$maxResults = 3;
$keyword = 'scrap gold';
$moreLinks = 'cash for gold';
$splitResults = FALSE;
include (TEMPLATEPATH.'/yahoo/output-results1_php-exec.inc.php');
?>
The higher prices of gold which could hit $1,300 an ounce this year will encourage more scrap sales according to GFMS, the precious metals analysts, who say the amount of gold scrapped increased by 27.2 per cent to 1674 tonnes last year.
The flow of scrap gold during the first quarter of last year was the highest and exceeded even the amount of new gold being mined. This was a result of the world being under extreme stress due to financial crisis, according to Philip Klapwijk, GFMS Chairman.
The average price of gold last year was $972 and ounce and this has led to an increase in investment demand, getting quadrupled to 1429 tonnes specifically. This was primarty invested through exchange-traded funds that allow consumers to buy shares in physical gold without actually holding it.
The total demand for gold increased by 8.3 per cent to 4,287 tonnes last year. However, gold used to fabricate jewellery fell 20 per cent to 1759 tonnes because of its high price.
More gold scrapped than mined in jewellery sales – Times Online:
Related Posts
Tags: gold, gold price, scrap gold