How To Buy Scrap Silver?

How much should I pay for crap silver ?

• I would like to buy scrap gold and silver as a venture

• Answer:

  Scrap Value" If you see this check it your self. Three easy steps You must KNOW EXACTLY what you are bidding on. Auctions listing Precious Metals for sale as "SCRAP" will include the weight 99% of the time. They list most weights in grams. But you will also see listings in ounces (oz), postal ounces, pounds (lb.), or even grains. 1. You need to convert this to an amount that easy for you to calculate the ACTUAL Scrap Value. 2. You need to know the ACTUAL % of content of Precious Metals. 3. You need the current spot of value of the precious metal. I like to convert all of my weights to "TROY" ounces because the "Spot" amount on Precious Metals is based on weight in troy ounces. If an auction lists a weight in ounces ALWAYS assume it is NOT troy ounces. If you search ebay for scrap silver you will see many listings with weights in ounces. If you assume it is troy you will come up short by about 9%. It is an advantage to the seller that you will think that this is the amount of silver or gold that they have for sale. They boost the perceived value by 9% when they list it this way. To convert from the listed weights use the following formulas; Make sure the items that are listed do NOT have any extra non-silver or gold weight, like stones. Large stones can add a lot of weight to gold. Ounces, oz, or postal ounces. Take the listed amount and multiply by .91 to convert to TROY Ounces (t.oz.) 11 ounces x .91 = 10.01 troy ounces Grams. Take the listed weight and divide by 31.103 to convert to TROY ounces (t.oz) 111 grams / 31.103 = 3.569 troy ounces. Grains. Take the listed weight and divide by 480 to convert to TROY ounces (t.oz) 444 grains / 480 = .925 troy ounces. Pounds (lb.). Take the listed weight and multiply by 16 to convert to ounces (t.oz) 11 pounds x 16 = 176 ounces. Now convert this to troy ounces by multiply by .91 176 x .91 = 160.16 TROY Ounces Precious Metals %'s of Content Silver. Most silver for sale on Ebay is STERLING (.925) 92.5%, 925/1000. There are others such as "Coin" silver 90% (US pre 65 silver coins), 800 or 80%, 835, or 83.5% and a very few items that are PURE SILVER .999 or 99.9%. Just so you understand PURE silver is always listed as .999 Gold. The most common gold is the USA is 14k. PURE Gold is 24k. Gold content is measured in "k". To get 14k they mix 14 parts of PURE gold with 10 parts other metals, as copper. 9k. 37.5% pure gold (Typically found in Europe) 10k. 41.66% pure gold 12k. Probably only gold plated. .001% or less gold 14k. 58.33% pure gold 16k. 66.66% Pure gold (Old Dental Gold, always treat this gold as 14k) 18k. 75% pure gold 22k. 91.66% Pure gold (Asian and Middle Eastern) Some of this 22k gold is marked .999 but will not test as 24k. 24k. 100% Pure gold (Only in certified) if not certified do not buy as 24k.