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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 11/06/2008 : 18:45:31
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From NBR Nov 6, 2008
It had a story concerning Cash4Gold
meat of the story-
Cash4gold recieves 1500 packages a week, they figure there is 1/4 to 1/4 ounce of gold in each package.
When all of the gold jewelry is melted down the end product is a 900 ounce bar of gold with a purity of about 12 karats (.500 pure)
gold @ $732 per oz means the current value of each bar is $329,000.
(Actually it is $732 * 900 *.5 since it is 12 Karat, or $329,400, I guess NBR rounded the price to the nearest thousand)
It takes 6000 pieces of jewelry to form one bar.
Jewelers Vigilance Committee offered these tips-
-Choose a reputable company
-Make sure there is a way to track the item shipped (insured AND certified mail for example)
-Realize that the gold content may only be a fraction of the total weight of the article of jewelry-
on this forum we know that 14KT is 58.3% gold, not 100% gold, but J6P may not be aware of this.
Competitors are sprouting up since the market for consumer sellers of gold is largely untapped.
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Considering that the bars are only 12K or .500 pure, and there must be a market for these bars (otherwise Cash4Gold would spend the money to refine the bars even more) wouldn't logic dictate that gold less than .996 pure would have a market too?
(I forget the link to the story stating that .899 gold bars are on the market but are inferior gold since they are not .999 pure)
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gold rush mentioned on NBR
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