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Cost to assay

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#1
Does anyone have any idea what it costs to assay a 100oz gold bar to put it in a NY COMEX warehouse - so as to make it a 'good delivery' bar?
 

joe_momma

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#2
Great question!

Fished about on the web, haven't seen anyone actually come out and say what the costs are.

Here's one link - outfit in California - they're using non-invasive/non-destructive testing (probably x-ray).

Sadly they do not mention prices - (I am also pretty sure these guys are not COMEX certified)
http://www.bullionanalysis.com/index.html
 
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#4
yes, but you cant eat a gold biscuit - sometime you got to sell it again - and I think the best price may be the COMEX.
 

Argent Dragon

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#5
Personally, I've never dealt with COMEX (CRIMEX) nor intend to but I'll chime in anyhow.

When I go to the refiners to 'melt' down gold scrap, they charge me a $30 fee regardless of amount. That said, only certain assayed bars are COMEX worthy and it'd be easier for you to sell your 100-oz bar an purchase and 'approved' COMEX type for storage. There's a list on the NYMEX of which ones they approve of.
 
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#6
...only certain assayed bars are COMEX worthy and it'd be easier for you to sell your 100-oz bar an purchase and 'approved' COMEX type for storage.
But that would defeat the purpose of buying and selling on COMEX - you would have to pay a dealer's markup/markdown...
I am trying to compare the costs of acquiring physical gold through COMEX, and selling it back through there again. I looked on the net, and found the information nowhere. Some assayers do not even take orders from individuals!

So I investigated, and found some details.

Exec summary: (COMEX 100oz gold) appx $9 for the first bar, $3/bar thereafter - with come caveats - see below.

First, one would have to deliver the bar to a COMEX depository (NY area)
Then the assayer would have to go out there, weigh and sample the bar, and take the sample back to lab to assay.
Assay charges are $300 per sample. Travel charges for a professional comex approved assayer to a local comex depository are about 600.
So, for about $900, one can have a bar assayed and put into the COMEX 'good delivery' depository system, or about $9/oz for 1 bar, $3 for each additional bar.

Now, this is not for everyone. You must be willing to put out 120K for a bar, and be willing to go fetch it (might get carjacked on the way home!!), then find a local place to keep it (bank vault?)