Few Things to Remember When Buying Gold
Gold signifies the symbol of luxury. In fact, gold is such a purchase that you will enjoy for your entire life, even for generations. So, when you make a gold purchase it is wise to learn about the different standards of gold available in the market.
We all buy gold from the point of view of a good investment. One people used to buy gold for instant liquidity as gold is always a precious metal, which can be sold anytime for instant cash. So, before you buy some gold or sell your gold, it’s important to know its actual value. Well, you don’t need to be an expert, just some basics.
1. Know the Karat and Value:
When buying gold, there is a Karat mark, which shows its authentication. The marks such as 22K, 14K, or 9K that is really important for gold items. The K here stands for karat and karat determines the value of the gold. This system is used to identify the percentage of pure gold it in jewelry or bar or coin or any piece of gold. The higher the karat, the more expensive your gold is. Just remember this very tiny Karat Table that you should know about gold:
24-karat is 100% of pure gold, so gold is measured in 24ths.
18-karat gold is 18 parts out of 24 pure gold and 6 parts alloy that is 75% of pure gold.
14-karat gold is 14 parts out of 24 pure gold and 10 parts alloy that is 58.5% of pure gold.
9-karat gold is 9 parts out of 24 pure gold and 15 parts alloy that is 37.5% of pure gold.
Gold item usually ranges between 8 to 22 karats. Also, 99% also means 24 karat gold. So, when you buy gold, consider rechecking the quality by Karat.
2. Why is Alloy Gold Metal Mixed?
Gold is a very precious metal and is loved by almost all. Pure gold is soft, easily malleable & can be converted in any shape. So, alloy gold is mixed to make the jewelry hard, strong and to provide durability. This is the reason alloy gold like silver, zinc, copper, etc. are added to solid gold. When you buy your gold, it’s important to know about the alloyed gold which is used.
3. Which Gold Is Better to Buy?
Ask yourself, which one you prefer? Platinum is very expensive but Solid Gold preferable to buy. Also, solid gold, especially white and yellow gold is more liquid and appreciated and accepted everywhere. Also, white and yellow gold is better as investment and store of value.
4. Determine the Gold Color You Want to Buy
There are many different types of gold colors available. Apart from the traditional White and Yellow Color, a huge range of colors like rose, bronze, red, lime, blue and even purple gold alloy colors available. But, which color is the most valuable? Ultimately, the price of the gold is measured by the weight & the percentage of gold used when you go to sell your gold, not the color. But for your question, the answer is white gold. White gold is one of the most expensive and precious gold colors. It is extra-expensive because it is plated with rhodium to maintain the beauty of the gold.
5. Know the Weight of Your Gold
After deciding the gold color, verifying the karat, lastly, determine the value of the gold on its weight. The weight of the gold piece is the authentication that your gold is pure and accurate to its specified karats. Once you have weighed your gold, identify the karat and the amount of gold used in the piece. Before buying your gold, make sure to follow the stated condition so that you get the best gold for your money.
Finally, Buying Your Gold
You can shop around, you can visit the best gold shop in town that assures the best quality and value. You can also buy from online stores. Well, in such case (Order online), when you really love any of their item and are ready to place order, I would suggest you to dig google a little about the particular shop, read some reviews (well, reviews can be fake sometimes), dig the BBB (Better Business Bureau), ask recommendations from your friends and family.