Gold is an extremely valuable metal. Gold has been considered a great investment by speculators for decades;
it also has countless industrial and commercial applications. To name a few gold is used in the manufacture of electronic
devices such as cellphones and TVs due to its superior ability in conducting electricity; It’s also widely used
in the alloys coveted by the jewelry trade. 10k,14k,18k, gold are all alloys, or a mixture of metals one of witch being gold.
As you may have notices the price of gold has risen over the past few years. Gold miners haven’t
been able to keep up with the demand creating a shortage. This shortage has created a large gold recycling industry. When
your sell you gold to us you are basically having it recycled. In most cases we refine these items by extracting out the gold.
Most jewelry is an alloy, 14k is only 58% gold and 10k is only 41% gold thus creating the need for refining. After
extracting to gold (refining) we then make it into something an investor may buy, like a coin or a bar. We can also refine
it into fine gold, something a jeweler may buy as material used in the manufacturing of jewelry.
The refining of scrap and old jewelry has always been an important part of the gold supply chain. About, 1,000 tons of gold
are recycled each year to meet annual market demands, which have been higher than what is produced through mining alone. Gold
mines are unable to boost their production due to the rarity of the metal and high cost of extracting it from the ground.
So gold refining fills this void. This prolonged period of increased demand has rised the price bringing more gold to market
and recycled gold is able to fill the void between production and demand.
Jewelry is responsible for almost 70% of the gold demand. Because jewelry is easily
refined, this contributes to the large amount of scrap gold that re-enters the market each year. Industrial uses contribute
to another 15% of the annual demand and the final 15% ends up in the hands of investors as coins and bars.
If you have some old gold jewelry that you don’t wear anymore and would like
to have some extra cash feel free to bring it in and have one of us take a look. As the demand for gold remains off the charts
you could be sitting on a small fortune.
Give us a call today with your questions.