Gold Market Fluctuations Update

At Manhattan Gold and Silver, it’s our business to help you recycle scrap precious metals like gold. We take in bits of gold, silver, platinum and other precious metals, remelt them and return the value of the metal to our customers. We generally think turning around the scrap so you can reinvest the money back into your business is the best way to keep things humming.

The price of gold has been climbing fairly steadily since 2008. The trend upward started in late 2001, but with an off year in 2007, the sharp move upward began in 2008.

This week, the price fell a little. Investor demand has hit a slight slump as investors become more confident about the economic outlook. The dollar is seeing a little added strength, which has investors a little less desperate for the stability offered by gold.

In fact, a new Bloomberg subscriber survey showed many of those polled would be cutting their gold holdings in the next six months. They are feeling more confident in the equity markets and moving to put money into stocks instead of increasing their holdings of precious metals.

That may mean future buying opportunities for your business as you restock your own supply of gold. That’s something we’ll see playing out over the coming weeks and months, if the market continues to build value as it has recently. We’ll keep updating our blog as the gold market continues to evolve.

Manhattan Gold & Silver Update

We will be opening back up on May 18th, 2020 with limited hours from 11:00am – 2:00pm. The easiest method for metal processing is to either mail, or drop off/curbside service. Customers will not be allowed in the exchange at this time. 

If you have any questions you can still contact us at 212-398-1454 and sign up for our newsletter for further announcements.

Most importantly, please stay safe! 

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