A penny weight of Gold??

[gordiesgirl]

I went to a jewelry shop today with some of my finds. I have over an ounce of gold. Odd earrings, rings, and chains. After weighing and testing all the gold. he offered me. $144.00 for all of it. He then told me that an ounce of 10 carat gold is only 40% an ounce of gold. I have read post about the prices of gold and silver and thought I had a good amount. Can anyone explain a pennyweight ( he mentioned this and I did not want to look stupid so I acted like a knew what he was talking about) Anyway I came home with my ounce of gold and will keep on collecting what I find until I have enough to buy a new detector for Gordon. any help would be appreciated. Thank You.

[sheriobailey]

That is way cool Ithink I would have taken it back as well...

[Arkwater]

A pennyweight is 1/20th of a troy oz. troy is tho oz referred to when weighing gold. ie 20 pennyweights of gold = 1 oz.

[gordiesgirl]

Thank you Arkwater so i need a lot more gold to meet my goal huh. Well the more fun I get to have. Your the best.

[docdinar]

Gold is weighed using the Troy system, here’s a break down.

Troy is a system historically used for measuring the weight of drugs, precious metals and gemstones. The name comes from the French city of Troyes.

480 grains = 1 ounce troy
31.1035 grams = 1 ounce troy
12 troy ounces = 1 troy pound (12 instead of 16)
20 pennyweights (dwt) = 1 ounce troy
1 pound = 373.242 grams
1 pound = 5760 grains

[docdinar]

Here's something else that should help.

Gold Karat Markings

• 24K gold is pure gold.
• 18K gold contains 18 parts gold and 6 parts of another metal(s), making it 75% gold.
• 14K gold contains 14 parts gold and 10 parts of another metal(s), making it 58.3% gold.
• 12K gold contains 12 parts gold and 12 parts of another metal(s), making it 50% gold.
• 10K gold contains 10 parts gold and 14 parts another metal(s), making it 41.7% gold. 10K gold is the minimum karat designation that can still be called gold in the US.

So even if your gold was all only 10k, an ounce at today's price of $785.8 would be 41.7% x $785.8 which would be $327.67. And I bet some of your gold was higher than 10k. The guy was a crook, you did good to leave.

Dave

[docdinar]

One more thing then I'm off to get 40 winks.

As you probably know, scrap gold prices are lower than the market value of a regular ounce of gold.

The company in the link below pays 94% of gold's current value. They may or may not be the best company to do business with I know nothing about them, I'm just using them for an example.

So based on my last post's example of $327.67 x 94% = They would pay $308 for an ounce of 10k gold.

Shop around and I'm sure you can find a good price.

Dave

ps. The price of gold has gone up $2 since I posted my first example, no telling what it will be by the time you read this. lol.

Gold metals page of Midwest Refineries web site with information about types of gold materials we are refiners, buyers and smelters of, payable percentages of scrap gold, settlement options and images of gold metals in various forms

[EBCIII]

Hey Gordies that is a nice amount of gold! I also agree with not using this shop, he just wants to make a nice profit.




I have read very good things about Midwest Refineries. I would at least try to call them? I know it would not hurt, Beale.

[JCWhite]

Ya did the right thing. Hang on to it til you get more then find someone else to sell it to. JC

[gordiesgirl]

Thank you all for such wonderful Info. I knew someone here at TQ would know.
Docdinar, I printed this so I can keep all the info. Thank you thank you