Gold and silver prices vary considerably and while you might think it’s easy enough to value them, it’s not always. Remember, gold and silver are pricy at times but they can also be stunning investment pieces for those who want something for the future. However, for most people they don’t actually understand the differences between 24K, 22K and 18K gold. Are there any differences between these things? Well, yes, there are slight differences and it’s important to learn what those differences are before you think about buying anything made of gold.
Karats – Why They Come In All Forms
As you will know there are 24K gold but you can also get gold in a variety of other forms. Gold is measured in karats and the higher the karats the better the purity of the gold. For instance, 24K gold is the highest purity of gold as it stands as 99.5% gold content or above. That is the best type of gold you can buy with 22K being 91% pure gold and 18K is 75%. All of these numbers matter when it comes to purchasing any type of gold. It would be the same when you look into buying gold bars, you would want to ensure the quality is what you expect. Why does gold come in all forms? It’s down to the gold content and the purity of the gold too. The higher the karat rate, the more gold content within.
Prices Do Vary
There are however also very real differences between the cost for 24K gold and 10K gold. It’s the same with 18 and 22K gold; the cost for these items might be certainly a lot less than that at 24K. The real is again down to the amount of actual gold content within the necklace for example. If you are buying a 24K necklace then it will be considerably higher in price than that of 18K or 10K gold necklaces. Prices do vary and it’s very important to understand that before you make any sort of purchase. The price of silver per ounce is very different from an ounce of gold so it’s important to know these things before you buy gold or silver. Knowing the prices can help to ensure you get fair value for what you buy.
Buying Gold Bars – Keep Gold Purity in Mind
It’s good to think about investing in gold and silver as these items can be very precious potentially in the future. However, if you are thinking about making a purchase you really need to be very careful about what you’re buying. As said gold and silver prices vary but if you are paying a 24 karat price you should be getting 24 karats of gold! Far too many people don’t think about that and don’t get what they think they’re getting. You have to think about the purity of the gold and the gold content within the item you’re buying whether its gold bars or a solid gold necklace. Always ensure you know the amount of gold first.
Know the Differences
There are only minor differences between 18, 22 and 24 karats of gold but they can be very important. You should get to know the little differences in order to get more value for money. This will also help to ensure you don’t overpay for something and get a wise investment. Buying gold bars can be very pricy but it can also be a good investment at times so think wisely!