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<p>[QUOTE=&quot;mikenoodle, post: 841550, member: 307&quot;]NO! You&#039;re going to lose your shirt that way!</p><p><br /></p><p>This is the way the shop that I work for does it:</p><p><br /></p><p>He takes the penny weight of the metal. He then determines what fineness it is. 14K gold is roughly 1/2 pure gold, and 10K is even less. (If you pay 70% of spot, you just went broke!)</p><p><br /></p><p>He has 4 different multipliers that he uses based on if it&#039;s:</p><p><br /></p><p>10K, 14K, 18K or 22K</p><p><br /></p><p>Takes the penny weight times his multiplier times spot and that&#039;s what he pays.</p><p><br /></p><p>The other important thing is that he then turns it to the smelter, assayer, what have you right away. He doesn&#039;t sit on it, he takes his profit and moves on.</p><p><br /></p><p>Many people have been burned by buying gold and losing on a price drop. If you turn it right away, you are less likely to be affected by the markets.[/QUOTE]</p><p><br /></p>

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