In the past few years ferromagnetic-like behavior has been reported in metal gold nanoparticles coated with diverse organic surfactants. In this work we report on the effect of thermal annealing on the ferromagnetic-like behavior of oleic acid and oleylamine coated gold nanoparticles of about 7 nm size. The magnetic moment of the "as prepared" sample is about 3 × 10 −2 emu/g and the coercive field is 200 Oe at 10 kOe and 5 K, after the annealing the behavior changes from ferromagnetic-like to paramagnetic and the magnetization at 10 kOe decreases at a factor of 10. These results are compared with those obtained for oleylamine coated gold nanoparticles, which are diamagnetic at room temperature.