Avoid the risks, know the price of Gold

If you're looking to raise some quick cash then we have a suggestion you might want to pay attention to in this blog. More and more people are discovering to their joy just what their old gold is worth, so why not join them in turning some of your old jewellery into a windfall?

The path to selling your old gold should be taken with caution though. As more people begin to sell their gold, so do more unscrupulous companies begin to try and take advantage. It's absolutely imperative that you are aware of the price of gold so you can avoid anybody ripping you off.

A quick glance at the internet reveals a plethora of these "Cash for Gold" sites. However, a lot of them will likely rip you off over the price of your gold, offering paltry quotes, often as low as 20% of the true value of the gold in question. So how do you protect yourself? Well, with information of course.

The first step is to make sure your gold is the real deal. You do this by checking to establish your gold isn't magnetic. If it is, this points to the presence of an alloy that the gold is mixed with, thus rendering it worthless in the eyes of Cash for Gold resellers.

Once you're happy your gold is the real deal, then it's time to start your search for Hallmarks. The hallmarks currently used in the UK are as follows. 9 Carat - 375, 14 Carat - 583, 18 Carat - 750, 22 Carat - 917, 24 Carat - 999. Basically, the higher the number, the more your gold is worth.

You can then weigh your gold to establish the weight in grammes. Right now, gold is retailing for £22.50/gram. Once you have this information, all you need to do is multiply the weight in grammes by the price per gramme, and multiply that by the purity percentage.

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