Metallix Direct Gold Blog

I Just Sold My Gold, What Happens To It Now?

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You just sold your gold, or other precious metals items, to a reputable gold company. Your items were evaluated for purity and weight, you accepted an offer you were happy with, and you sent your items on their merry way.

So, where do they go from here?

Once the sale of your items is complete, the materials may either be sold to another buyer or directly to a refinery. If the company that purchased your gold generally purchases a small amount of precious metals, or does not have an existing relationship with a refinery, there is a good chance that the materials will be sold to a secondary buyer who is able to sell a larger, more acceptable amount of metal to a refinery. In rare occasions, your buyer may own its own refinery, which cuts out the “middle man” in the transaction.

Most gold sold on the market today is not pure, 24-karat gold. It has been mixed with other metals, such as silver, copper, or nickel, impacting its durability, color and price point. The gold must be melted down and refined back to 24-karat by separating the gold from the other metals it was mixed with, before it can be sold back to investors and industrial users. 

The basic refining process involves:

1.      Melting – Gold jewelry, or other gold items, is melted down using a high-temperature furnace to determine the item’s purity. 

2.      Chemical Processing – The melted gold is dissolved and separated using an acid solution, and precipitated back into its pure, 24-karat form.

3.      Molding – The gold is molded into gold bars, also called gold bullion. The gold may also be made into “gold shot,” or small beads of gold.

Once your gold has been refined back to its pure form and molded into bars or shot, they are sold to either investors of gold, or are sold back to industrial companies, such as jewelry, electronics and dental manufacturers. The gold will be remixed with alloys to reach their desired color and durability, and made into new jewelry or other industrial products.

Not only does selling your gold give you the opportunity to make a profit on your items, precious metals refining is a true recycling process that transforms unused or unwanted items into reusable metals. Refining reduces waste, and reduces the need to mine for additional metals, thus enabling sellers to impact the environment in a very positive way while additionally earning extra cash.

To learn more about the industrial refining process and environmental implications, check out the Metallix Refining Corporate Video.

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