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For those of you that deal in scrap gold,,

What is your calculation method you are using to figure scrap gold price if you are using 14K or using .585 ???

lets say you have a 14k gold ring that weighs 6.7 grams..

6.7 grams divided by 31.1 =0.215434 divided by 24 = 0.0089764 x 14K = 0.1256696 x spot $850 = $106.819 or $106.82 worth of actual gold.

any other ways to figure it ??

Allen in MT

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I find it a bit easier to figure 14K by the gram but it is really the same in the end.

850/31.103=$27.32 a gram then fif I want 18K (X.75) or 14 K (x.585)= my price in grams times the number of grams or

27.32 X .585= $16.98 X 6.7 = $107.08

I would buy that at 75-80% of actual gold value

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For those of you that deal in scrap gold,,

What is your calculation method you are using to figure scrap gold price if you are using 14K or using .585 ???

lets say you have a 14k gold ring that weighs 6.7 grams..

6.7 grams divided by 31.1 =0.215434 divided by 24 = 0.0089764 x 14K = 0.1256696 x spot $850 = $106.819 or $106.82 worth of actual gold.

any other ways to figure it ??

Allen in MT

I always figured it this way............

6.7 grams divided by 24 = .2791666 x 14 equal 3.9083324

$850 divided by 31.10348 = 27328131 x 3.9083324 = $106.80741 or $106.81 rounded of to the nearest cent.

The difference between 31.1 and 31.10348 or the exact firgure of 31.1034768......

Does not make much difference when talking about 3.9083324 grams of gold, but if the figure was in the thousands of ounces, it would be a substantial amount of money.

Jim

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