Things You Need To Know Before You Decide To Sell Gold Scrap Melbourne

Gold is known to be the most used metal. Not only is it used in jewelry but also for dental purposes and in certain electrical appliances. The value of gold keeps changing and is therefore considered as an asset that can be utilized when one is in dire need of money. When unwanted jewelry or things which are made with gold but are not required anymore are sold out, it is referred to as scrap gold. One can sell gold scrap Melbourne for a certain amount of money. It is important to find out the exact carat of your gold items to check its purity.

Check the purity

The purity of gold can be tested through certain acid tests. There are kits available in jewelry shops with which the purity of the gold can be determined. These kits are used to check the purity of 10k, 14k, and 18k gold jewelry. One can visit any jewelry store and purchase the kit. It comes with a stone and an acid bottle. To check the purity, one needs to rub their jewelry on the stone and then apply a few drops of acid on the sample. If the sample turns brownish, the gold is impure. Certain shops like the Gold Buyers Melbourne use X-ray Fluorescence (XRF) to determine the purity of gold.

Know the value of your gold

It is important to know your gold’s worth so that you have a rough idea about how much you will be paid for being able to sell gold scrap Melbourne. It is important to understand that gold is never purely and solely made out of gold, the metal, but contains some amount of alloy as well. The reason behind gold items not being purely made of gold is that the metal isn’t durable. To know the value of your gold, it is important to have an idea about the carat of your gold items. But, remember that you won’t be paid the market price but a bit lesser as the buyers are here to make some profit.

Know the value of the metal

After checking the purity and knowing the value of your gold, it’s time to do some research on the stores where you can sell your scrap gold. There are many options from pawnshops to jewelry stores where gold can be sold, but, it is wise to do some research on the stores as most pawn shops or jewelry stores measure all the gold items together and pay the lowest carat value from the bunch.  This makes it important for people to sell their gold in reputed stores like Gold Buyers Melbourne where transparency is maintained and fair means of payment are used.

When to sell scrap gold?

It is better to invest in gold when the prices are low and sell it when there is economic uncertainty or a financial crisis.  The share market keeps fluctuating and it is important for people to have certain assets with them which can be utilized when their investments in the share market go bad. Since the beginning of time, gold has been considered to be the safest and reliable asset.