FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * OYSTER WILLIAM H   2. Issuer Name and Ticker or Trading Symbol DGSE COMPANIES INC [DGSE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) 4206 GLOSTER DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 06/03/2010 (Street) DALLAS, TX 75220 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 06/03/2010   P   207,361 A (1) 245,976 (2) D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option to acquire common stock

$ 2.25

12/31/1993

A

100,000

12/31/1993

(3)

Common Stock

100,000

$ 2.25

100,000

D

Option to acquire common stock

$ 2.125

12/31/1994

A

50,000

12/31/1994

(3)

Common Stock

50,000

$ 2.125

150,000

D

Option to acquire common stock

$ 2.25

10/08/2001

A

100,000

10/08/2001

(3)

Common Stock

100,000

$ 2.25

250,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
OYSTER WILLIAM H 4206 GLOSTER DRIVE DALLAS, TX 75220	X		President

Signatures

/s/ William H. Oyster		06/03/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The right to acquire the shares of the issuer being reported herein from Stanford International Bank, Ltd. ( SIB) was assigned to the reporting person on May 25, 2010 pursuant to a Purchase and Sale Agreement between the issuer and SIB and approved by the District Court in the matter of Stanford Financial Group.
(2)	Irrevocable Proxy to Vote Shares, dated May 18, 2010, by and between the Reporting Person and Dr. L.S. Smith as reflected on exhibit 99.5 in Form 13D/A filed on June 3, 2010 with the SEC by Dr. L.S. Smith.
(3)	180 days following termination of employment with DGSE Companies, Inc

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