When you sell gold to a gold dealer, what exactly happens to it? If the gold is in good condition then the gold items can be resold for a profit. This is often the case with pawn brokers, however, most gold buyers who accept gold items whether it is in good condition or broken buy it for its melt value. Most gold dealers Brisbane deal in gold jewellery, gold coins, scrap gold and gold nuggets. To maximize their profit margins, these buyers often have the gold refined by sending it to a refiner who will process the gold to remove impurities and produce a purer form. This is the main reason why you will only get 70% or 80% of the spot price when you sell your gold to a Brisbane gold buyer. Wouldn’t it be nice if there was a way for you to refine your own gold so you can sell it a premium price? Let’s look at what it takes to refine gold and why you should think very carefully about doing it yourself.
There are various tests (assays) that are run to assess the value of the gold to be refined. Refineries perform test ranging from standard acid tests to tests involving specialized equipment. These aren’t always practical for the average person.
#1. Testing
Acid tests
An acid test is done by scratching the metal on a basalt stone. The metal will leave a mark on the stone. Nitric acid is applied on this mark and it will cause a reaction which is measured to determine the purity of the gold.
Fire Assay
Fire assays are done by taking a sample, melting it with lead oxide and chemicals to determine the purity.
X-ray Fluorescence (X-RF)
This test involves looming at the gold by using X-rays. X-RF machines are a quick way to determine purity.
Ultrasound
An ultrasound machine sends ultrasonic pulses through a sample of gold. The frequency is measured and based on the readings, the quality of the gold can be determined.
#2. High Melting Temperatures
Refining happens after extremely high temperatures. Refineries use induction furnaces that can reach temperatures as high as 3,200°F. There are special safety features that are put in place to ensure the safety of the people handling the gold during the refining process. The levels of heat required can be hard to replicate at home.
If you want to refine your gold before selling to gold dealers Brisbane you will need to look for a reputable refinery with the following attributes:
Longevity
You should look for a gold refinery that has been around for a while. How long a company has been in operation says a lot about how good it is. You don’t want to choose a new player that could very well go out of business without any warning before you get your gold back or payment. You can check online to see how long a company has been in operation and what other people have had to say about particular companies.
Turnaround Time
Refineries process a variety of precious metals. They work with metals like silver and platinum. Some of these materials can take longer to process so you should get an indication of when your gold will be refined and when you can expect your gold to be refined.
Transparency
A reputable company will be more willing to be transparent about their processes and policies. The company should be willing and able to answer any questions you may have.
Whilst having your gold refined could ensure that you get a premium price for your gold. You still need to do some serious research and due diligence before you send your gold off to a refinery.
Comments are closed.