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<p>[QUOTE=&quot;Michael K, post: 3741469, member: 78298&quot;]Pennyweight is a more precise measurement. There are 20 pennyweights in a troy ounce. There are 480 grains in a troy ounce. So each penny weight is 24 grains which can be broken down into many fractions.</p><p>If he is not ripping you off and taking a normal % profit for&nbsp; himself, (this is why you must always weigh your gold and know what it is worth before bringing it in.</p><p>Grams divided by 31.1 x 14&nbsp; divided by 24 x spot price will tell you the value for 14K.) 10K would be 10/24 and 18 would be 18/24. My gold guy used to take around 19% or so which was fair as he has to pay the smelter 5-6% plus he had a brick amd mortar store with employees, and rent and salaries are not free.</p><p>At $1500 per ounce,&nbsp; at 8 grams $225 value -$45 = $180. So I may have been very close with my 8 gram guess. But you can never trust gold buyers, you must know what your stuff weighs and is worth before going in.[/QUOTE]</p><p><br /></p>

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