Gold Recycling

Gold Recycling Information

Early in 2008, gold broke $900 USD per ounce for the first time and gold recycling is more popular than ever. Gold is an extremely valuable metal, second only to platinum in the metals we work with on a daily basis. The stability of gold, which continues to trade strong, coupled with the economic crisis experienced the world over, has led thousands of people to exchange their valuable gold for much needed cash. If your business has been inundated with gold as part of this international trend, we at Manhattan Gold & Silver can help. Businesses from all over the world have come through our doors since 1985 looking for gold recycling services. We accept shipments and have a quick payment turnaround, with onsite facilities and exchange rates set daily to the London Fix.

Even without the increase in popularity, recycling gold has always been an important part of our business and to the gold supply chain itself. Until the recent spike, 1,000 tons of gold were recycled each year to meet annual market demands, which are higher than what is produced through mining alone.

While mines are unable to boost their production in response to increases in demand, gold recycling fills this need. Periods of increased demand raise the price to bring more gold to market. Recycled gold is able to fill the gap between production and market demand.

Jewelry is responsible for 70% of the gold demand, and because jewelry is easily recyclable this contributes to the large amount of scrap gold that re-enters the market each year as a product of gold recycling. Industrial uses contribute to another 15% of the annual demand and the final 15% ends up in the hands of investors as bullion.

Some of the items we accept for gold recycling include:

• Jewelry
• Fillings
• Polishing material
• Industrial byproducts
  • Aerospace components
  • Military
• Gold bullion, including
  • Canadian Maple Leaves
  • American Eagles
  • Krugerrands (South Africa)
  • Liberty Heads
  • Gold Sovereign

Gold is a highly sought-after commodity and is mined in countries all over the world—from the United States and South America to Russia, South Africa, China, and Australia. The largest producing countries contribute nearly 300 tons annually. An estimated 85% of all mined gold can be accounted for, whether recycled to be used again in jewelry or kept as an investment.

Gold Purity

Gold purity is expressed in fineness and refers to the gold content in 1,000 parts of a bar. For example, a bar designated with 995 fineness is 995 parts gold and 5 parts of other metals, impurities, etc. The purest type of gold in the market is 999.9, also known as four nines or 24 karat (k) gold. Nines are an informal, yet common method of grading gold purity and other fine precious metals. A metal is said to be one nine or one nine fine if it is 900 fine, or 90% pure.

• 24 Karat Gold: 99.9% pure gold.
  • Jewelry is not normally made with this high karat weight, since it is very soft.
  • Most commonly found in bars and coins.
• 18 Karat Gold: 75% gold mixed with other metals.
  • Occasionally mixed with palladium or silver.
• 14 Karat Gold: 58.5% gold.
  • Most commonly used in jewelry.
• 10 Karat Gold: 41.7% gold.
  • The smallest karat weight that is still legally allowed to be called "gold" in the United States.

While the United States commonly expresses gold purity in karat weight, in Europe, gold jewelry is marked with three numbers corresponding to the percentage of gold.

At Manhattan Gold & Silver, we typically buy 24 karat gold in the form of coins and gold bars. We will buy any amount of gold coins, with the final sale price set (daily) to the London Gold Exchange.

We have compiled a Gold Purity Chart (below) for your reference.

Manhattan Gold & Silver commonly checks the purity of jewelry ready for gold recycling, brought to us by jewelers and pawnbrokers for onsite hand testing. We accept all types of jewelry items for gold recycling. We work with a range of karat weights, from pure 24 karat gold, all the way to low grade materials with small percentages of gold all of which are eligible for gold recycling. 

Our on site assay machines allow us to test your loads gold purity and provide a same day payout via check or wire transfer. With prices set daily to the London Gold Fix you are sure to get a fair payout for your lot. Contact us online or call us today, 212-398-1454,  to learn more about how we do business or for a free price quote.