If you have lots of extra gold jewelry or other things like gold coins and you are wondering what to do with them all, you might want to consider looking into shops that buy and sell gold. Selling gold is a great way to get something back from previous purchases that are either out of style now or that you might not be using anymore. The gold industry is also rising in popularity in recent years because in 2013 the consumer demand for gold jewelry in America rose 13%, which means gold buyers are more interested than ever in purchasing gold in order to resell it. Additionally, gold prices have risen about 70% in the past two years, signifying a huge switch in the market based around those who buy and sell gold, and showing that even outdated products can still have value.
Gold and silver jewelry is usually bought on the basis of its purity. Most consumers don’t have the proper training to know all the specific ways to tell the true purity of gold, and one of the best things you can do is get a few estimates from sellers before you sell your gold. You want to make sure you are getting a fair price that works well for both you and the buyer. Gold buying is a special trade and most people who buy and sell gold are highly trained, so try to find someone who has experience or who has a good reputation in your community.
Whether you have recently bought gold or you are thinking about learning more about how to buy and sell gold, there are a few things you should know before you begin. One of the most interesting things about the gold industry is what goes on behind the scenes once your gold pieces are sold to a new manufacturer. If you are wondering more about the specifics, keep reading to learn what happens to old gold and how it is transformed into modern pieces.
- First, all the types of metal are mixed together
When gold buyers have lots of gold, they sell it to large manufacturing companies who are tasked with melting it down into gold bars or other gold objects that can be used for new products to be sold to consumers. The first step is to mix all the gold together to make sure nothing gets left out.
- Then they are passed through a giant magnet
Some metals are magnetic, while others aren’t. Gold is one of those metals that is not magnetic, so so the other elements will be attracted to the magnetic field and gold will be left along with silver, platinum and a few other types of metals.
- Sometimes acid is added to separate gold and silver
This is the first way people separated gold and silver. If acid is added, it will dissolve the silver but not the gold. This means the silver turns into a liquid while the gold remains intact, so it’s a good method of separating the two.
- But the best way is to put the metal in an electrolytic cell to isolate gold and platinum
Acid-based separation can harm the gold though, so today the best way we have to separate gold and silver is by placing the metals in an electrically charged cell. This produces up to 95% pure gold.