Use an At Home Gold Test to Protect Your Investment
James Lawson- Gold bars are multiple troy ounces and are typically produced by private mints or refiners.
- Gold coins are minted by national governments and are legal tender in the countries where they are issued.
- Physical bullion bars and coins are not the same as investing in gold miners.
Gold is enjoying a resurgence as a favorite investment among investors. Some investors prefer bullion coins, which are typically minted by private mints, while investors with larger amounts of capital may opt for bullion bars, which are produced on a mass scale by large commercial refiners.
There are several precious metals dealers online who will sell gold bars and coins, but investors should be aware that they sometimes have a markup on the metal.
Why Use an At Home Gold Test?
There are several advantages to using this type of gold test.
It removes doubt and protects you from potentially losing your investment. When purchasing gold online, you depend on the seller to provide authentic gold nuggets. Unfortunately, some online sellers are more interested in making money than being honest.
It verifies your gold.
You can test your gold at home or at work.
Most at-home gold tests kits use nitric acid. But nitric acid isn't the only type of acid available. For example, hydrochloric acid is a good choice for verifying gold jewelry.
At Home Gold Testing Methods
There are several at-home test kits for gold that you can use to test the gold content of your jewelry, coins, or other gold items. These tests will allow you to determine the purity of the gold and check for purity over time.
Testing for Gold Purity
Since gold is denser than platinum or silver, it sinks to the bottom of most refining operations. Once it is extracted from the ground, the gold is separated from impurities by chemical or physical means. This is usually done using a gold test kit.
The gold test kits that are typically sold on the market contain a variety of chemicals and reagents. When combined, the chemicals produce a color change based on the purity of the gold being analyzed. These kits are available in stores as well as online.
Testing for Gold's Fineness
Gold is valued by weight, not purity. That means that two gold bars of similar weight can have very different values. Gold, like other precious metals, is valued by the fineness of the metal.
Typically, gold that is 99.5% pure would be valued at approximately $40 per troy ounce. However, if a gold bar were 99.999% pure, it would be priced at about $3,050 per troy ounce. So, although two gold bars with identical weights could have very different values, they would still be considered to be of the same value.
When testing gold at home, be careful when heating or melting gold. The gold may react to heat very differently from other materials.
Testing for Gold's Pieces
Before investing in gold, you may want to test your gold jewelry at home. You can easily and inexpensively test gold at home. Using nitric acid, you can dissolve the gold in your jewelry. You can also dissolve gold in acids that are stronger than nitric acid.
Gold IRA: Should You Open One To Save For Retirement?
The Bottom Line
While gold is certainly volatile, it has held its value for thousands of years. With all of the uncertainties in the world today, it only makes sense to store some of your wealth in a tangible asset such as gold.
