Precious Metals Transaction Systems and Methods

Abstract

Systems and methods directed to the purchase of articles formed of precious metals are disclosed. Precious metal content is analyzed using an x-ray fluorescence (“XRF”) analysis instrument to determine alloy content, in combination with an ultrasound or electrical conductivity instrument to confirm uniformity of cross-sectional content. The present method thus advances the art of precious metals transactions by precisely analyzing and determining precious metal content and purity, and combining said data with real-time pricing and a digital record of the transaction including the identity of the seller. An automated system is disclosed for fully automating the purchasing of article of precious metals.

Description

CROSS REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of provisional U.S. Patent Application Ser. No. 61 / 752.505, filed on Jan. 15, 2013.STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH OR DEVELOPMENT[0002]N / ACOPYRIGHT NOTICE[0003]A portion of the disclosure of this patent document contains material that is subject to copyright protection. The copyright owner has no objection to the facsimile reproduction by anyone of the patent document or patent disclosure as it appears in the Patent and Trademark Office patent file or records, but otherwise reserves all rights whatsoever.BACKGROUND OF THE INVENTION[0004]1. Field of the Invention[0005]The present invention relates generally to transactions involving precious metals, and more particularly to a method for precious metal transactions and an automated system for practicing said method by automated analysis and valuation of articles based on precious metal content, weight, and real time precious metals pricin...

AI Technical Summary

Benefits of technology

The present invention is a system and method for conducting transactions involving precious metals such as jewelry, electronic circuit boards, gold teeth, etc. The system includes a digital camera for recording the appearance of the precious metal, a scale for measuring its weight, an XRF analyzer for identifying the precious metal content on its surface, a non-destructive analyzer for determining the metal's purity throughout, an Internet connection for obtaining real-time pricing, and optional fingerprint and driver's license scanners for documentation. The method allows for precise analysis and documentation of precious metal transactions with real-time pricing and a digital record of the transaction.

Problems solved by technology

The rise in price has caused people to seek to sell articles made of precious metals.

The price escalation associated with precious metals has also resulted in a proliferation of counterfeit gold and silver products.

This testing method, however, is limited in that it only samples the surface material of the article.

As the black stone and acid testing method is crude, laborious, subjective, and limited to analysis of surface characteristics there have been advancements in the art of gold content analysis.

XRF analyzers, however, are also limited in that they are only capable of analyzing the material at or very near the surface, typically a 10 micron depth, and thus can be fooled by forged gold articles which are merely plated and wherein the core material comprises non-precious metal.

In addition, XRF analyzers are best classified as scientific instruments most often employed by professional gold dealers and are not in widespread use by, or widely available to, consumers.

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