# Figuring precious metal price

#1

A friend gave me 14 grams of 14kt gold in trade for a pendant on
layaway. Today’s spot on gold is \$352. So I figure 14 grams is
worth \$92? Is there an easier formula than doing alot of
calculations and is my math right here? Thanks,Dave

Art Jewelry for Conscious People
http://www.opendoor.com/stephensdesign/crystalguy.html

#2
``````A friend gave me 14 grams of 14kt gold in trade for a pendant on
layaway. Today's spot on gold is \$352. So I figure 14 grams is
worth \$92? Is there an easier formula than doing alot of
calculations and is my math right here? Thanks,,,,Dave
``````

352*.583/31.1*14=\$92.38 I don’t know of any faster math…
however I would never give full price for scrap gold, only new
gold.

#3

Your math looks right, but I think you will find that most
jewelers will add on a “handling charge” of some sort for taking
gold in trade. Keep in mind that you will have to have it refined
to be turned into something useable (like cash) and will loose
some of the value in the process.

Multiplying 14k gram weight times .0187547 times the spot price
of gold will give you the same results.

Sharon

#4

Hi Dave,

I’m not sure about avoir dupois ounces vs. troy ounces, but I
came up with \$106, based on 27g per ounce. I’m not sure if
that’s the correct number of g/oz. for precious metals. But
anyway, if it’s scrap, old chains, etc., I don’t know if I would
give the spot price for it.

=((spot price * (# grams/27)) * karat / 24 …Again, not sure
if 27g per ounce is correct.

Food for thought,

Dave Sebaste

#5

First off, I would always weigh in pennyweights, it’s simpler to
know that there are 20 of them in an Oz. (That’s Troy oz’s-
customers always think your trying to rip them off when you try
to explain that there are only 12 oz’s in a Lb. Troy weight.)
Todays gold spot is based on 24kt gold, be sure you’re not giving
him/her credit for fine gold, when they’re only giving you 56%.
Anyway, for now, all we have is good 'ole math. Tim Goodwin
@tmn8tr

#6

Dave Sebaste 31.1 grams per troy ounce, then another tricky part-
older used gold can legally be underkarated by 1/2 a karat- 13.5
rather than 14k, for instance.

Rick Hamilton
Richard D Hamilton, Jr.
@rick_hamilton