How To Archives - Cash For Your Gold

What Is a Gold Assay?

Gold assay is an important step in determining the purity and value of gold. For gold investors, it’s essential to help them make the right purchasing decisions. If you are interested in investing in gold, understanding the process of gold assay helps to put you in the best position for buying and selling. It is used to check that gold meets the correct standards set by the mint that produced it.

Gold assay helps you to ensure you pay the right price for gold that you buy or that you get the correct value when it’s time to sell.

How Gold Assay Works: Different Methods

There are different methods that can be used in gold assay to determine the value and purity of any gold. Each method can be used for different types of gold products to find the purity level of the gold. The gold assayer generally begins by taking a sample of the gold, which might be shavings from drilling the gold or a molten sample before the gold is formed.

Once a sample has been taken, there are two most common methods of gold assay that are used.

Fire assay

Fire assay is an old, reliable method of determining the purity of gold. However, it’s also a time-consuming process compared to some other options. This method works by melting gold and separating it from other metals and impurities. It allows the assayer to see what percentage is pure gold. Sometimes fire assay is carried out by melting down the whole piece of gold, instead of just taking a sample.

X-ray fluorescence

X-ray fluorescence is another common method used in gold assay. Using this method, the gold is irradiated with an X-ray beam, which allows the gold assayer to judge the purity of the metal based on the intensity level of the X-rays emitted. This method of gold assay is quicker than fire assay and also allows the work to be carried out in a non-destructive way. It provides good accuracy and it’s a method that can be easily carried out in various locations.

Scratch and acid test

Another option for gold assay is the scratch and acid test. This involves scratching the gold piece and pouring different types of acid over it to reveal its purity. However, this method isn’t particularly accurate and isn’t regarded as the safest method.

Electronic testers

Electronic testers can also be used to test the purity of a piece of gold. This uses electronic connectivity to determine the purity level of the gold. It’s a common method of gold assay, although it’s not the most accurate option available.

How to Assess the Quality of Gold

When you are purchasing or selling gold, knowing how to assess its quality will help you to make better decisions. Even without gold assay, there are ways to assess the quality of gold. For example, when buying gold jewellery, the term Carat is important. Pure gold is classed as 24 Carat. 9 Carat gold is 9/24 (0.375) gold and 14/24 other metals to improve durability of items used daily. You can learn more about metal purities here.

There are gold assay kits that can be used at home, but they don’t use the most accurate methods for determining purity. The best thing to do may be to pay for a professional test, in addition to looking for certifications and hallmarking.

Hallmarking and Certification

Hallmarking and certification are used to show that gold products have been tested and approved in order to provide reassurance of the authenticity and purity of a product. For example, a government mint may provide certification of their gold coins, bullion, or other products.

Hallmarking is used to show that the metal has been independently tested and guarantees that it conforms to legal standards of purity. It also shows where the piece was hallmarked, what it’s made from, and who sent it for hallmarking. These marks help to determine the authenticity and provenance of a piece. In the UK, the full traditional hallmark includes a sponsor’s mark, a traditional fineness mark, millesimal fineness mark, assay office mark, and date letter mark.

Conclusion

If you are interested in investing in gold or products made from gold, such as jewellery, gold assay is an important part of making the right purchases. Taking the steps to have gold assessed or ensure it has already been tested helps you to make sure you get the gold that you’re paying for.

Sell Scrap Gold as Recession Looms Large

According to ONS data, a recession has been narrowly avoided after the UK economy grew by 0.5% in May 2022. However, the picture is far from rosy for many UK households. Should a recession come to pass, Brits will be squeezed harder than ever as the cost-of-living crisis shows no signs of abating.

Speculation remains high that the economy will go into recession, and with inflation at a 40-year high, the average household has never faced such uncertainty.

With all this in mind, many people are looking at ways to stay afloat during these tough times. The solution could be lying unnoticed in your home – in your jewellery box or stored in the attic. Yes, we’re talking about scrap gold. At Cash For your Gold, we offer you the best prices for your scrap gold and you can receive payment in just 24 hours. Keep reading to learn more about selling scrap gold during the cost-of-living crisis.

What are the chances of a recession in 2022?

The Bank of England is not predicting a recession in 2022, although as mentioned this was only narrowly avoided in May. The institution has predicted a significant downturn towards the end of the year with a contraction of almost 1% forecasted between October and December.

