hi marshall, to clarify, a person would pay for the gold content
only. in practice, let’s say a person brings in a 14k ring (.583
pure, though some manufacturers use .585) that weighs 10 grams.
let’s imagine that gold is exactly 350.00 per troy oz. you would
multiply this 350 X the purity of gold (.583) which is 204.50,
then divide 204.50 by the grams in a troy oz. (approx. 31.14 i
think) which is about 6.56 per gram. this would be the spot price
for 14k specifically. the person with the 10 gram ring would
probably be offered about 32.80 by a pawn, half of the rings’
intrinsic value: 65.60.