Dave said,
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? <<
Convert the grams to troy oz. 14g X .03215 (conversion factor) =
.4501 oz Find out how much 24kt gold is in .4501oz of 14kt. 14/24
X .4501 = .5833 X .4501 = .2625 oz .2625 oz X $352 = $ 92.40.
Now realizing you probably don’t have gold (the 14g) you can
use without doing some refining, deduct what you feel your
refiner would charge you or what it’d cost you to refine it. Then
you might also add in a little ‘profit’ for yourself, so the 14g
would be worth something less than the equivalent of 24kt.
Dave