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About Us
Family Business
New York's family-run dealer, serving up retailers over buying and selling the precious metals.
Paid Up To 99.5%
We buy, sell, provide loans for gold, silver, platinum, diamonds, watches, estates & closeouts. License number 2090492.
Gold
London Gold Fix Price
The OTC segment of the gold market accounts for almost all of the physical exchange of gold. The benchmark spot price of gold is the London fix. This is the most widely used indicator of the spot price of gold in the OTC cash market. The London fix occurs twice daily. The AM fix and the PM fix involve gold dealers from London's five biggest bullion banks.
This process involves an announcement by the gold fix chairman of the current estimated spot price of gold. The participating banks determine the quantity of buyers and sellers they have at that price. If there are more buyers than sellers, the chairman will adjust the spot price upward. The spot price is adjusted downward if there are more sellers. This process is continued until an equilibrium is achieved, and this becomes the new spot price of gold.
Gold Spot Price Per Ounce
The spot price of gold is determined by a discovery process of supply and demand. Gold market participants include buyers and sellers. Bid and ask prices are discovered within the over-the-counter (OTC) cash market as well as the commodity futures market. The spot price of gold is then posted on the gold exchanges.
The spot price of gold is influenced by many factors. Large gold traders such as central banks and gold mining companies exert upward and downward pressure on spot gold prices. Gold traders of this magnitude are able to adjust gold prices up or down to their advantage.
Silver
London Silver Fix
Three Market Making members of the LBMA conduct the Silver Fixing meeting under the chairmanship of The Bank of Nova Scotia–ScotiaMocatta by telephone at noon(Greenwich Mean Time) each working day. The other two members of the Silver Fixing are Deutsche Bank AG and HSBC Bank USA, NA.
The process then follows a similar pattern to gold price fixing. Orders are placed by clients in dealing rooms of members of the Fixing who net all orders before communicating that net interest to their representative at the Fixing. The gold price is then adjusted up and down until demand and supply is matched at which point the price is declared "Fixed" and all business is conducted on the basis of that Fixing Price.
Silver Price Per Ounce
Silver takes many forms. One of the most common form of silver is Sterling Silver (92.5% Pure). Above you can see what we payout for such silver. However, that price should be viewed as a sort of benchmark. In our experience most silver pieces misrepresent the silver content and as such we smelt & assay them to get an accurate purity reading before we buy. In very rare cases we would accept silverware without smelting.
Platinum
London Platinum Fix
The Fixings commence at 9.45 am and 2.00 pm London time and take place on every day on which members are open for dealing in London. They are conducted by telephone. The Fixing price represents the matching of orders from customers throughout the world. The Fixings make it possible for any interested party, be they supplier, consumer, dealer or investor, to trade at the price at which every current interest is satisfied.
Platinum Price Per Gram
Platinum embodies the quintessential meaning of a precious metal as one of the rarest metals in the earth’s crust. Its versatility can also be found in medical and dental fields. Since platinum alloy is highly resistant to tarnish and corrosion, it is one of top choice for use in dentistry, medical equipment and electrical products.
Smelting Process
Our preferred method of buying scrap gold and other precious metals is to Smelt & Assay them.
Following is a very short summary of this process. All of these steps are performed right in front of you so you can keep an eye on your metals until your get payed.
Step 1. Your scrap gold(or other forms of other precious metals) is placed in a graphite crucible that will be heated in excess of 2,000 degrees Fahrenheit. Once heated to such temperate, gold does not stick to graphite and flows easily.
Step 2. Borax (sodium tetraborate) is used to cover the gold in the crucible. It used as a flux in metallurgy and helps separate dirt, stones and other non-metals from gold by trapping it within itself.
Step 3. It takes, on average, 15-20 minutes for the furnace to heat up and melt the gold inside the crucible. At this point the gold is stirred thoroughly to produce a homogeneous mixture. This step is very important and if not done, repeated sampling and assaying of the bar will yield different results.
Step 4. Depending on the size of your lot this step may or may not be done. In order to attain the best possible representative sample of the bar, a vacuum glass tube is inserted into the molted gold. Part of the sample tube melts while inserted into the gold which, due to vacuum, allows the gold to fill the tube completely. This sample is then cooled down and used in assays to test the purity of the gold.
Step 5. At this point the melt is complete and the content of the crucible are poured into a mold to form an ingot. The flux(borax) will float on top of the metals and trap any dirt, stones and small pieces of non precious metals within itself. The ingot is then cleaned of the flux and is ready to be assayed.
Step 6. The assay is done using either the pin sample taken during the melt or the bar is drilled to obtain a sample to assay. We offer you a choice of doing computerized assay or fire assay. Computerized assay is the fastest, taking only a few minutes. Fire assay is the most precise but takes about a day on average. We can preform both types as assays per your request.