[Jewelry making - Article 00538] - Re: [Orchid] Converting gold to cash

[James Sweaney]

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    Larry-- Why would you want 24K? Raw bullion is not very liquid
    (buyers need proof that it's 24K, so you have to assay it) and,
    Imhop, making your own gold alloys isn't time or cost efficient, and
    can lead to quality issues if you're not careful. Fine gold is only
    easy to sell when it is in such forms as coins, i.e. American
    Eagles, Maple Leafs, Pandas, Kruggerands, or Credit Suisse bars. 

    As a working jeweler, the easiest way for me is to have my refining
    put into a vault account. My refiner (David Fell) does the work,
    sends a settlement statement that gives me a credit to my vault
    account for the fine gold yield less his charges. I can draw on that
    vault account at any time with just a phone call, taking any portion
    of the gold in the account as cash, fine gold or the gold alloys I
    use in my business. For cash, he sends a check the next day based on
    that days market. Great arrangement-- for high grade scrap, I get a
    settlement in two days (sweeps and such take longer). Very easy to
    time the market this way. 

Jim
www.mardonjewelers.com
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