A
Anonymous
Guest
I'm new to this forum forum and buy alot of scrap jewelry I'm just sitting on my gold at this time and only sending in enough to recover my working capitol so I can buy more, not sure on how I want to process it... to send in 500 dwt of scrap I think you could easily loose a couple thousand (or more) if your not carefull ..
here's my caculations if I'm right .. if not let me know
percentage gold in one oz. 14kt scrap
1oz =20 dwt
20dwt 14kt scrap
20 x .585 (14kt) = 11.7 dwt pure 24kt gold
so let's say gold is $1000 a oz.(easy number to work with and not too far from reality) that breaks down to $50 per dwt so 50 x 11.7 =$585 worth of real gold (24kt) you would have.. one refiner is offering $26.69 per dwt thats $533 you would be paid, so your already losing $52 per oz ..also they usually say it was only 12.5kt ...I noticed the payout is way different this refiner pays $19.06 dwt 10kt, $26.69 14kt.. so somewhere in between is what you'll really get but you never really know
and these 98% under spot guys how do they figure I haven't talked to any of them yet but if I have 11.7 dwt of pure in every oz of 14kt are they going to give me 98% of that
with all these questions I may have to look into the fire assy thing and then sell I am thinking about learning to refine and I have looked at the club book and will buy hokes book but it looks like there are many different ways being done on this forum seems complicated I thought you could just melt some copper with the scrap (jewelry) and then add nitric acid to dissolve the gold, pour out the used acid, then repeat .. anyway that's what one old timer jeweler told me ...does anyone use that simple of a method ...I asked him about the silver and he said he didn't know how to get that out of the solution
here's my caculations if I'm right .. if not let me know
percentage gold in one oz. 14kt scrap
1oz =20 dwt
20dwt 14kt scrap
20 x .585 (14kt) = 11.7 dwt pure 24kt gold
so let's say gold is $1000 a oz.(easy number to work with and not too far from reality) that breaks down to $50 per dwt so 50 x 11.7 =$585 worth of real gold (24kt) you would have.. one refiner is offering $26.69 per dwt thats $533 you would be paid, so your already losing $52 per oz ..also they usually say it was only 12.5kt ...I noticed the payout is way different this refiner pays $19.06 dwt 10kt, $26.69 14kt.. so somewhere in between is what you'll really get but you never really know
and these 98% under spot guys how do they figure I haven't talked to any of them yet but if I have 11.7 dwt of pure in every oz of 14kt are they going to give me 98% of that
with all these questions I may have to look into the fire assy thing and then sell I am thinking about learning to refine and I have looked at the club book and will buy hokes book but it looks like there are many different ways being done on this forum seems complicated I thought you could just melt some copper with the scrap (jewelry) and then add nitric acid to dissolve the gold, pour out the used acid, then repeat .. anyway that's what one old timer jeweler told me ...does anyone use that simple of a method ...I asked him about the silver and he said he didn't know how to get that out of the solution
