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I've found 3 gold rings since getting my Pro last year plus have some finds made with other units. I'd like to go ahead and cash them in but don't know where to begin. I've heard about selling to refineries for scrap weight. Can anyone suggest some reputable companies and the procedures and what percent they pay. I also need to get busy rolling up my clad.
The AT's sure do find the good stuff. Thanks Mike
If I sell any I get about 90% of melt from my jeweler friend. People I send there come away happy. Know what you have and it's melt value FIRST. Get a good scale and maybe an acid test kit. The math is straight forward. There are a couple ways to approach it. First check the spot price of gold. Divide spot by 20 to get the value of one pure dwt. Weigh various purities (8k, 10k, 14k, 18k) separately. Here is an example. Take the weight of 10k grouped items and multiply by .417 to get net gold amount. take this result and multiply by the spot price per dwt. This is just one way to work the numbers. If you are measuring in grams you need to reduce it to dwt (penny weight) grams x .643 = dwt. No magic at all 8k = 33%, 10K = 41%, 14k = 58%, 18K = 75% gold content. Key things to remember is that the karat markings are not always plum or exact unless you see KP for an example. There is always some loss in the smelters refinement process so that is often subtracted from the buying price offered ( figured behind the scene and calculated in the offer made to you). You can research this more but always know what you have first and you'll be surprised at how thieving some "gold buyers" are. If you get 80% of spot it's not bad. I'm little tired but I think I got pretty straight from memory.
I hate seeing people get ripped off.
Just trying to help.
HH-Bruce
