It seems that more and more people buy scrap of gold and silver leading buyers pay a percentage higher than the competition increases for scrap. It is excellent for the person who sells the item, and I think that this is because I have always taught my students to pay a fair price. It is the only way, you get referrals and repeat business.
What I want to discuss, it is that real purity of scrap gold and silver, it is that you have purchased. Most of you know that 10 K is suppose to be gold 41.6%, 14 K is suppose to be 58.3% gold, 18 K is suppose to be 75% gold, but this is simply not true. When you send your gold to a refiner that you will find that is 2-3% lower than expected. I have ask many refiners and they all say the same thing that a lot of ozt of 50-100 of gold from scrap 14 K affine between 55 and 56% of the gold, not 58.3% like it's suppose to be. It is the same for the 10 k, 18 K and Sterling silver jewellery. On average, you can estimate that the gold you buy contains 2-3% less gold that he should have. In fact, all lots of gold, that I sent to the coast were 2 to 3% by karated and I've even had a batch containing eight per cent less gold that was expected.
Sterling silver jewellery may be up to 10% or offshore more and this is generally regarded as in Sterling of Mexico jewelry. But as I have found many other jewelry manufacturers are 2 to 10% off. I think this is one of the reasons why most shops shops of the jewelers / of the coin of pawn pay less money they make gold. It is also because refiners pay not as high in the percentage of money as they do with gold.
Why this question? Some of you are buying gold and silver to 30, 40, 50 cents on the dollar and could care less if its two per cent off the coast. As time and consumers become more aware of the value of their precious metals that they require more for gold and silver. Time I often work with my own "dealers" and I am working on a margin of four percent. For me, it is extremely important to be very precise in the purchase of these people select as a small error could cause losing me a large sum of money. If you learn just to buy scrap of gold or a buyer experienced; It is important to know that much about your industry as possible and it is just a piece more knowledge to help you succeed.
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