Gold assay is an important step in determining the purity and value of gold. For gold investors, it’s essential to help them make the right purchasing decisions. If you are interested in investing in gold, understanding the process of gold assay helps to put you in the best position for buying and selling. It is used to check that gold meets the correct standards set by the mint that produced it.
Gold assay helps you to ensure you pay the right price for gold that you buy or that you get the correct value when it’s time to sell.
How Gold Assay Works: Different Methods
There are different methods that can be used in gold assay to determine the value and purity of any gold. Each method can be used for different types of gold products to find the purity level of the gold. The gold assayer generally begins by taking a sample of the gold, which might be shavings from drilling the gold or a molten sample before the gold is formed.
Once a sample has been taken, there are two most common methods of gold assay that are used.
Fire assay
Fire assay is an old, reliable method of determining the purity of gold. However, it’s also a time-consuming process compared to some other options. This method works by melting gold and separating it from other metals and impurities. It allows the assayer to see what percentage is pure gold. Sometimes fire assay is carried out by melting down the whole piece of gold, instead of just taking a sample.
X-ray fluorescence
X-ray fluorescence is another common method used in gold assay. Using this method, the gold is irradiated with an X-ray beam, which allows the gold assayer to judge the purity of the metal based on the intensity level of the X-rays emitted. This method of gold assay is quicker than fire assay and also allows the work to be carried out in a non-destructive way. It provides good accuracy and it’s a method that can be easily carried out in various locations.
Scratch and acid test
Another option for gold assay is the scratch and acid test. This involves scratching the gold piece and pouring different types of acid over it to reveal its purity. However, this method isn’t particularly accurate and isn’t regarded as the safest method.
Electronic testers
Electronic testers can also be used to test the purity of a piece of gold. This uses electronic connectivity to determine the purity level of the gold. It’s a common method of gold assay, although it’s not the most accurate option available.
How to Assess the Quality of Gold
When you are purchasing or selling gold, knowing how to assess its quality will help you to make better decisions. Even without gold assay, there are ways to assess the quality of gold. For example, when buying gold jewellery, the term Carat is important. Pure gold is classed as 24 Carat. 9 Carat gold is 9/24 (0.375) gold and 14/24 other metals to improve durability of items used daily. You can learn more about metal purities here.
There are gold assay kits that can be used at home, but they don’t use the most accurate methods for determining purity. The best thing to do may be to pay for a professional test, in addition to looking for certifications and hallmarking.
Hallmarking and Certification
Hallmarking and certification are used to show that gold products have been tested and approved in order to provide reassurance of the authenticity and purity of a product. For example, a government mint may provide certification of their gold coins, bullion, or other products.
Hallmarking is used to show that the metal has been independently tested and guarantees that it conforms to legal standards of purity. It also shows where the piece was hallmarked, what it’s made from, and who sent it for hallmarking. These marks help to determine the authenticity and provenance of a piece. In the UK, the full traditional hallmark includes a sponsor’s mark, a traditional fineness mark, millesimal fineness mark, assay office mark, and date letter mark.
Conclusion
If you are interested in investing in gold or products made from gold, such as jewellery, gold assay is an important part of making the right purchases. Taking the steps to have gold assessed or ensure it has already been tested helps you to make sure you get the gold that you’re paying for.