Right after the board moved, I had posted a thread asking if you all thought it was a good idea to start hoarding 14K wedding bands.
In my area coins were scarce or the premiums over spot were high. (still are)
I promised to let you know how it works out If I followed through.
I have a we buy gold place that is willing to save for me yellow gold, stamped, no stones, 14k wedding bands. My plan is to keep it simple. It saves the dealer the expense of sending to the refiner, & I pay cash of course. I stop in every 2 weeks or so & pick up what ever he has.
He does the deal in dwt (pennyweight) so I had to learn that language.
20dwt per ozt (troy ounce)
So far I have 98dwt divided by 20 = 4.9ozt of 14K gold.
14K = 14/24 or 58.33%
So 4.9ozt of 14K = 2.85 ozt (troy ounce) of pure gold
I have paid out $3303.
The dealer charged me between 32.96 and 34.23 per dwt depending on spot.
My average buy price has therefore equaled $1159 per troy ounce of gold.
Keep in mind that much of this time gold has been flirting with $1250 spot)
Here are some photos: