If you’re thinking about selling your gold, you’ve probably come across ads for gold buyers. With so many companies out there offering cash for your old jewellery and coins, it’s important to understand what to expect from gold buyers and what happens after you sell gold.
Understanding Gold Value: Scrap vs. Trade
Gold dealers usually value your gold based on its scrap value. This is the value of the gold itself, rather than any sentimental or craftsmanship value. Different gold buyers might offer varying rates, so it’s a good idea to check current scrap prices and compare offers. This way, you can get the best deal possible.
What Happens After You Sell Your Gold?
So, you’ve decided to sell your gold to a buyer. What’s next? The journey your gold takes after you sell gold is quite interesting.
- Sorting and Testing
The first step in the process is sorting. Gold buyers separate your gold from any non-gold items and metals. This can be done manually, but many use tools like acid tests or XRF scanners to ensure the purity of the gold. Accurate testing makes the next steps in the process more efficient.
- Melting and Smelting
After sorting, the gold is melted down. It is heated to over 1,000 degrees Celsius in a crucible, turning it into a molten state. This high temperature helps separate gold from other materials like alloys and gemstones. The impurities float to the top and are removed, leaving pure, molten gold.
- Refining the Gold
Melting alone doesn’t get the gold to its highest purity. Gold refiners often use additional refining methods to ensure the gold is as pure as possible. This can involve chlorine leaching, where the gold is dissolved in a special solution to remove impurities, or electrolysis, which uses electric charges to separate gold ions from other elements.
- Casting and Shaping
Once refined, the gold is ready for its next use. Gold buyers may cast it into bars for bullion trading, sell it to jewellers to create new jewellery, or press it into sheets. It can also be turned into fine wires and parts for electronics, potentially ending up in gadgets like smartphones.
The Circular Journey of Gold
The gold you sell can take on many new forms. It might become a beautiful new piece of jewellery or be stored as an investment. Because gold is endlessly recyclable, when its current use ends, it can be melted down and repurposed again.
The Benefits of Recycling Gold
Selling your gold to buyers isn’t just about making money. Recycling gold helps reduce the environmental impact of mining and supports jobs in the recycling and refining sectors. It also promotes ethical sourcing by decreasing the need for gold from areas with unsafe working conditions.
Ready to Sell?
Now that you know more about what happens when you sell gold to gold dealers, why not gather your old items and turn them into cash? With numerous gold dealers offering competitive rates and convenient online processes, it’s easier than ever to get the best deal. Selling your gold not only puts cash in your pocket but also supports a more sustainable and ethical gold market.