Gold by Any Other Name Would Sell Just as Well
Despite what some people might think, gold that’s recovered from ruins that are thousands of years old will have the same value as freshly minted gold, but only as long as both of them have the same purity and weight. What this means is that any variations of gold a person hears about are just different types of pure gold. The reason that gold has so many different forms is that it has been blended with other metals. Gold buyers and sellers alike will want to familiarize themselves with different types of gold in order that they may know exactly how much their gold is worth.
Types of Gold Alloys
Gold is a soft metal that is described by a number – and the letter K is basically an indication of how much gold there is in the jewel or gold object. Anything that is 24K gold is essentially pure gold and is made of 24 karats of gold. If the object has fewer than 24 karats, it is composed of other metals, such as silver or copper. A good formula for determining the purity percentage of a gold object is to take the karat value, divide it by 24, and multiply that number by 100. Something worth knowing is that in the U.S. anything that has less than 10 karats can’t legally be sold as gold.
Colored Gold
Depending on what metals gold is mixed with, it can take on different colors. In order for gold to be declared as white gold, it has to be mixed with palladium, nickel, manganese, or some other white metal. Red, rose, or pink gold has usually been mixed with copper. The more copper there is in the object, the richer the red tones will be. Green gold, also known as electrum, forms naturally and is a combination of silver and gold. The shade of green is determined by the precise mixture. There is also black gold, blue gold, and purple gold.
Gold Bullion
Gold bullion is a type of gold that earns its value from its weight and purity as opposed to its color, design, history, or uniqueness. A majority of the gold in movies is gold bullion that has a rectangular shape to it. In actuality, gold bullions can take on several different shapes and still be classified as bullions as long as they are refined. Bullion is classified as either minted or cast. Gold ingots are bars of gold that have been cast and are thicker. Gold wafers and biscuits are thinner since they’ve been stamped.
Many people are under the impression that gold coins are more expensive since they are most often either collector’s items or antiques. The truth is that gold coins are valued the same way that gold bars are, except they have a different shape and a lower weight.
Other types of gold include:
- Numismatic gold coins, which are old coins that are no longer being produced
- Unrefined gold, which is gold in its original form
- Gold scrap, which is any type of gold that carries more value for the gold that is inside of it.
Anyone who plans on becoming a gold buyer or seller in the future should take a few lessons in the history and future of gold as well as the different forms of the precious metal.
Category: Investing
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