Posts Tagged ‘ Metal ’

Rapid Reporting: Gold Bullion made a bad batch! Jamie Campany

Gold Bullion made a bad batch!

In a world of economic turmoil, downgraded status, and the U.S. dollar sinking faster than the Titanic, many of us are scrambling to find a secure, safe and reliable means of investing our monies.  Precious metals, such as gold bullion gives us that security we are all craving.  However, here is a “BUYER BEWARE” scam that is sweeping the nation.  There are “brokers” running around and targeting our senior citizens to quickly invest their savings into these precious metals, but only taking the money, not bringing back the metals they “invested”.  As with anytime you are looking to invest, due diligence is required to fully investigate any and all companies!

Gold - Bullion Bars

In Florida, these precious metal exchange stores were going up faster than Starbucks, Walgreens and medicial dispensaries combined!  Most recently, Gold Bullion Exchange founder, Jamie Campany, plead guilty to fraud.

 He was one of many who took client’s money with no intent to purchase the precious metals he promised.  Ok, that’s the bad news.  Good news, is now this under regulated commodity is now over-sought by US Commodity Futures Commission.  If the trade of monies to bullion isn’t finalized (metal being delivered to the original buyer) within 28 days, that is a violation of the new law and the federal government prosecute.Lee Josephson, of Raymond Lee Jewlers suggests, “It is always a good time to buy precious metals. As the currency continues to get weaker precious metals continue to rise.” Raymond Lee Jewelers buys Bullion and Gold.

How to Tell If Your Gold Jewelry is Real

shop for gold

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Nowadays with so many counterfeiters, you can never be sure if your gold jewelry is real. However, there are several methods or “checks” you can perform to verify that your gold is real. Please remember: The BEST method to check to see if your gold is real is to take it to a local, certified jeweler.

Check the Stamp

Take a close look at the stamp, preferably using a loop or magnifying piece. The stamp shows the grade info (given in finesse or carat). A ring, for example, may be stamped 750 on its inside to indicate that it’s 75% pure gold, or 18kt. Anything under 10kt isn’t considered real gold. This isn’t always the best way since some counterfeit pieces also have similar stamps, but it’s a good way to start.

Make sure to also check if any of the gold is wearing off around the edges from wear and tear. If it is, then your jewelry is gold plated, and not actual gold.

Use a Magnet

Real gold is not magnetic, but many metals inside a non-authentic piece are. If your gold jewelry piece sticks to a magnet, then it’s not real.

Nitric Acid

First off, remember to be safe when dealing with this method. Always take precautions when you are handling any type of acid. To test your gold jewelry using nitric acid, you may have to take a file and make a scratch in your jewelry (preferable somewhere where it’s not noticeable). Take a drop of nitric acid and see if it causes a reaction. If you see a green reaction, then you are dealing with a gold plated piece. If the reaction turns milky white, you’re dealing with a gold plated piece over sterling silver. If there is no reaction, then you have real gold. This method is commonly used in jewelry stores.

Unglazed Ceramic Plate

First off, you may not want to use this method because it will scratch your jewelry, but if you’re really eager to determine if your jewelry is real gold, then you may proceed. Take your jewelry and drag it across a piece of unglazed ceramic. If your jewelry is composed of real gold, it will leave a gold streak. If it isn’t, it’ll leave a black streak.

Gold Tester

If you’re willing to invest some money in a gold tester, it is one of the surest ways to tell if your gold is real or not. However, these gold testers usually come with a hefty price tag. They can be commonly found in jewelry stores.

Raymond Lee Jewelers, shop for gold at our locations.

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Why is Platinum So Expensive?

White gold (palladium gold alloy) ring with rh...
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What makes platinum so expensive?

Platinum is a very popular metal for its advantages. Unlike white gold, which has be to rhodiumed every so often to keep its shine, platinum retains its natural, bright appearance and doesn’t have to be re-plated. Platinum is also a little harder than gold, making it less susceptible to wear and tear.

Besides the advantages of platinum, the metal is more expensive for economical reasons. Generally, platinum is a rarer metal and more difficult to mine than gold. This drives its price up. Likewise, platinum is used in much higher concentrations in jewelry than in gold. For instance, the platinum alloy used in jewelry consists of 85% to 90% platinum, whereas gold uses a maximum of 750 parts to a thousands of gold (75%) for 18kt jewelry, and even less for 14kt and 10kt.

Furthermore, platinum is a denser metal than gold, which means a grater density or heaviness contributes to a higher price (metal price is calculated based on gram weight).

Traditionally, platinum had been mixed with an alloy of gold, but more recently with other members of the platinum family such as palladium and iridium. This helps the metal retain its whiteness. This change in mixture has contributed to platinum’s increase in value since palladium and iridium tend to have a higher value.

Raymond Lee Jewelers

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