Some experts are still warning that a recession is possible this year or in early 2023. With household bills and inflation at record highs there are several factors that could plunge the country into recession.

Since April, there has been a 54% rise in gas and electricity bills, and the Bank of England expect costs to rise approximately 40% in October. With households and businesses having less disposable income at hand, spending could keep falling as price rises cause the economy to contract to the point of recession. For a recession to be declared, GDP must decline over two successive quarters , meaning a recession could be confirmed by the end of the year.

Brits look to tighten their belts during the cost-of-living crisis

There is some good news for savers. The Bank Rate, the interest rate set by the Bank of England, was raised in June 2022 from 1% to 1.25%. The Bank of England increases interest rates in an attempt to reduce spending and slow economic decline when the cost of living and inflation surpass acceptable thresholds.

However, with household bills set to rise in October, many households will not be in a position to save. Instead, some will require additional income to be able to afford increases to their energy prices.

This is where scrap gold can come in. At Cash for Your Gold, we offer some of the best prices for the sale of scrap metal online – visit our website to compare market rates. The good news for sellers is that gold prices are healthy. In January 2022, the gold price sat around £43.20 per gram, rising to around £46.30 prices in July. This means that if you have just five grams of 9 carat gold to sell today, July 25^th, for example, you could make £82.50.

Sell scrap gold today to beat the squeeze

Using our scrap gold calculator, you can determine the value of your gold. All you’ll need to know is its weight and purity. You may have more scrap gold at home than you imagine. Fortunately, we accept a range of items including, jewellery, coins, gold bullion, watches and dental gold.

You can sell your scrap gold in three simple steps. If you have any questions about selling your gold, or would like to book an appointment, please don’t hesitate to contact us.

Finance Your Summer Holiday with Cash for Your Gold

At Cash for Your Gold, we offer the best prices online for your scrap gold. With our competitive prices for scrap gold, you could finance your summer holiday, which is proving tricky for many Brits during this time of high inflation.

The cost-of-living crisis means that many Brits are struggling to book a summer holiday for the third summer in a row after two years of COVID-19 enforced stay-at-home regulations. So, why not sell scrap gold today?

Scrap gold – what we buy

We have been buying scrap gold for many years, building a reputation for secure, fast and transparent payments along the way.

We buy a range of items in the following forms of precious metal: gold, silver, palladium and platinum.

The items we buy include jewellery, such as necklaces, bracelets, rings and earrings. We also buy medals, statues, old watches and dental gold. Discover the full list of items we buy.

Whether you have unwanted jewellery gathering dust at home, or have inherited a coin collection, but have no interest in gold coins, we will offer you some of the best prices for scrap gold available online.

Check the latest gold prices

When looking to sell scrap gold, you can make the most of your sale by timing it just right. To do this keep a close eye on our live gold price charts. We update our live price data every five seconds to give you the most up to date information possible at your fingertips.

With this information to hand, you can wait until the price is at a point you are comfortable with.

Gold prices fluctuate constantly, so don’t underestimate how frequently prices change. Currently the gold price is plateauing to a degree. Across the last decade, however, the price has generally trended upwards, and for long periods it has risen sharply. Moreover, the price of gold tends to rise during times of economic strife such as now, meaning you may want to check our prices regularly before making a sale.

How it works

Just follow these three simple steps.

1. Weigh and value your items
Firstly, determine the purity of your gold, which should be marked clearly on most gold items. Then weigh your items using a set of scales. By entering the weight and purity of your items in our scrap gold calculator we will determine a current guide price.
2. Securely pack your metal
We recommend packing your items in a secure jiffy bag or similar. Once your items are physically secure print and fill in our seller’s form. When you are ready to send your items you can do so in complete confidence. We recommend posting via Royal Mail Insured Special Delivery to ensure your sale is not compromised if your items are lost in the postal service or damaged in transit.
3. Receive your payment
You will receive payment within 24 hours of us receiving your parcel – via transfer directly to your bank account.

Sell your gold for cash

Ready to make a sale? If you are happy with the price we offer, you can sell your gold now. If you have any questions or would like us to value your gold for you, please get in touch with us.

Gold Coins Remain Popular in Bullion Markets

The age of using gold coins as a form of currency might sound like a story from an old book, but it was a lived reality only a few generations ago. Gold coins are a remarkably easy way of putting wealth into gold and while you rarely see them used for spending purposes, demand for them remains high on the open markets.

