Gentlemen..First thank you all for the help you have given me learning about gold refining..On dec first I sent 121.5 grams of 14Kt scrap to a well known refiner..also in this shipment I sent a 74 gram bar of ten Kt scrap I had made from bits of ten Kt I had bought...doing the quick math I figured I was sending just about enough material to yield the value from 3 ozs of gold plus enough extra to cover the 5% stated fees..On the statement date received dec 7th 09..Kt gold received 6.276 troy ozs.. weight after melt 6.073 troy ozs..WHOA DUDE thats a 4% loss right there..And a third of the material was already in bar form..The balance was clean, washed & trimmed 14KT scrap..no chain ends or findings.[I save these for repairs]..My assay returned 48.269% fine gold or 2.931 Tr Ozs..95% payable 2.785 ozs. at a market price 1116.00 two weeks after sending it off...his check to me was only 3107.85....The delay in processing cost me 300 bucks due to the price drop during that time but my recalculation of the settlement price was still way off the mark..I figure I was due 3470.49 after his fees 5% even using the lower price..On the statement dec 14 I could find no gold sales at the price he stated..The prices I see at kitco for that day should have been in the low to mid 1120's..Please discuss this matter...uncle mike is not happy w this sale...mike in ct
My last sale..GRRRRRR
- Thread starter mikeinct
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When melting karat gold, a melt loss is normal, unless you initiate steps to prevent most of it. The loss mainly comes from oxidation of some of the copper, which ends up in the slag. If you were able to analyze the average gold content before and after melting, the after melt gold content should be proportionally higher. Of course, this assumes that no BBs of gold were trapped in the slag, which won't happen much if the slag is thin enough. I wouldn't worry too much about the melt loss. The most important thing is the bottom line.
If you don't want to play with the market, many refiners will allow you to lock in the price.
No matter what the laws are, karat golds are rarely plumb. Also, before about 1980, manufacturers were allowed a 1/2K leeway. However, if you figure 9.5K for the 10K and 13.5K for the 14K, the yield still figures 7% low. Harold, who refined tons of karat gold, says that it is not unusual for it to run a full karat low. If this was true, in your case, the yield was right on.
The only way you can know for sure is to melt everything together into one bar, sample the bar by pinsampling the melt or by proper drilling of the bar, and send a gram of the drillings to an assayer (like myself). Make sure there's no slag in the drillings. Also, when the refiner receives a bar with drill holes in it, he will know that you know the value and he may not gouge you, at least not as much. When preparing the bar for shipping, make sure every trace of slag has been removed. Otherwise, this creates a gray area and allows the refiner a point of contention.
If you don't want to play with the market, many refiners will allow you to lock in the price.
No matter what the laws are, karat golds are rarely plumb. Also, before about 1980, manufacturers were allowed a 1/2K leeway. However, if you figure 9.5K for the 10K and 13.5K for the 14K, the yield still figures 7% low. Harold, who refined tons of karat gold, says that it is not unusual for it to run a full karat low. If this was true, in your case, the yield was right on.
The only way you can know for sure is to melt everything together into one bar, sample the bar by pinsampling the melt or by proper drilling of the bar, and send a gram of the drillings to an assayer (like myself). Make sure there's no slag in the drillings. Also, when the refiner receives a bar with drill holes in it, he will know that you know the value and he may not gouge you, at least not as much. When preparing the bar for shipping, make sure every trace of slag has been removed. Otherwise, this creates a gray area and allows the refiner a point of contention.
EDI Refining
Well-known member
What GSP has mentioned is spot on.
But - In my opinion, 2 weeks to get paid is way to long for that size of a lot. I would have been 3-5 days max.
all the best to you in your future Au transactions.
But - In my opinion, 2 weeks to get paid is way to long for that size of a lot. I would have been 3-5 days max.
all the best to you in your future Au transactions.
