Deer in the headlight look about gold calculation. :-)

[artslinger]

Hi all, thanks for reading my post. I appreciate it. I scored all of this gold at a garage sale on Sat, all 14k. I'm very new to metals, and not very good with math. can anyone please give me an idea of how much this gold is in monetary terms? I know that the buyer has to make money when he buys, but I'm looking for a general idea. I'm plannig on taking it to a gold buyer at my local swap meet. If I can get a simplified version of the calculation as well, that would be greatly appreciated. Thank you.

artslinger

 

Amazon Forum Fav 👍

How to Research for Treasure Hunting and Metal Detecting From Lead Generation to Vetting - Grab it through Amazon!

[diverrick]

What you have there looks to be some plated items and others must be alloys. Gold, being a fairly soft material needs to be alloyed with another stronger material to make rings, ear rings, jewelery, Etc. Probably not much gold in there. The only way to really tell that I know of is to get it tested with one of the expensive readers, or melt it down and get the gold out.

 

[Icewing]

One of my friends found some of that gold stamped 14k Italy and it turned out to be fake, however if in fact you have .96 oz of 14k it would have a scrap value of about $648 but very few of these cash for gold outfits, pawn shops etc will pay you more than about 60% of that. Precious metals is a messed up market.

I hope it's all real and or you didn't pay too much for it.

 

[Nitric]

If it is all 14k.....

for one...put your scale on grams or on penny weight(Dwt). Or OZT if it has the setting to simplify it.
There are 20 dwt to an ozt. Ounce troy...
there are 31 grams to an ozt.

next...14k is 14 parts of 24k. meaning 24k is 100%..... So. 14k is 58.5% which is 0.585 to do the math.... Take 0.585 x spot, divide by 20 (for dwt) 31(if your using grams) , then multiply that number and your scale number and you get....Your pure amount number. Take roughly 92% of that and it should get you close. If someone wants to pay you within a few bucks either way of that it's way fair!! They have to make a buck too. That depends on how much you have too! there are also fees and loss for them. Some 14k is actually 12k too...So, the exact melt number isn't actually known and is real tough to actually guess at.

So the idea is to find who ever pays the most at that point.

If that isn't clear I'll try to clear it up for you, i'm not even sure if that is what your looking for....I'm so use to doing it, it's hard for me to even think about how. And I'm not a good instruction writer...Maybe someone has an easier way... Figuring it, converting your OZ I came up close to IceWing....at 631....But I'm not use to using OZ, and might have messed up with my math on converting...I'm use to..OZT,DWT, and Grams...because that is the way I was taught and have just stayed with it.

 

[Icewing]

And there we can highlight that Nitric and myself may have both done our math correctly, but at different moments in time the value of gold will change the value of your pile.

Gold Price Today | Price of Gold Per Ounce | 24 Hour Spot Chart | KITCO

 

[Nitric]

And there we can highlight that Nitric and myself may have both done our math correctly, but at different moments in time the value of gold will change the value of your pile.

Gold Price Today | Price of Gold Per Ounce | 24 Hour Spot Chart | KITCO

And if you use bid or ask. as a buyer you get use to trying to make sure your the best price, make sure you have yourself covered, and make profit. As a seller your trying to go squeeze numbers the other way. when we bought we were only making roughly 175 an ounce on scrap(on piece parts) less on someone that had larger amounts. since we paid the highest in the area at that time. That was our goal anyhow. Some you make out better and sometimes you break even...which you tried to stay away from!

so about 8 bucks back per DWT, in the 1200 or higher range.... paying stone weight and accounting for stuff that isn't exactly what it's marked, "melt loss", refining fees, etc........There were a few deals and good customers where we were only 50 cents to $1.50 back per DWt...that gets a little scary!! That's when you call the refiner and get it locked on a promise to send it that day because they already have it sold before they get it! Or take the chance of a swing. I actually miss all of that! It was one of the things I got to experience in life that was a lot of fun!!

 

[artslinger]

Thanks to all for your time and help. I sincerely appreciate it. I took the gold to a gold refinery, and I was offered $344. All of it was gold except for two pairs of earrings. One pair was silver, and the other fake. Icewing was right on the money. I figured around 50% of value would be offered. The calculation will require more astute and focused research to understand fully. Thank you all for explaining it. I actually paid $50 for the jewelry box. It had the gold, a lot of silver, and a lot of costume jewelry. I kept two gold bracelets, and four 14k pearl necklaces. Thank you once again.

artslinger

 

[Nitric]

Thanks to all for your time and help. I sincerely appreciate it. I took the gold to a gold refinery, and I was offered $344. All of it was gold except for two pairs of earrings. One pair was silver, and the other fake. Icewing was right on the money. I figured around 50% of value would be offered. The calculation will require more astute and focused research to understand fully. Thank you all for explaining it. I actually paid $50 for the jewelry box. It had the gold, a lot of silver, and a lot of costume jewelry. I kept two gold bracelets, and four 14k pearl necklaces. Thank you once again.

artslinger

A refinery gave you 50%? Usually they are way better than that! Either way? If your happy, and you made money! That's all that matters!!

