Recent research suggests that one in 10 Brits have a stash of gold worth more than their cash savings because they consider it a better investment.
And since the price of gold has never been higher, gold is quite simply worth its weight in, er, gold!
With the popularity of the precious metal at an all-time high, we are taking a look at the more unusual ways in which gold is used, and we have some real gold in the studio!
Top tips on how to invest in gold
- Gold is big business. In times of crisis, it's seen as a safe investment. Thus gold prices shot up in the recession, and, at current prices, even scrap gold is worth a mint when melted and turned into bullion.
- You can make a profit from broken jewellery, old gold, odds and ends and old gold crowns, but be careful! If your gold has gem stones in, looks particularly posh or branded, or if you have any medals, err on the side of caution as you may need to go to a specialist dealer. If you're selling your gold as scrap, antique and sentimental value will not be taken into account.
- Firstly you need to look at the hallmark to find out how pure your gold is. Nine carat contains 37.5%, 18 carat contains 75% gold and 24 carat contains 99% gold. Then you need to work out its weight - the daily gold price is issued in a measure called troy ounces so you'll have to multiply the weight in grams by 0.03215 for a figure in troy ounces. Then check the weight against current gold prices - you can get these on the internet.
- You can sell it at a jeweller or try one of the post gold services - but research your options thoroughly!
- Don't accept an offer until you've calculated how much your gold is worth or had it valued by several people. If in doubt shop around for the best price - or just hold on to it as an asset, gold is well known as a long term store of value and insurance policy both for good times and bad.