Did I get paid correctly?

[GRS]

Hi,

I was hoping someone could help me with the math to figure out what percentage I was paid for my gold. I sent in the following gold jewelery:

14k: 46.02 grams
10k: 2.23 Grams

I received the following information and payment from the refiner:

Gold: 17.05 DWT
Market Price: $1365.10
Unit Price: $66.89 OZ

Payment: $1140.47

The payment was actually a little more than I was expecting, but that might be due to the price of gold going up about $10. I really would like to know the math behind converting from grams to DWT, so I can figure out the payouts and percentages in the future.

Thanks

 

[jimdoc]

This site will show the values and dwt also;

http://www.dendritics.com/scales/metal-calc.asp?WeightU=46.02&Units=g&Metal=Au&PurityC=.583&Purity=0.583&PrOzt=&CurrencyN=USD&Markup=0

 

[goldenchild]

You got about 90% of your scrap's value. Not bad for a small amount. Stick around and learn how to refine your scrap and you can get up to 99% 8)

 

[GRS]

Hi goldenchild

Can you tell me how you figured that out? As far as refining it is a bit over my head at the moment, but maybe someday. Here is a silly question, assuming the refiner is accurate and honest wouldn't the end result be the same, whether I refined or not? I know that is a HUGE assumption.

 

[goldenchild]

46.02 * .583 = 26.83

2.23 * .417 = .93

.93 + 26.83 = 27.76

1423 per ounce of gold(yesterday)

1423 / 31.1034 = 45.75

45.75 * 27.76 = 1270.02

1140.47 / 1270.02 = ***.89***

Whether you refine it or the refiner does can make a big difference. Mostly because of the factors you stated. Honesty and accuracy. There is also plumbness, theft, hidden charges, labor cost and the list goes on. At least if you refine it yourself you know exactly what you have and with that knowledge and the knowledge of how this industry operates it will be much harder for a refiner to pull the wool over your eyes. Just think of the people that send their gold in to cash4gold and are happy with the return. There is no knowledge there.

 

[samuel-a]

GRS,

you got 93.5% off spot for low karat and small amount.
My opinion is that you did well, and your buyer is honest.

If you haven't figured out yet the karat system, read this:
What is KARAT Gold?

 

[dtectr]

This site will show the values and dwt also;

http://www.dendritics.com/scales/metal-calc.asp?WeightU=46.02&Units=g&Metal=Au&PurityC=.583&Purity=0.583&PrOzt=&CurrencyN=USD&Markup=0

Thanks for that link, man.

 

[goldenchild]

GRS,

you got 93.5% off spot for low karat and small amount.
My opinion is that you did well, and your buyer is honest.

If you haven't figured out yet the karat system, read this:
What is KARAT Gold?

Are you using the spot price for today? 1398 per oz? Thats another factor. A very important one.

 

[samuel-a]

Are you using the spot price for today? 1398 per oz? Thats another factor. A very important one.

nop :mrgreen:

i was using the price that GRS mentiond in his initial post.

 

[MonstrumAuro]

Here is some decent info I scabbed from this site.

http://www.mscompany.net/conversion%20chart.htm

Precious Metal Comparative Weights
Sterling Silver is:
.899 times as heavy as 10K Yellow Gold
.796 times as heavy as 14K Yellow Gold
.668 times as heavy as 18K Yellow Gold
.485 times as heavy as Platinum
1.228 times as heavy as Brass

10K Yellow Gold is:
.885 times as heavy as 14K Yellow Gold
.743 times as heavy as 18K Yellow Gold
.539 times as heavy as Platinum
1.366 times as heavy as Brass
1.113 times as heavy as Sterling Silver

14K Yellow Gold is:
.839 times as heavy as 18K Yellow Gold
.609 times as heavy as Platinum
1.543 times as heavy as Brass
1.257 times as heavy as Sterling Silver Gold


Comparative Weight Conversions
* 1 pennyweight (dwt) = 1/20th (5% or .05) of a Troy ounce
* 1 gram = .03215 of a Troy ounce (oz)
* 1 gram = .6430 of a pennyweight (dwt)
* 1.55517 grams = 1 dwt (pennyweight)
* To convert oz to dwt: multiply by 20
* To convert oz to grams: divide by .03215
* To convert grams to oz: multiply by: .03215
* To convert dwt to oz: divide by 20
* To convert dwt to grams: divide by .6430
* 18K = .750 fine gold - to get the cost of 18K: multiply the cost per oz of fine gold by .750
* 14K = .5833 fine gold - to get the cost of 14K: multiply the cost per oz of fine gold by .5833
* 10K = .4166 fine gold - to get the cost of 10K: multiply the cost of fine gold per oz by .4166