
What happens to my gold after I sell it?
by, Ben Stephenson
Trading gold jewelry for cash is an old practice that has been going on ever since major nations around the world began printing their own currency on paper and impure coins.
Sometimes, the gold we trade in is an heirloom or a piece of jewelry that had some significance to us, and naturally people are curious how their valuables will end up. Your gold will end up travelling down one of three paths depending on what you are selling.
The first and most valuable type of gold is, of course, 100% pure gold or 24K. Most gold coins from around the world fall into this category, even if they are not one hundred percent gold.
Pure gold bars or coins are actively traded commodities, meaning they are bought and sold as is because there is no point in melting it down since it’s already pure. With the value of gold and the currency protection it offers, investors will most likely hold on to their pure bars and coins and sell later when circumstances are more advantageous.
The second path your jewelry may follow is being resold as a finished piece, which includes 10K- 21K gold. If your jewelry is a highly sought after style or a nice vintage piece, it will be refinished to look like new and set in a retailer’s showcase.
The second path is best way to get high payouts on jewelry. You will get paid not just for the gold weight, but the retail value as well.
If you are very fond of a certain item that doesn’t always mean you’re going to get more than the gold weight for it. Remember that gold is an instantly sellable commodity. Gold buyers must turn down instant cash to try and sell your jewelry.
To pay more for a finished piece is a gamble for buyers. They don’t know how long it will take to sell your items or if they will even sell it at all.
Don’t be discouraged if your items are not re-sold the value of the gold weight has never been higher and you’ll still get a good price.
Third and most popular path is melting at the refinery. It sound like a waste, but the process of refining gold is one of the mankind’s oldest traditions. The melting point of gold is 1, 940 degrees. Ancient civilizations around the world were melting and refining gold without any help from modern technology.
The most popular example of this is the Sarcophagus of King Tut from ancient Egypt, which covered the mummified king from head-to-toe.
There is no wring way to go. Capitalizing on the gold fever is a win if you can find an honest and successful business and get top dollar for your treasures.