Sovereigns as top coins

Gold Sovereigns from the reign of Queen Victoria typically weigh 7.98 grams, and are divided into three distinctive chapters of her life: the Young Head portrait, which was in use until 1887; the Jubilee Head portrait commemorating her Golden Jubilee from 1887 onwards; and the Old Head or Veiled head, from 1893 until her death in 1901. The coins currently attract a price for their gold content in the region of £300..

One of the most popular coins to consider, if you wish to sell gold and you have any in your possession is Gold Sovereigns. Many of these have been minted over the last 150 years or more, most of which are likely to bear the portrait of Queen Victoria. Her reign, which lasted over 60 years, means there are a wealth of these coins offering a tangible record of this period in British History.

If you ever have a gold item and need a quick and easy way to get a valuation, Cash for Your Gold has a free-to-use Gold Scrap Calculator. This allows you to get a simple price for what your coin could be worth; all you need to calculate this is an idea about the coin’s purity and its weight.

Gold Britannias are another popular gold coin minted in the UK, depicting Britannia herself, holding a trident and shield. This iconic gold coin is often found in a variety of weights, from tenth of an ounce to full troy ounce coins, which can attract a price roughly close to the spot price of gold per troy ounce (£1,300 per troy ounce as of September 2021).

Other coins to consider

Gold Sovereigns and Britannias aren’t the only coins popular with gold coin enthusiasts which you can sell for a respectable price. South Africa has been minting coins known as Krugerrands since 1967, as a means for individuals to store their wealth privately in gold. These coins were notoriously hard to come by during the 1970s and 1980s, as this was at the height of the apartheid era, when countries actively blocked the import of such items from South Africa as a form of boycott.

As with Britannias, Krugerrands are often minted as single-troy-ounce coins, but buyers often happily look for the smaller-weight varieties of such gold coins, as they offer an easy jump-on point for entering the bullion market. No matter how big or small your gold coin may be, it is highly likely to attract a good selling price, but you just need to find the right people to sell to.

Cash for Your Gold is here to help facilitate such sales of gold coins. We have extensive knowledge of such items, offering valuations and consultations to help ascertain what your item could be worth.

If you have a gold coin you wish to sell but need this expert opinion, don’t hesitate to call us on 01902 623 253.

Getting the Right Cash for Your Gold and Silver

Rising demand for precious metals from both buyers and sellers in the past 20 years means that there is growing interest in the authenticity of items being exchanged.

Cash for Your Gold has seen many things over the years.

One phenomenon we have observed is the prevalence of items which are purported to be gold, only for further scrutiny to reveal that they are far less dense than they ought to be or that they are electroplated. It’s easy to pass items off as gold in a superficial way, but we know how gold and silver should behave, so here are some things to keep an eye on, when you decide to sell.

Find your certification

Gold and silver coins are popular candidates for being made counterfeit or being passed off as false gold and silver. Electroplating allows manufacturers to reduce production costs, coating less valuable metals in a superficial layer of gold. It might fool someone at first glance, but density is impossible to fake. Gold atoms are densely packed together, meaning false gold items are often far less heavy than they should be.

To make sure your gold coin is authentic, a certificate of authenticity is helpful, as this helps identify its origins and guarantees the dealer was reputable. Gold prices are close to all-time highs, and you don’t want a nasty last-minute surprise as you prepare to sell. Cutting corners might mean you didn’t pay terribly much to acquire your item at first, but it could mean trying to sell it will hit a brick wall eventually.

Other warning signs about your item could be if it shows unusual signs of fading, or the seller offered the item as being ‘enhanced’ by gold. The point is simple: true gold doesn’t need enhancing, and such a term suggests the item wasn’t pure gold to begin with, detracting from the item’s value from the offing.

Check your item out

Cash for Your Gold is in a position to help you assess whether your item is true gold or silver. We know the signs to look out for – hallmarks, density and other classic characteristics associated with proper gold and silver items.

If you would like a professional opinion, we can arrange a Zoom consultation to assess your item over video call. In addition, you can send the item to us so we can examine it ourselves using the necessary metrics and equipment.

Questions over the purity of gold and silver items might persist, and you shouldn’t ignore valid concerns about your items being what you hope they are. Give us a call on 01902 623 253 to hear from professional experts in the world of precious metals today.