How to Make the Most of Your Precious Metal Scrap
Posted Apr 28, 2011 in Management
With the precious metals market being uncharacteristically unpredictable, Star Refining President Tony Stern discusses market fluctuations, the global economy and when the time is right to sell your scrap.
Precious metals, like most other commodities, are priced according to supply and demand. However, given today's economic environment, this pricing methodology flies out the window, especially when applied to gold. This is primarily because there's an estimated 500 Tonnes of gold surplus in vaults around the world. Additionally, the amount of gold being refined and re-entering the marketplace is at an all-time high, not only because the price of gold is soaring but also because financially distressed consumers are selling their broken or unwanted jewelry at an unprecedented rate.
The price of gold has been rising steadily for the past five years and, at press time, it was $1,009.75 per ounce. So why is the price of gold climbing when there...
