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My first buy!

Posted 12-18-2009 at 10:40 PM by Pilot
Yeah, so someone actually came in to day to sell me gold. I put a sign up in my window, which faces main street with big red letters, "BUYING GOLD."

Downside was that they walked in a moment before I was due in Carson City for a tv repair house call. Mmmmkay, she was a sweet lady so I lent her my time. It's such a rarity these days that someone actually catch me sitting in my shop since when I'm without help I work 9-5 "by appointment only".... it gives me the freedom to not be tied down to the shop so I can go out on calls or whatever.

It took a good 40 minutes to help her out. She walked in and plopped a freezer bag full of tangled gold chains on the front desk and started pulling all of it out until I said, "Ah ma'am, why don't you go ahead and come on back." So we went to the back office and spread out her tangled up jewelry on the desk. More than half of it wasn't even real gold, it was gold plated base metal or composite of some sort; very light. That went aside. After some testing and weighing I threw her a figure of $97 and some odd cents. She was a tad disappointed at first, as the price of gold bullion (today) was $1,112 a troy oz..... so after explaining that I weigh her gold in Grams, and then factor in the karat (which is the 'purity' of the gold which includes other undesirable alloys), convert grams to Oz., along with 'some' room for markup when I resell it to the foundry, she was more than happy and understood the situation.

She said she'd be back with another bag.

And I was late for my other calls. I loathe lack of punctuality... but hey, I wasn't about to turn her away when she's gonna tell her friends.

Laid back day. Tomorrow's gonna be the bitch.
Total Comments 7

Comments

Nate's Avatar
How on earth do you determine the quality/value of the stuff? Would you ever sell stuff as jewellery, or only to be melted down for gold?
Posted 12-18-2009 at 10:51 PM by Nate

Pilot's Avatar
No I just buy scrap.

First I check for any karat stamps with a loupe and organize it all into respective piles. Fake stuff is obvious, even if it's stamped, because it's just too damn light. Gold has some weight to it. After it's organized into piles, I do what's called a 'scratch test' in which I take the gold in question and 'scrape' it against a slightly abrasive block which leaves a gold marking. The kit I use comes with acids; one acid for each karat gold so there's a 10k, 14k, 18k and 22k acid.

10k acid is the strongest, 22k acid the weakest, so in the instance I'm testing gold for actual 14k content I'll put a droplet of acid on the gold scraping and see how fast it eats through the gold. If I don't know the karat, the logical thing to do is start with the weakest acid, 22k, and work my way down. 22k and 18k acid just won't eat through 14k gold. You follow?

Sometimes stuff can come in that is worth saving; like gold rings with nice gemstones or diamonds in them. The thing is, I'm not buying stones. Most of the time the customer won't care, especially if the stone or stones are damaged which is why they're selling it as scrap. I mean, if someone brings in a trashed ring with a sizeable diamond in it, I'd usually offer to cut the stone out of it for them to keep, or alternatively if the stone is nice enough, say, in the instance of a diamond, a fair price could be negotiated depending on what Rapaport says; Rapaport being an international diamond pricing authority.
Posted 12-18-2009 at 11:25 PM by Pilot

used:)'s Avatar
Yay. Nice clients are nice to have.
Posted 12-18-2009 at 11:25 PM by used:)

used:)'s Avatar
Sounds like Earth science all over again. Pretty cool stuff.
Posted 12-18-2009 at 11:29 PM by used:)

Wil's Avatar
I can confirm Earth sciences does not involve this kind of stuff.
Posted 12-19-2009 at 01:10 AM by Wil

MA's Avatar
Pilot, you are a man of many talents.

and i swear that isn't meant to be funny or innuendo. car mechanics, computers and electrical, now gold. i respect someone who can earn a living using their noggin.
Posted 12-19-2009 at 03:05 AM by MA

used:)'s Avatar
[II can confirm Earth sciences does not involve this kind of stuff.][/I]

I meant with the streaking rocks thing. We did stuff like that in our geology portion.
Posted 12-19-2009 at 09:45 AM by used:)

 

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