Manhattan Gold and Silver Increases Payouts

Recently MGS Refining announced that it has increased the amount it pays for gold to 98% of its value, when the gold is hand tested inour New York Location.  To get specific details, please call or visit us, as the price will fluctuate a bit based onthe frequency and the size of the melts.  

It is our hope that this increase will help our customers ina turbulent economy.  We strive to assist our customers in any way possible, and that is why we have been in business for so long and plan to be in business for many years to come.

We still offer our same day money wiring service for lotsreceived. Typically, a lot is processed the same day it is received. Quick turnaround on your payouts is our number one priority.

Along with pawnbrokers, jewelry makers, dentists and other industries, we will also buy an individual’s broken or mismatched gold jewelry.  For more information on our refining metals processes, please visit our website. You can also fan us on Facebookor follow our updates on Twitter.

Recycling Gold

While Earth Day is but one day a year, it reminds us that the earth is delicate and the resources it provides need to be protected.  One way to help protect the planet is to recycle gold.  Gold is one of the mos thighly recycled metals because of its value. According to the world gold council, a minimum of 15% of the annual gold consumption is made from recycled gold. So with that, every time you bring gold in to be recycled, you are helping the earth. This recycled gold is purified and then made into bricks to be sold to jewelers, dentists and other industries to reuse this precious metal. 

Because gold is so stable and valuable, it has always been recycled.  In an economic sense, there is no true consumption of gold, but rather the ownership is transferred from one party to another.  So, there may be a chance that the gold you own could have ancient roots or in fact be royal!   

At Manhattan Gold and Silver, we can recycle gold found in many different types of goods.  We will recycle gold from jewelry, electronics, dental appliances and more.  If you have gold that you need to recycle, we invite you to contact us at 212-398-1454 or stop by our location in the Diamond District at 45 W 47th Street· New York, NY 10036. 

Standard Gold Bars

When we think about gold bars or bricks, the image below is probably the type we all picture in our minds.  There is only one standard size and weight of a gold brick for the London Bullion market Association (LBMA). But, did you know that this standard has some variations? 

The London Bullion market Association (LBMA) sets standards for the makeup (purity and weight) for gold bars.  A "standard"gold bar weighs approximately 400 troy ounces and has a minimum fineness of 995 parts per 1,000 pure gold (99.5% purity).

The standard unit of gold bullion settlement is the London Good Delivery Bar. Physical transaction of a London gold trade requires gold bar(s) conforming to the following specifications:

  1. Weight
    • minimum gold content: 350 fine ounces (approximately 10.9 kilograms)
    • maximum gold content:430 fine ounces (approximately 13.4 kilograms)
    • The gross weight of a bar should be expressed in ounces troy, in multiples of 0.025, rounded down to the nearest 0.025 of an ounce troy (see LBMA paper on "Weighing, Packing and Delivery Procedures for Gold and Silver Bars" at Annex D).
  2. Fineness
    • The minimum acceptable fineness is 995 parts per thousand fine gold.
  3. Marks
    • Serial number
    • Assay stamp of Acceptable Refiner
    • Fineness
    • Year of manufacture (expressed in four digits)
    • Marks should be stamped on the larger surface (normally the cast surface at the top of the mould) of the two main surfaces of the bar.
  4. Appearance
    • Bars should be of good appearance, free from surface cavities and other irregularities, layering and excessive shrinkage.
    • They must be easy to handle and convenient to stack.
    • Bar size, content and purity

The bar making process makes it difficult to produce bars of consistently accurate weight, so the LBMA does not impose a narrow range of bar weights and instead specifies the 350 to 430 ounce range described above. But most bars are much closer to 400 ounces than this range implies.

The specification is very demanding on purity and actual bar weight, because it is the fine gold content that is paid for - impurities come for free!  So a bar's weight - however far removed from 400 oz - is multiplied by the purity to give the actual fine gold content.