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## understanding how to buy SCRAP “gold”, “silver” and “platinum” (at spot price)

so how do you buy scrap gold at exactly

spot price oftentimes scrap gold won't

have a premium

like coins do because it's not minted so

you can get it right at spot price but

also

it won't come in 24 karat you'll get

lesser carrots and you have to know

how much gold is actually in there there

are a lot of different ways you can tell

what the carrot of the gold is sometimes

it's marked sometimes you have to do

acid tests

i already know that all of this is 18

carat i'm gonna weigh this

and then do the math to find out how

much it's actually worth in gold and so

we'll go ahead and

throw everything on the scale

so we know that this is 33 grams

and that's our starting place

so first we're going to get this to troy

ounces because

our spot price we know in troy ounces so

in order to do that we have to multiply

by one ounce

per 31.0 sorry 1035

grams this is the conversion factor

between ounces

troy ounces and grams and so grams

are in the numerator and the denominator

so they cancel and we're left with

ounces

and what this gives us

we can do 33

divided by 31.1035

and we get 1.061

troy ounces and the next thing we have

to do for this number this is the exact

weight

of our gold over here now we need to

multiply by 75 percent

and the reason for that is because this

is 18 carat

which 18 karat gold means

18 24

this is the ratio of the gold to the

other

alloying elements and so this gives us

0.75

which is 75 percent and that's the ratio

and so if we multiply these we'll get

how much of this is actual gold

and that brings us to 0.796

ounces but this is ounces of gold

not ounces of the scrap gold this is

ounces of pure gold

now all we have to do is take the 0.7960

ounces and multiply it by the spot price

which is 1880

right now dollars per

one ounce the ounces cancel we're left

with dollars

and we can multiply that

in and we get one thousand

four 496 dollars

approximately the gold value in here

is 1496 dollars of pure gold

if you wanted to buy this much gold in

coinage

minted coinage there would be a pretty

big premium probably about 150 bucks

which would be

10 of your of your actual value here but

this

uh we haven't paid any premium we just

paid the amount

that it's worth it also works with

buying scrap silver

these are pre-1964

quarters dimes half dollars also work

you just have to know that these are 90

so unlike the 18 karat gold which is 75

these are 90 and that's what you would

multiply your

your weight by to find out how much

there is um

and then we also have some platinum this

is also 90

and it works the same way we didn't have

to pay a premium on this

either these are all just spot value

purchases so if you want to buy precious

metals without a premium this is a great

way to do it

with scrap metals