Can you trade 90% purity gold?

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Can you trade 90% purity gold?

Post  adadi on Tue Nov 28, 2017 7:49 pm

Dear all,

i am a very new person in this gold trade, and i feel like i am asking a very silly question.
But my buyer insisting on buying 90% purity gold and asking the price of it,
but my seller insisting them only trade 9999.

What's going on here??

Thank you all.

adadi
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Re: Can you trade 90% purity gold?

Post  nero_design on Tue Nov 28, 2017 8:21 pm

I'm not sure I understand your question correctly...
You have a Gold buyer AND a Gold seller - neither of them are you?  And they don't agree with each other?
 
Your gold buyer told you they would only buy your gold at a 90% purity rate (Typical of many Australian/African natural gold nuggets at 23 karat).
But you wanted them to pay you as though it was 999.9 (24 karat)?

Is that correct?

You can sell gold in any purity and you will be paid for the gold content. The buyer usually makes a VERY small profit although if you are selling gold ore it may need to be assayed for purity and the price of assaying is usually a few hundred dollars that you will lose off the price of your refined gold.

And you can sell 95% pure (23 karat) gold nuggets, 60% pure gold nuggets (or any range of purity), 14k, 22k, 18k, 14k, 10k, 9k gold jewellery etc... or even bullion, which is refined to 24 karat purity (100% pure) and is usually stamped with 'four-nines' - eg 999.9


Last edited by nero_design on Tue Nov 28, 2017 8:27 pm; edited 1 time in total
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Re: Can you trade 90% purity gold?

Post  adadi on Tue Nov 28, 2017 8:27 pm

nero_design wrote:
I'm not sure I understand your question correctly...
You have a Gold buyer AND a Gold seller - neither of them are you?  And they don't agree with each other?
 
Your gold buyer told you they would only buy your gold at a 90% purity rate (Typical of many Australian/African natural gold nuggets at 23 karat).
But you wanted them to pay you as though it was 999.9 (24 karat)?

Is that correct?







IT's the seller told me that they want to buy 90% purity gold, but seller said they only sell 9999 and refused to quote the price for 90%


adadi
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Re: Can you trade 90% purity gold?

Post  Qld Sandy on Tue Nov 28, 2017 8:36 pm

China eh. Shocked
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Re: Can you trade 90% purity gold?

Post  adrian ss on Tue Nov 28, 2017 8:40 pm

Give em the flick.
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Re: Can you trade 90% purity gold?

Post  nero_design on Tue Nov 28, 2017 8:43 pm

adadi wrote:

IT's the seller told me that they want to buy 90% purity gold, but seller said they only sell 9999 and refused to quote the price for 90%


So the seller is a bullion dealer if he's only selling 24 karat (.9999) gold.  But you say he ONLY wants to buy 90% purity gold from you?  That doesn't make a lot of sense because the purest form of gold jewellery is either 22 karat or sometimes (very rarely) 24 karats from some locations (eg India).  Since much of Australian and African alluvial gold is AROUND 90-96%, this suggests he only wants nuggets or alluvial gold.  Nobody makes 23 karat jewellery (90% gold).  It makes no sense to insist on buying 90% gold.  I think there's a communication error or he's hoping to get you to show your lack of understanding here of the subject.

What city is this buyer/seller operating from?  If it's in Australia this makes no sense at all.
If you're from say Ghana or the Congo or Sudan, this makes plenty of sense.  Either way, find another gold buyer.  The behavior of this one is strange and peculiar.  

I recently sold 5 different grades of gold in Sydney and they calculated my payment on the spot and paid me.  The gold ranged from 8 karat (Egyptian) gold to 18 karat.  There were a few ounces and I was paid just on the gold content.  This is how most dealers work.

If he's selling only .9999 gold, then be wary if buying it.  Most of the bullion sellers who are not licensed bullion dealers are buying fake gold bars online from China and are reselling them, sometimes without realizing they are fake.  Your example suggests he might very well be one of those people who knows to be wary of buying because he knows how easy it is to sell fake gold bars himself.  By demanding the absurd purity of 90% instead of any of the more common gold purity levels, it sounds to me as though he doesn't want to buy at all. Again, all kinds of red-flags and alarms are going off.  Even his nitric acid testing kits aren't made to reveal 23 karats, only 22 or less. None of this makes any sense to me. If he's trading in bullion he'll have an XRF reader to check purity anyway. If he can't afford and XRF reader but can afford to buy bullion at .9999, then I would not trust this person.
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Re: Can you trade 90% purity gold?

Post  nero_design on Tue Nov 28, 2017 8:47 pm

Yup, from China.

They say that possibly 98% of all gold traded online (eg Ebay) is fake.  Almost ALL the fake gold coins and bullion is from China.

Most of the buyers are in the West. Just last month a man in America who was buying Pamp ingots in the blister packs tried to cash them in. He'd bought them from 5 different online dealers and every single bar was fake. It was his life's savings. I saw two similar instances on this recently online.





https://www.youtube.com/watch?v=s2SJdUW-Km0


Another example of the problem above.

The OP on this post was apparently from China (i didn't look at his origin at first post). The Chinese citizens are currently all investing in Gold and the Yuan is about to be backed by a Gold Standard. As a result, all the unscrupulous counterfeiters are coming out of the woodwork over there cranking out high quality gold fakes. With a nation of gold scammers (counterfeiting is seen as a respectable business practice over there), it's no wonder there's so many gold related frauds taking place.


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