Gold facts: how gold is formed, gold reserves and whether gold is magnetic
The short answers to the questions people ask most about gold, from where it comes from to how to tell whether a piece is real.
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What decides the value
- Is gold magnetic?No. Pure gold is not attracted to a magnet. A piece that jumps to a magnet is not solid gold.
- How heavy is gold?Very: its density is 19.32 grams per cubic centimetre, almost twice that of silver.
- What is its symbol?Au, from the Latin aurum. Its atomic number is 79.
- Does gold tarnish?Pure gold does not rust or tarnish. Lower carats can darken slightly because of the other metals in them.
How is gold formed?
Gold is not made on Earth. It is forged when neutron stars collide and in some supernovae, and was scattered through the dust that formed the planets. Most of the Earth's gold sank to the core; the gold we mine was carried up in hot fluids and deposited in veins of quartz, then washed into rivers as nuggets and dust.
Which countries hold the most gold reserves?
The United States holds the largest national gold reserve, a little over 8,100 tonnes, followed by Germany with about 3,350 tonnes, then Italy and France. The United Kingdom's own reserve is about 310 tonnes. The Bank of England also stores gold for other central banks in its London vaults.
How much gold has been mined?
Around 200,000 tonnes in all of history, which would fit in a cube a little over 20 metres on each side. About half of it is jewellery.
Is gold magnetic?
No. Gold is not magnetic, and neither are silver or platinum. The magnet test only rules things out: a piece that sticks to a magnet is not solid gold, but plenty of fakes are not magnetic either. A hallmark and a proper test are the reliable checks.
Melting point and purity
Gold melts at 1,064 degrees Celsius. Purity is measured in carats out of 24: 24 carat is pure gold, 18 carat is 75%, and 9 carat is 37.5%.
What we buy
- Gold jewellery in any carat
- Gold coins and bars
- Gold nuggets and dust
- Broken and scrap gold
- Antique and signed gold pieces
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“Excellent service. Contacted Mozeris and corresponded with Faustas. Responded immediately to my email to sell a 20g gold bar and a half sovereign coin. Received an offer and after a few further email exchanges to finalise, I posted with special delivery and was paid out shortly after they received the items.”
“I was apprehensive about selling my mother's omega watch but the whole process was straightforward and reassuring. Faustas was extremely helpful and understanding and the communication was very quick. The money agreed was in my account within hours of accepting an offer.”
“Fantastic guys, pay on spot and very very professional.”
Questions about selling gold facts
Is gold magnetic?
No. Pure gold is not magnetic. If a piece is strongly attracted to a magnet it is not solid gold, although a clasp may contain a steel spring.
How is gold formed?
Gold is created in collisions between neutron stars and in some supernovae. It reached the Earth's crust in hot fluids that left it in veins of rock.
Which country has the largest gold reserves?
The United States, with a little over 8,100 tonnes. Germany is second with about 3,350 tonnes.
How much gold does the UK have?
The United Kingdom's official gold reserve is about 310 tonnes.
How can I tell if gold is real?
Look for a hallmark such as 375, 585, 750 or 916, check that it is not magnetic, and have it tested. We test gold free as part of a valuation.
What is the density of gold?
19.32 grams per cubic centimetre.
Not sure what you have? Ask us.
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