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Are There Any Shrewd Investment Odds For Your Precious Metal Scraps? | Financial Planning Tips

Are There Any Shrewd Investment Odds For Your Precious Metal Scraps?

Gold is considered an expensive much sort after asset and many people purchase it for myriad reasons. Some opt to buy gold items such as different types of jewelry as gifts for their loved ones or as souvenirs. As it is, gold buying and selling is a good business for those that understand how the game is played. Numerous investors have shifted business and settled for gold exchange dealing for they consider it more profitable.

The huge cash gains made by many gold or silver scrap metal dealers has made some of them quite crafty and thus employing any technique to swindle unsuspecting clients off their money when they go selling their gold or silver metal scraps. In simple terms, these dealers are always desperate in making or finding money to the expense of their customers. Fortunately, by following the below tips, you can be able to avoid buying fake precious metals that are valueless.

  • Scientifically, gold metal is not magnetic. If a metal being claimed to be gold is attracted to the magnet, then that is definitely not a genuine gold. Remember also that it may not be attracted to the magnet and yet it may turn out fake. So, some other tests need to be done before finally deciding that the gold is authentic.
  • It may appear awkward but you can tell whether a gold piece you are about to buy is real by biting or pressing it gently with your teeth using moderate pressure. Real gold will indicate your teeth markings and the deeper the markings, the more its purity. However, do not rely on this test since it can cause damages to your teeth. Lead also appears to be much softer than gold and if any gold item is plated with it, this can deceive that the item you are about to buy is real gold. Other more professional tests have to be carried out to verify the gold item authenticity before finally buying or selling it.
  • The purity of your gold can be tested using unglazed ceramic plates. If you do not have this gold testing plate, you can as well as buy it. You can use this method to test even the purity of gold scraps you are planning on selling. Drag the piece of gold on the surface of the plate and if you notice a black streak, then walk away from that deal as that gold item is obvious fake
  • Weight can also be used to tell the pureness of the gold you are about to buy. Your jeweler can weigh your gold for you and normally there is no charge for it. The density of the gold being sold can define if it is real. Gold tends to have a higher density than other metals and thus it is believed that the higher its density, the more authentic it is.
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