This Alloy Value equation calculates Jeweler's Buy Price for precious metals based on the current value of a precious metal in U.S. dollars
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