How much should

GrimReaper

a 10K gold ring weighing .32 ounces be worth at melt value ??

AUandAG

Pure gold is 24k, right? Then 10 divided by 24 equals .416667 pure, right?

Then it weighs .32 troy ounces? Then multiply that by the purity of .416667 and you get .1329 troy
ounces of pure gold. Multiply that by the price of gold $1,351 and you get the value of $179.54.

Just do the math.

bob

gecko109

<< <i>a 10K gold ring weighing .32 ounces be worth at melt value ?? >>






Gold spot of $1,350:


10kt = .4167 pure.

24kt = $1,350/oz

10kt = $562/oz

.32oz of 10kt = $180 melt value

GrimReaper

Thanks guys . Just wasn't sure on the breakdown . I'll lock that info in .

gsa1fan

I have been told if there is a wife attached = EVERY thing you own!

GrimReaper

I must be missing something , took said ring to local b&m and was offered $95 after he punched around on a calculator for 2-3 minutes !!

Granted .32 oz translates into .291--- troy oz. but what the hell is going on here ??

mkman123

Oh he was probably punching around on the calculator figuring out profit, etc. Or he could have been doing that to make you think he was spending lots of time trying to figure out the gold price and when he was finished that the price he is offering you is fair. Using psychology against you?

Like a doctor who knows exactly the results of your lab and whats the matter with you but taking over an hour to "supposedly" look at the labs and research the problem. In the end you think he did a really good job because he spent all that time "supposedly" looking at your labs but what you didn't know was the doctor was calling other doctors, trying to finish paperwork, etc.

goingbroke

<< <i>I must be missing something , took said ring to local b&m and was offered $95 after he punched around on a calculator for 2-3 minutes !!

Granted .32 oz translates into .291--- troy oz. but what the hell is going on here ?? >>

Just be a good citizen and give that ring to the b&m! you don't want to affect the balance of the dealer world do ya?

gecko109

The B&M has overhead....lights to keep on, advertising, rent, property tax...blah blah blah.

In reality, you have found what I refer to as Greedicus dealeri. Its a very common species that looks to take advantage of unsuspecting prey. Common traits among the species include fierce loyalty to sticking up for other members of the species...no matter how big the rip was gonna be. False claims of overhead are the most common excuses these animals use to justify their exhorbiant profit margins. I suggest finding a new B&M...one inhabited by Realisticus dealeri. There is one in my habitat that pays about 95% on 24k jewelry, 87% on 14k, and 80% on 10k. And guess what? He has "overhead" too.

BigE

Its a good thing grim reaper wasn't "unsuspecting prey" by checking with his buddies here first--------BigE

GrimReaper

It just bothers me , as this guy is usually a stand up guy and I have done quite a bit of business there !! He has taught me alot over the past and just didn't think he would try that with me as I have sold him silver scrap before and never had a problem . He even acted offended when he turned the buy reciept around and was going for the cash drawer to pay me and I told him that I didn't think so and would have to pass . Just didn't expect it out of him .

PerryHall

You should have told your dealer "friend" that he should go back and check his calculations. He may have made a math error.