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Basic Training Guide
Table of Contents
2. Table of Contents
3. Welcome
4. Gold
7. Getting Started
8. Determining Buy Price
13. The Transaction
15. Other than gold or silver
16. Upgraded Equipment
17. The GXL-24 PRO
18. Advertising
19. Silver
20. Junk Silver
21. Beware of Counterfeit
22. Selling your gold
23. Our top refiner
24. Register with LocalGoldBuyer.net
Welcome
Welcome to the LocalGoldBuyer.net training guide. This
guide is written as a basic instructional guide on how to
buy and sell gold - such as scrap gold jewelry, dental
gold and bullion.
Karat Explanations
Once you know the daily spot price, you need to calculate
at what price you will be buying gold, and at each karat
level. You begin the calculations by determining the
price of gold per gram. You do this by dividing the spot
price of gold by 31.1. There are 31.1 grams in a troy
ounce.
Determining Buy Price Continued…
• For 10 karat (10K) gold, multiply the day's price of gold
per gram by .4167.
• For 14 karat (14K) gold, multiply the gold price per
gram by .5833.
• For 18 karat (18K) gold, multiply the current price of
gold per gram by .75
• For 22 karat (22K) gold, multiply the current price of
gold per gram by .91.666
• For 24 karat (24K) gold, simply use the price of gold
per gram.
Determining Buy Price Continued…
For example:
The above numbers are not the numbers you will use to
pay your customers. Those prices reflect the top value
of gold for that day, taking into account impurities and
other metals in a piece of jewelry that is less than 24
karat.
Determining Buy Price Continued…
You need to also determine the scrap price (the
percentage of spot value you will pay your customers).
We recommend somewhere between 50 and 55% of
the daily spot. When you are ready to sell your bulk
gold to a refiner, they will usually pay you between 70
and 75% of spot. The money you make is the spread
between what you pay for the gold and what you sell
the gold for at a refiner. We talk about refiners in a
later section.