The Precious Metal Alloy Value calculator computes the Jeweler's Buy Price for precious metals based on the metal, weight, purity and current spot price.
INSTRUCTIONS: Choose units (e.g. pennyweight or gram) and enter the following:
- (W) weight of the precious metal alloy
- (M) choice the type of precious metal (gold, platinum, palladium or silver)
- (P) the percentage of the metal's purity (e.g 98,5%). This is a percentage not a karat.
- (s) the percentage fee for scrap metal processing/refining
- (f) the percentage profit margin (fee) for the jeweler.
Precious Metal Alloy Value (V): The Jeweler's Buy Price for the Precious Metal Alloy (V) is returned in United States dollars (USD). However, this can be automatically converted to other currencies via the pull-down menu.
The Math / Science
The value of precious metal alloy to a jeweler is the refined value of the metal in the alloy minus the refining fee and the jeweler's fee. The formula for the Precious Metal Alloy Value is as follows:
V = SPOT(M) • W • P • (1 - s - p)
where:
- V is the value of the precious metal alloy
- W is the measured weight or mass of the precious metal
- M is the precious metal (gold, platinum, palladium or silver)
- SPOT(M) is the current spot price of the precious metal
- P is the percent purity of the precious metal
- s is the scrap or refinement fee
- f is the jeweler's fee (profit)
The result is the price that can be given to the seller of the metal while paying the refiner and making the profit identified. The weight can be in Troy ounces, pennyweight or grams. vCalc converts the weight into Troy Ounces and then fetches the current spot price for an ounce of gold. It then multiplies the weight of the pure gold content against the spot price and scrap discount percentage to give the gold's value. discount(scrap) = 1 - scrap
Note: scrap is a percentage.
SPOT comes from /www.xmlcharts.com/cache/precious-metals.xml
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