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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
 
To find the market value of gold on previously close day, look for RED CLOSE value on this website : http://www.kitco.com/charts/livegold.html

email: info@northmscoin.com
Tues - Fri:11:00 am-6:00 pm
Sat:10:00 am-5:00 pm
(662) 349-1771
7020 Tchulahoma, Suite 3
Southaven MS 38671
Located at the corner of Hwy 302 ( Goodman RD ) 
and Tchulahoma next to A&B Fast Auto Glass in Southaven , MS