 

[artslinger]

A refinery gave you 50%? Usually they are way better than that! Either way? If your happy, and you made money! That's all that matters!!

Hi, I indicated 50% because Icewig cited an amount of $648, so the $344 was about that. Once I become a pro, I'll be able to negotiate a little more. Thanks again. :-)

artslinger

 

[xr7ator]

Can't you mail this stuff to ARA and get 95% of actual melt value?

 

[trdking]

I agree with all of the above. The pawn shops and buyers almost always deal in grams. (unless they are trying to rip you off. Pennyweights are heavier and if they get you confused between that and grams you will get taken) Grams will not confuse the oz to Troy oz A pond and a troy pound? weigh the same just a Troy pound has 14 ozs in it. Have I confused you? I have confused me.
Any way The only thing I wanted to add is my first test and that is a magnet. You will pull a ton of junk out of a pile with a simple magnet. if it sticks its junk, be done with it. Then you can go onto an acid test.

 

[Nitric]

I agree with all of the above. The pawn shops and buyers almost always deal in grams. (unless they are trying to rip you off. Pennyweights are heavier and if they get you confused between that and grams you will get taken) Grams will not confuse the oz to Troy oz A pond and a troy pound? weigh the same just a Troy pound has 14 ozs in it. Have I confused you? I have confused me.
Any way The only thing I wanted to add is my first test and that is a magnet. You will pull a ton of junk out of a pile with a simple magnet. if it sticks its junk, be done with it. Then you can go onto an acid test.

Ya...I was taught to use pennyweights, and most of the buyers in that area used them and even most people selling to us. I really never understood why or where that originated in that area. Almost, all used penny weight. Every once in a while someone would ask"how much is that in grams".

But hey!!! It works the other way too! That guy that asked what it was in grams first thing in the morning? You forget to change the scale back to DWT and buy the rest of the day on it. That makes for a bad day!!!! And I have done that more than once!! Paid DWT price with the scale still on grams. Yep!!! Been there done that!!! Figure it out the next morning when you are trying to sort from the day before and numbers aren't working out with your paper. "wait a min.? I should have over 300 to send? OHHH @#$$#W#$%%$ !!! I did it again!!" after the second or third time? You don't forget again!

I also have to say....Not all buyers using Dwt are trying to rip people off. That isn't correct! That was never my intention at all. Even our paperwork from the refiner used Dwt. For 100 dwt you get one rate, 300 dwt another, etc....

If you are taking a pile to a buyer? It doesn't matter if he is using grams or penny weight? Your end number for your pile is the end number no matter how it was figured! The method used doesn't change that! I never understood the complaint of "it's used to rip people off!" ...How? You ask...What are you paying per ozt on 14k then! Or is that price for pennyweight or grams?

They don't rip you off anyhow! People rip themselves off by not learning what they are selling. That happens to all of us in everything. I've learned plenty the hard way! and to move any volume you have to pay high and fair!

 

[Nitric]

Hi, I indicated 50% because Icewig cited an amount of $648, so the $344 was about that. Once I become a pro, I'll be able to negotiate a little more. Thanks again. :-)

artslinger

Just take your time....Learn everything you can! And as long as your not losing money? Your doing good!

 

[trdking]

Ya...I was taught to use pennyweights, and most of the buyers in that area used them and even most people selling to us. I really never understood why or where that originated in that area. Almost, all used penny weight. Every once in a while someone would ask"how much is that in grams".

But hey!!! It works the other way too! That guy that asked what it was in grams first thing in the morning? You forget to change the scale back to DWT and buy the rest of the day on it. That makes for a bad day!!!! And I have done that more than once!! Paid DWT price with the scale still on grams. Yep!!! Been there done that!!! Figure it out the next morning when you are trying to sort from the day before and numbers aren't working out with your paper. "wait a min.? I should have over 300 to send? OHHH @#$$#W#$%%$ !!! I did it again!!" after the second or third time? You don't forget again!

I also have to say....Not all buyers using Dwt are trying to rip people off. That isn't correct! That was never my intention at all. Even our paperwork from the refiner used Dwt. For 100 dwt you get one rate, 300 dwt another, etc....

