How Do Gold Traders Function

Knowing where to sell gold jewelry is a tough decision to make since there are many places to choose from. One thing to know is that the rate they will pay you for your gold jewelry will differ greatly between buyers.

Italy’s Venice became the world’s leading market for gold bullion because of its location alongside trade routes around 1100 AD. Around 1284 AD, Venice gives birth to the Ducat which became the world’s most popular coin for more than 500 years. The Florin was issued by Great Britain around the same time. It was followed by the Noble, the Angel, the Crown and, finally, the Guinea.

On the other hand, suppose that the $1,000,000,000.00 (one billion Dollars) were given to ONE person… now that would surely make some difference to that person. But this is exactly what happens when a billion of new ‘money’ is printed… one person gets the whole billion; Mr. G’man gets the billion and gets to online gold spend it any way he chooses. This is called seignorage… profit made by the money issuing agent. It is more accurately called ‘legalized counterfeiting’.

What is the worst thing that could happen to you? You would still own a boatload of gold and silver. Guess what? The value of gold and silver NEVER GOES TO ZERO!

Basically, a test kit also includes a touch stone which is an essential tool. You don’t pour the acid on the whole piece of Gold in order to test it. Instead, you rub a section of the gold article against the stone. Then you put a drop of acid on the golden streak on the stone. All right, for example you rub a 14 karat gold selling price on the touch stone. You will need an acid that is appropriate for testing a 14 karat gold and a 14 karat test needle. This test needle ensures that acid is in working condition and isn’t contaminated. It also allows comparative analysis.

One quick thought for your consideration if you are buying jewelry or scrap gold. Be sure to buy 14 karat gold, 18 karat gold or 24 karat gold. Anything less than 14 karat gold will cost more to melt down for scrap than the value of the actual gold. Also, be contentious about the type of jewelry you buy. Be absolutely certain that it isn’t gold plated or hollow. You want a solid gold piece.

Gold Refiners. Selling gold to the refiners is easy and pays fast and it the payouts vary according to the volume of gold to sell. It pays higher if selling gold more than 10 ounces and price is poor if the quantity is less than ten ounces.

When you go in to a store and begin browsing the collections they have to offer, be sure to ask a lot of questions. Ask the salesperson what the karat of the gold is. Retailers are not required to label gold with its karat, so asking is key. Reliable and well known jewelers can be trusted to be honest about a piece of jewelry’s karat and value. You must be a bit more careful if you are shopping online. Do some research on a site before hitting “add to cart”. Look for reviews and be sure to review their return policy. Once you purchase a piece of gold jewelry online, you should be able to take it to a jeweler and have them to a gold test on it to determine its purity.