What do Gold Buyers do with your gold?
In today’s economy, sometimes we need to find ways to earn some extra money to pay our bills or feed our families. When jobs are scarce, we sometimes come up with other means to make sure that our families are taken care of. Most of us have some precious metal or precious stone that we can sell. Most gold buyers will take your gold and pay you after the value has been determined. Have you ever wondered what are gold buyers and happens to your gold after you sell it?
What are gold buyers?
Gold buyers are often companies who buy unwanted broken gold item from willing sellers such as Pawnshops or direct from the public. Pawnshops are, in one way or another, indirect buyers because of their process. These shops don’t directly buy the gold at first, but only uses the item as collateral. They can give you the item’s value for a fraction of its price initially within an agreed upon period. This comes with expectations that you’ll pay back the amount along with interest to get it back. When you fail to do so, they in effect buy the gold from the seller and often re-sell it to a gold buyer. By skipping Pawnbrokers you can go direct to the source and deal with gold buyers like Melbourne Gold Company direct.
How do gold buyers value your gold and what do they do with it after they buy it?
Gold Buyers will evaluate your gold items with what’s called an XRF machine. They test all your gold pieces to see what carat it is and weigh the gold and purchase it from you. As Gold Buyers are amalgamators of gold they need to collect enough of it to continue to the next step in the recycling process.
As Gold Buyers are the first step in the gold refining process they will amalgamate all the unwanted gold items they have purchased from the public and Pawnbrokers. Once they have acquired enough gold they start the process in preparing the gold to ship to the gold refinery for it to enter into the gold refining process.
After gold buyers have purchased enough gold it is prepared then first put it into furnace for roughly 20 – 25 minutes. Borax is added as it mixes and cleans the impurities. As the gold melts, it will start to form a ball and swirl. While it is melting, you need to stir it with a rod made of graphite so that the mixture is even, resulting in a purer measurement for XRF testing purposes. Then, when the molten gold is around 1250 degrees it is poured into a mould.
After the gold buyers have poured the melted gold into a mould, all the impurities such as springs and stones will float to the top in the borax. The gold bar while its hot is tipped out of mould and into cold water. The borax will react in the water and fall off along with the impurities.
After this the gold bars are shipped to the gold refinery. The gold refinery will re-melt the bar to conduct a fire assay. To do this there are a few more steps involved. when the gold is molten they put a glass vacuum tube and suck a small amount of gold this small amount of gold is taken into a lab where lead is added and the sample is placed into an oven to dissolve away all the metals only leaving gold and silver. The gold and silver are then weighed and calculated accordingly against the weight of the scrap gold bar.
If there is more than a 1% difference between indicative XRF testing and fire assay, the process will need to be done again.