grams in one TROY OUNCE.
-
The market value of previous closing day of gold is at $1700 per TROY OZ.
-
You take $1700 divided by 31.1 = $54.67 per Gram
-
$54.67 x your weight in scrap (13g) = $710.71 (don't get excited yet)
-
The $710.71 is a price for pure gold (24kt)...you only have 14kt.
-
Multiply by your %, $710.71 X .585 (58.5% - 14kt) = $415.77
-
Now you have to remember the business you are selling to needs to make a profit.
-
They will give you- lets say 70% (this is not our fixed rate, it is just an example)
-
So you take your $415.77 x .7 = $291.04 This is what you might walk out with.
-
That would be a FAIR price for your gold. The dealer you sold your scrap to doesn't get $415.77 either. They only get a percentage of that as well from the refinery because there are shipping costs and refining costs and then the refinery has to turn a small profit too. As a matter of fact if the dealer made $29 dollars in the end, it would have been a good transaction. Who benifits the most?....You do.
|
|
LET US RECAP
14g of 14kt scrap at $1700 per ozt market value
|
| Sort by KT % (14kt = ) |
58.5% |
| Weigh Scrap |
14 |
| Minus stone weight |
-1 |
| Total Total weight |
13 |
| Market Price / 31.1g |
$54.67 |
| Weight x Price per gram |
$710.71 |
| Weight x PPG x %= Value |
$415.77 |
| Scrap price x 70% of value |
$415.77 x .7 |
| What you might walk out with |
$291.04 |
|
|
