Gold for the Holidays

The holidays are upon us and with that brings copious amounts of gift giving.  Everybody has their favorite type of gift to give and then receive.  One that routinely tops the charts is gold jewelry.  Gold jewelry comes in all shapes, sizes and price points.  Sometimes the piece that you want is out of reach because it is too expensive. 

This year, why not let old gold pay for new gold?  If you have older jewelry in inventory or items that you no longer wear, or have gold that is broken, you can turn them into money.  This money can be used to buy new gold pieces, or can be tucked away so it is available after the holiday bills arrive.

Gold is fetching a high price, so if you bring it in or send it to Manhattan Gold and Silver, you will get a higher price for your items.  You can even check to see how the gold price is fluctuating by viewing the tool on our homepage.  It is worth noting that the gold MGS receives will be priced based on the day it is received, not the day it is sent, so there may be some difference in the price you expect to get.

If you have questions about selling your gold, please contact Manhattan Gold and Silver today. We have been in the business for over 25 years and can give you the information you need.  We are a B2B precious metal refiner; we service jewelry stores, pawnshops and other industrial companies.

Precious Metal Purity and Fineness

When determining a price for precious metals, one of the first things that will have to be determined will be how pure or fine that metal is.  When precious metal is used in jewelry and other applications, it is often combined with other metals to either keep the cost down or to achieve a certain look.  The more pure the metal, the more it will be worth.  Below is some information and charts that will help you to determine the purity of popular precious metals

Gold purity (and purity of other precious metals like silver, platinum, and palladium) is expressed in fineness and refers to the gold content in 1,000 parts of a bar.  For example, a bar designated with 995 fineness is 995 parts gold and 5 parts of other metals, impurities, etc.  The purest type of gold in the market is 999.9, also known as four nines or 24 karat (k) gold.  Nines are an informal, yet common method of grading the purity of very fine precious metals.  A metal is said to be one nine or one nine fine if it is 900 fine, or 90% pure.
 
While the United States commonly expresses gold purity in karat weight, in Europe, gold jewelry is marked with three numbers (fineness) corresponding to the percentage of gold (silver, platinum, or palladium).  
 
Here are some handy charts to match up karat weight with fineness.

Gold

Silver

Platinum

Palladium

Manhattan Gold and Silver has assay machines on site that allow us to test your lot of precious metals and then give a same-day payout by either check or wire transfer.  With prices set daily to the London Gold & Silver Fix and the LPPM you are sure to get a fair payout for your lot.  Call us today for a price quote, 212-398-1554.

More Interesting Facts and Uses for Gold

We all know that gold is very valuable right now, was once used as primary currency and is most recognizable in jewelry.  Gold has many other interesting facts and uses that some may not be aware of.  Below is a list of several interesting facts about gold.

The chemical symbol for gold is AU which is derived from the Latin word “aurum” which means “shining dawn”.

The word “gold” comes from the Anglo-Saxon word “gelo” which means yellow.

Gold will never rust, because it cannot combine with oxygen in the atmosphere to form a gold oxide.

Gold is a very good conductor of heat and electricity.  Because of this, gold is prominently used in circuit boards featured in electronics such as TV’s, computers and other devices.

Carats, the unit in which gold is measured, are a measurement of mass and were based on the carob seed used by ancient merchants.

Gold is much softer than most metals.  In fact, it is so soft that it can be hand hammered so thin that the sun’s rays can shine right though it.  Because gold is so soft, it is often mixed with other materials to make it harder, so it is more durable in jewelry and other decorative items.  The two common metals that gold is combined with are copper and silver.

Another interesting fact is that for many years, gold has been added to food.  In ancient times, people believed that if they ingested gold it would give them eternal life.  Now, gold is used in products as more of a novelty, or as a way to show that it is a luxury item.  Gold flakes are even used in the popular schnapps beverage, Goldschläger.  In our next post we will calculate exactly how much gold is in this drink and give you an idea as to whether it is better to consume, or to harvest the flakes and sell.  Stay tuned!

Gold has a fascinating history, and as time moves forward, the uses for this precious metal may become even more interesting.