What is your gold worth?

--Did you ever wonder what the cost per karat is? For example, what would the value of 10k, 14k, 16k, 18k, 22k, 24k Gold .  Gold is $878.90 an ounce (99.9% Au w/w).  24 Karat Gold is pure,  22 Karat is 91.67% pure gold, 75% pure gold is 18 Karat, 50% pure gold is 12 Karat, 25% pure gold is 6 Karat. A unit of measure for the fineness of gold, is equal to ¹/₂₄ part.

--What if you wanted to buy just “0ne ounce of 10 karat Gold,” to make a ring, were would you even go? And who could you trust. One way I found is on the internet there is a site called, “Getcoldcashtoday.com” Which has these prices listed? Below are their prices that they will pay:

Clean Gold, today, Friday-January 05, 2009 Gold is $878.90 an ounce. So a 10 Karat gold Ring is 37.10% gold and (28.35 grams) is an ounce. Then a (1) gram, is about $31.00.

---Jewelry gold is what they call, “not clean,” and therefore it is cheaper to buy. A 10kt ring weighing at 4 grams is varied in price. First I went to a Pawn shop and asked them what the 10 karat gold ring was worth, the owner told me it was worth about $12, I asked her if I could by some then----she said, she  does not sell her gold, as she melts it down herself and reuses it. I asked her how does she, refine it. And she just said she melts it down and the bad stuff just floats to the top-which she then removes.  I’m a Little puzzled, I’ve been told that in order to do this you have to refine it and there is several ways to refine gold back to 24-kt pure. This is just-my opinion but, “If I was, to buy a Gold Ring from her-I would want a guarantee in writing and notarized!”

--One way is to use chemicals, they have what’s called “Nitric Acid,” -it is used to dissolve gold into a liquid, then there is another liquid that dissolves the acid, then another liquid to turn the liquid gold back into a powder-which is poured through a strainer. Then all you have to do is melt it into gold bars. One important question I would ask the lady who melts it herself is: How do you get the other stuff out of the gold to turn it into 24-pure gold? There can be anything in it, from copper-silver-nickel-dime-zinc-and even iron left in the10kt gold, which does not float to the top. So when she makes a gold ring--how does she stamp it-without having it determined how pure it is? They do have a way to verify how pure it is, I have heard that it is very expensive and all the jewelry shops I talked to said they would not do this.

 Unclean gold has to be cleaned. Some Jewelry shops, Pawn shops, and Coin shops, will send their gold of to be cleaned-by melting it down and refining it back to 24kt pure gold. “But, beware of the shops that put it all in one melting pot, and then make a Ring out of it. You might only have 10% of the gold that should be in the Ring!”

 Definition of an ounce:

1. (Abbr. oz)
1. A unit of weight in the U.S. Customary System, an avoirdupois unit equal to 437.5 grains (28.35 grams).
2. A unit of apothecary weight, equal to 480 grains (31.10 grams).
2. A fluid ounce.
3. A tiny bit: not an ounce of sympathy.

To convert from ounces (troy) to:
grains, multiply by 480.
Grams, multiply by 31.103481.
Ounces (avoirdupois), multiply by 1.09714.
“Pennyweights (troy), multiply by 20. (Not 24.) “
Pounds (troy), multiply by .08333.

--As for how much is the 10kt gold ring is worth I can tell you this:

The Jewelry shops and coin shops, will try to buy your, “Gold Ring” for $12.00 to $20.00, and I paid $42.00 for my 10kt gold ring-about 4 grams. As they usually add 10% to the price-I would assume I over-paid by $22.00 for the 10kt ring. And you and I both know that you would pay at least $200.00 or more-if it had a jewel in it.

--As for my opinion, I would believe that “A 10kt-gold ring that weighs 4 grams--that would be used for scrap, should only cost “$4.00 a Gram or $7.50 per Penny wt.”    “After All….” “That’s what they will pay for it!” “And, don’t get me started on the Rings inserts, like diamonds and rubies; they can be made in a laboratory now!”

Article by, D. J.