When John W. Marshall, in 1848, saw gleaming flakes of gold in water diverted from Northern California’s American River, he put in motion a rush for gold so profound that it dramatically increased the Country’s expansion in one year. However, finding, buying, and selling the precious metal has been embedded in both American and international psyches for thousands of years. The World Gold Council estimates that more than 209,000 tons of gold have been mined globally as of 2018. Over the course of this history, gold has appealed to children and adults alike for both its physical qualities and its immense value.
Questions of Holding or Selling
While gold’s attraction tugs at serious investors as part of a diversified portfolio, it also draws in individuals and families who may be holding an heirloom ring or a small stash of antique coins in a credenza drawer. If you are in the latter group, the time may come that you hope to sell your gold, or at least seek to determine its value. This course of action may be a milestone event, for gold presents a singular aura, a mystique that begins with its look and feel.
Gold sits in the middle of the periodic table along with other transition metals, including silver, copper, and nickel. Thus, it is malleable and ductile (relatively soft and easy-to-shape; can be drawn into wire), and it is conductive. Gold is the most pliable element, and of all the metals, it is the only one that has a natural yellowish gold appearance. Finally, gold is the least corrosive of all metals.
These qualities have allowed gold to be a functional metal, yet historically it is more often ornamental and symbolic. Gold has been the central element in crowns, tombs, and ornate moldings. The gold medal is the one given to the first-place finisher in the modern Olympics. One of the reasons you can sell your gold for substantial returns is the subjective value placed upon it by society, as well as its usefulness and unique properties. The London Bullion Market Association (LBMA) sets the price for gold twice per day.
With this in mind, chances are the pieces of gold you possess are made of gold alloys, rather than being of pure gold – this composition is a result of gold being so soft that it can be difficult to work with. Gold is measured by the number of parts per 24, each part called a karat. That is where you hear the term 24 karat gold as referring to pure gold.
Whatever the content of your gold item, whether jewelry, coins, or other facsimiles, if you choose to part with it, consult with a reputable gold buying company. By doing so, you can be assured of a valuable return.