Quote:
Originally Posted by Pacem
What was the gold rate at? eg: $1300/ounce and how much did she get per gram for the 18k? I buy and sell gold and sometimes people do the calculation wrong.
Doubling profit is pretty high in that type of transaction.
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This was my calculation - Is my logic wrong?:
The receipt says that for her 203g of 18K gold. The market value that day was $1,373.25 USD/Troy Ounce
203g of gold is roughly 6.527 Troy Ounces.
Because it's 18K, that means that this should be treated as 75% pure, therefore 6.527*0.75 = 4.8955 Troy Ounces.
This multiplied by the market value is approximately $6722 USD.
Which when converted to CDN at the 1.011839 exchange rate that day, and lets say taking into account a 3% spread is about 6587.56.
Yet she received $3576. This is about 54% of the market value.