If you are taking a pile to a buyer? It doesn't matter if he is using grams or penny weight? Your end number for your pile is the end number no matter how it was figured! The method used doesn't change that! I never understood the complaint of "it's used to rip people off!" ...How? You ask...What are you paying per ozt on 14k then! Or is that price for pennyweight or grams?

They don't rip you off anyhow! People rip themselves off by not learning what they are selling. That happens to all of us in everything. I've learned plenty the hard way! and to move any volume you have to pay high and fair!

I grew up in LA. (Los Angeles, CA) You are correct people hose themselves by not being educated when they walk in. I have had gold weighed in penny weight and quoted a gram price more times then I can count. I point blank them and they blame the scale setting then buy or not buy my scrap. anyone scrapping gold should know how it is weighed nine ways to sunday or you will get taken. At least in LA you will.

 

[Nitric]

I grew up in LA. (Los Angeles, CA) You are correct people hose themselves by not being educated when they walk in. I have had gold weighed in penny weight and quoted a gram price more times then I can count. I point blank them and they blame the scale setting then buy or not buy my scrap. anyone scrapping gold should know how it is weighed nine ways to sunday or you will get taken. At least in LA you will.

I believe you!!!
Now, I did buy it from the guys just like you describe. No doubt about that! They will try to slide fake pieces in knowing it isn't real. They will slide 10k in their 18k hoping you won't catch it....etc etc.... We even had one guy with. 10k 14k 18k stamps that tried to pull one on us. Luckily!!! He told someone that warned us a head of time. We trusted him until that point. People get strange when it comes to money!!!

 

[trdking]

I believe you!!!
Now, I did buy it from the guys just like you describe. No doubt about that! They will try to slide fake pieces in knowing it isn't real. They will slide 10k in their 18k hoping you won't catch it....etc etc.... We even had one guy with. 10k 14k 18k stamps that tried to pull one on us. Luckily!!! He told someone that warned us a head of time. We trusted him until that point. People get strange when it comes to money!!!

Oh tell me about it! I had a guy come in and ask to borrow my acid bottle to test his gold. He returned it then 20 minutes came in with a fake chain. I knew it was fake by looking at it but obliged him and ran an acid test. IT PASSED. I was dumbfounded so I ran it again with a different new bottle and it failed. He had poured out the acid and refilled it with water. That was 30 years ago and I have never loaned my acid bottle or left it in view since. People are cagey

 

[Nitric]

Oh tell me about it! I had a guy come in and ask to borrow my acid bottle to test his gold. He returned it then 20 minutes came in with a fake chain. I knew it was fake by looking at it but obliged him and ran an acid test. IT PASSED. I was dumbfounded so I ran it again with a different new bottle and it failed. He had poured out the acid and refilled it with water. That was 30 years ago and I have never loaned my acid bottle or left it in view since. People are cagey

Yep....Or" I think that Acid you used burnt me!!!!!! No maam! I thoroughly rinsed it with water! That would be impossible!" ............."I'm calling the cops!!! That ring in your case was stolen from me!!"...Me" Please call them! If it is yours? we will make sure we do this the right way then! And get it back to you! Do you want me to call them for you? " ...They never do because they think they are going to scare you and scam you into giving it to them. But if you do all your paperwork? No big deal!

Ya...I've ran into all types too! And you will see the same type of generic scams over and over like they all got it from a book.

 

[trdking]

Yep....Or" I think that Acid you used burnt me!!!!!! No maam! I thoroughly rinsed it with water! That would be impossible!" ............."I'm calling the cops!!! That ring in your case was stolen from me!!"...Me" Please call them! If it is yours? we will make sure we do this the right way then! And get it back to you! Do you want me to call them for you? " ...They never do because they think they are going to scare you and scam you into giving it to them. But if you do all your paperwork? No big deal!

Ya...I've ran into all types too! And you will see the same type of generic scams over and over like they all got it from a book.

They run em till they wear it out and think of another!

 

[niffler]

I always know what it is worth before I sell. If I don't like the number they give me, I walk away. I always try to buy for as little cash as possible, so I have no hard feelings when a buyer lowballs me. I have learned many gold and silver hallmarks, foreign and everything. I have a powerful magnet and a loupe with me always. Knowledge is key to getting the good stuff IMO.

 

[pat-tekker-cat]

You're going to find this a big help....

https://dendritics.com/metal-calc/

Now, just learn, who's going to rip you and who you can trust.
Being in a local metal detectors club can help. They usually have local sources for selling at premium amount(s).

GL & HH