A Gold Refinery Can Rip You Off

Gold has fascinated generations of the world throughout history

. Everyone has always wanted gold because of the money they can make from it. Gold refiners today will buy your scraps of gold from you, but be careful! A gold refinery may not make you the money you are looking for. Remember, gold has this strange effect on people. It makes them forgo everything they have and travel to California. It makes their eyes pop out of their heads and turn into zombies. It makes them greedy to have as much as they can have. Gold refiners are not much different. Let me explain how a gold refinery works.

You come in with a pile of your grandmother's old gold jewelry. The first thing the gold refiners will do is figure out what percentage of the 14K gold ring you hand them is actually gold. Remember, gold is a soft metal. Your jewelry is a mixture of other things, such as silver and copper, in order to make it hard enough to pass as durable jewelry. They will come back and tell you that the gold ring you brought was only about 55 percent gold. A 24K piece of gold, however, would be about 99 percent pure gold, but that would not be among your grandmother's jewelry.

The gold refinery will pay you for the percentage of gold that they found, probably at a lower price than gold traded for that day, due to the processing fee of actually figuring out how much gold was in it. Next, you lose more when they do not pay your for the silver and copper portions of your ring. Yes, they are small proportions, but they still sell, and the small numbers can add up. Next, after they have paid you and gotten you out of their hair, the gold refiners purify your metal by taking out the impurities, thus making the metal more precious and more expensive than it was when you brought it to them. And there again, they are on the top of the cake, providing the world with the purest gold, making more money on that portion of gold than you did.

If you have gold, and if you ever get desperate for cash, a gold refinery or precious metal refinery is one of your options. Precious metal refiners, in fact, may compensate you for the scraps of other metals found in your jewelry, and may be a better option for you, giving you a little more cash in your pocket. And who can say no to that?

by: Art Gib

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