What happens when I sell my Gold?

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Selling Gold is still on the rise and we have all seen the adverts and shopping stands offering hard cash for Gold. More companies seem to be popping up everyday adopting the slogan of “We buy any Gold”

All precious metals have a trade value and a scrap value. When you sell your gold it is valued using it’s scrap value. Some retailers will give you a better rate than others but it is always a good idea to find out what the current scrap values are so that you can haggle a better deal. A great online resource for Precious metal prices is here: http://www.cooksongold.com/metalprices/

Once your Gold has been received its then weighed and placed with other gold of it’s carat type. This can range from 9ct to 24ct.

The scrap gold is then Placed into a kiln. Gold melts at almost 2000 degrees Fahrenheit so it needs to be very hot indeed. Once the gold is melted to a liquid it’s then poured into a cast. The cast is normally in the form of a standard bar. The standard gold bar held as gold reserves by central banks and traded among bullion dealers is the 400-troy-ounce (12.4 kg or 438.9 ounces).

Once the gold cools it hardens again and is then released from the cast using prongs. For a better understanding of the process, please watch the video below.

Investment…

Companies have made billions in this investment strategy and the price of gold tends to rise once the economy is strengthened.

So why are people selling their Gold?

“Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a hedge or harbor against economic, political, or social fiat currency crises (including investment market declines, burgeoning national debt, currency failure, inflation, war and social unrest). The gold market is subject to speculation as are other markets, especially through the use of futures contracts and derivatives. The history of the gold standard, the role of gold reserves in central banking, gold’s low correlation with other commodity prices, and its pricing in relation to fiat currencies during the Late-2000s financial crisis, suggest that gold behaves more like a currency than a commodity” Reference: Wikipedia

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