Any silver stackers on the board?

[vintagetoppsguy]

Originally Posted by barrysloate

David- I have a question, maybe you can answer it. Last year I had a gold chain I wanted to sell. I calculated the actual value of the gold (I know how to do that), and offered it for 90% of that amount. I put it on BST, and my wife listed it on ebay and I think on etsy.

We didn't have a single inquiry anywhere. So how cheap do you have to list a commodity to make a sale? I know nobody pays full value- if I bring scrap gold into the diamond district in Manhattan they pay at most 70%, if that. Wouldn't you think 90% of face would work? I assume if I offer ten dollar bills for $9 each, business will be very brisk.

What 58pinsin said.

Maybe there was an error in your weight/purity calculations where you thought it was worth more?

[barrysloate]

Originally Posted by vintagetoppsguy

What 58pinsin said.

Maybe there was an error in your weight/purity calculations where you thought it was worth more?

Here is how I calculated it, so if you think I made a mistake please tell me:

First I weighed it on my O'Haus gram scale, and it weighed between 25 and 26 grams, so I called it .9 of an ounce for convenience. I multiplied that by the price of gold, which was around $1300 at that time. Then since it was 14K, I multiplied that by .583, since it is 14/24 pure. So I got:

.9 x 1300 x .583= $682 worth of gold. And I offered it for $625.

I also have a gold testing kit, with the acid bottles and the black stone, so I know how to test it too. Were my calculations right?

[vintagetoppsguy]

Originally Posted by barrysloate

Here is how I calculated it, so if you think I made a mistake please tell me:

First I weighed it on my O'Haus gram scale, and it weighed between 25 and 26 grams, so I called it .9 of an ounce for convenience. I multiplied that by the price of gold, which was around $1300 at that time. Then since it was 14K, I multiplied that by .583, since it is 14/24 pure. So I got:

.9 x 1300 x .583= $682 worth of gold. And I offered it for $625.

I also have a gold testing kit, with the acid bottles and the black stone, so I know how to test it too. Were my calculations right?

Keep in mind that an ounce of gold isn't measured in regular ounces, it's measured in troy ounces. There are 28.35 grams in a regular ounce, 31.10 in a troy ounce. So, let's say you had 25 grams of gold, really that's only .8 of a troy ounce, not .9.

When I do the math on my calculator, I get $609.24. When I use this scrap value calculator, I get $609.52, so very close.

http://coinapps.com/gold/14k/calculator/

[barrysloate]

Thanks David. I never knew about the use of troy ounces. I know there are twenty pennyweights (dwt) to an ounce, but don't know exactly how to use them in calculating.

[barrysloate]

Gold spot hit $1380 this morning, highest in five years. I believe our discussion on this thread is the main reason for the steep rise.