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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Km2PyueHMuXakCQu+9zIqvqRiqw/cZypS7KWg5E6vjyh3rrLaWVVRP6tZAWhCjYH
 /l+DsBEj4G+KP0i1WKDJgA==

<SEC-DOCUMENT>0001181431-10-030924.txt : 20100602
<SEC-HEADER>0001181431-10-030924.hdr.sgml : 20100602
<ACCEPTANCE-DATETIME>20100602184232
ACCESSION NUMBER:		0001181431-10-030924
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100525
FILED AS OF DATE:		20100602
DATE AS OF CHANGE:		20100602

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DGSE COMPANIES INC
		CENTRAL INDEX KEY:			0000701719
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				880097334
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2817 FOREST LANE
		STREET 2:		STE 202
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		9724843662

	MAIL ADDRESS:	
		STREET 1:		2817 FOREST LN
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DALLAS GOLD & SILVER EXCHANGE INC /NV/
		DATE OF NAME CHANGE:	19930114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN PACIFIC MINT INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANYON STATE CORP
		DATE OF NAME CHANGE:	19860819

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NTR METALS, LLC
		CENTRAL INDEX KEY:			0001492351
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11048
		FILM NUMBER:		10874070

	BUSINESS ADDRESS:	
		STREET 1:		10720 COMPOSITE DRIVE
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75220
		BUSINESS PHONE:		469-522-1111

	MAIL ADDRESS:	
		STREET 1:		10720 COMPOSITE DRIVE
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75220
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd277937.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-05-25</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000701719</issuerCik>
        <issuerName>DGSE COMPANIES INC</issuerName>
        <issuerTradingSymbol>DGSE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001492351</rptOwnerCik>
            <rptOwnerName>NTR METALS, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10720 COMPOSITE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75220</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3000000</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Option Contract</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2010-05-25</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-05-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000000</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The 3,000,000 shares of Common Stock owned by the Reporting Person were acquired by the Reporting Person pursuant to (a) the Partial Assignment Agreement, dated as of May 25, 2010, by and between the Reporting Person and the Issuer and (b) the Closing Agreement, dated as of May 25, 2010, by and among the Reporting Person, the Issuer and Dr. L.S. Smith (&quot;Dr. Smith&quot;).</footnote>
        <footnote id="F2">The Reporting Person entered into an Option Contract (the &quot;Option Contract&quot;), dated as of May 25, 2010, with Dr. Smith.  Pursuant to the Option Contract, Dr. Smith granted the Reporting Person an option to purchase 1,000,000 shares of Common Stock owned by Dr. Smith.</footnote>
        <footnote id="F3">Pursuant to the Option Contract, for the first two years following May 25, 2010, the exercise price will be (a) $6.00 per share of Common Stock and (b) the release of Dr. Smith's guaranty of the Issuer's $1,500,000 line of credit with Texas Capital Bank, N.A.  For the third and fourth years following May 25, 2010, the exercise price will be (a) $10.00 per share of Common Stock and (b) the release of Dr. Smith's guaranty of the Issuer's $1,500,000 line of credit with Texas Capital Bank, N.A.  The option granted to the Reporting Person pursuant to the Option Contract expires on May 25, 2014 if the option is not exercised by such date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Carl D. Gum, III</signatureName>
        <signatureDate>2010-06-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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