satosan
Member
You should be able to see by the date I enrolled it has been a while. I have been dabbling in the coin/bullion buy,sell,trade business part time for a little over a year now. I recently got my permit to purchase precious metals from the public. Most of my buying has been related to silver coinage and bullion silver(some gold). I am not a power buyer. Buying/selling/researching the different bullion coins made by the world mints has peaked an interest in how all of these beautiful pieces of metal come to be.
Most of the silver coinage I resell to investors/collectors. I am not in the jewelry business so any jewelry I may come upon would be refinable (if the wife might not want it). I've read some of Hoke still reading. Being I am such a small buyer don't know that refining my own metal is economically feasible it is more the fact that I want to understand the entire process to help me better understand the products I sell. My second reason for getting into PM's is the fact my wife is Japanese and I know she will want to move back to Japan one day. I have the belief that gold is money and it is a worldwide accepted money. If I study and learn enough about PM's it may help me start my own trade in another country if nothing else maybe a trade I may be able to pass on to the grandchildren. I also need to find out what the Japanese thought is on precious metals
(I know they are selling now with prices high). I only had 1 purchase on any jewelry since I got my permit. It was a 13.2dwt 10k bracelet. I used it to test the local refineries quote of 98% payout on gold and no minimums. I took it in and they weighed it at 13.2dwt after melt 13.1dwt assay was 38.10%Au .25TO payout at .245TO. I figure with karating being what it is I can assume a 3% loss from weighting therefore payout is at @ 95%. I currently have my buy based on 80% of spot price for Au(jewelry, bullion is different). As business builds I can probably move that up. I have to contact the local big jewelers/buyers that everyone knows from radio to see what their payout is. Anyway, I will be reading and maybe asking questions because a lot seems confusing. Thanks for reading my long post I look forward to learning something.
Most of the silver coinage I resell to investors/collectors. I am not in the jewelry business so any jewelry I may come upon would be refinable (if the wife might not want it). I've read some of Hoke still reading. Being I am such a small buyer don't know that refining my own metal is economically feasible it is more the fact that I want to understand the entire process to help me better understand the products I sell. My second reason for getting into PM's is the fact my wife is Japanese and I know she will want to move back to Japan one day. I have the belief that gold is money and it is a worldwide accepted money. If I study and learn enough about PM's it may help me start my own trade in another country if nothing else maybe a trade I may be able to pass on to the grandchildren. I also need to find out what the Japanese thought is on precious metals
(I know they are selling now with prices high). I only had 1 purchase on any jewelry since I got my permit. It was a 13.2dwt 10k bracelet. I used it to test the local refineries quote of 98% payout on gold and no minimums. I took it in and they weighed it at 13.2dwt after melt 13.1dwt assay was 38.10%Au .25TO payout at .245TO. I figure with karating being what it is I can assume a 3% loss from weighting therefore payout is at @ 95%. I currently have my buy based on 80% of spot price for Au(jewelry, bullion is different). As business builds I can probably move that up. I have to contact the local big jewelers/buyers that everyone knows from radio to see what their payout is. Anyway, I will be reading and maybe asking questions because a lot seems confusing. Thanks for reading my long post I look forward to learning something.
