The Value of Gold

Gold is viewed as one of the world’s most valuable commodities for many reasons, but ultimately the most important reason is that gold is one of the most recognizable and accepted “stores of value” in the world and has been since gold was first mined by the Egyptians 5000 years ago.

A store of value is something that can be saved and retrieved at a later date for predictable usefulness. Some stores of value over the years have included other precious metals such as silver and platinum, gems, real estate, art, antiques and even livestock in some cultures. But gold has long been the most desirable store of value and that is why it has been the basis for many currencies over the years.

There are some intrinsic qualities of gold that make it valuable as well. For instance, gold is rare. If gold were found in abundance, and everyone could get their hands on it in large quantities, then it would fail to meet the “scarcity test” of value.

Gold is also an incredibly strong metal. It can be banged and hammered and it rarely ever cracks. Its chemical properties also do not allow it to rust or decay, so it retains its shine and its luster over time and does not lose its value as it ages.

The density of gold is an important component as well. Gold is an extremely heavy metal. This makes it difficult to counterfeit, but it also has a positive psychological affect on people’s minds. When they pick up a bar of gold, it is heavier than they expect it to be, and that gives the impression of real substance.
Finally, gold is beautiful and people want to adorn themselves with it. Its color is striking and its workability makes gold the perfect metal for jewelry or art (especially sculptures). 

Finally, gold is a resilient metal that can be refined over and over. If you tire of your jewelry it can be reworked into something new, or melted down and sold to someone else. At Manhattan Gold and Silver, we can solve all your refining needs. Just send us your gold scraps and old jewelry and you can often expect payment on the same day we receive your lot.  Please contact us to setup a business account with us before sending metal, we refine metal for businesses, we do not service the general public.

Precious Metal Uses – Green Technology

With gas prices on the rise and global warming gaining steam, green technology is seeing more and more development. Scientists are studying many different technologies that will lower our impact on the earth and many green devices make important use of precious metals.

For example, the hydrogen fuel cell, which many hope will compete against gas-guzzlers in the car market, uses platinum as a critical component. In a fuel cell, electricity is produced by combining hydrogen and oxygen over a catalyst. Platinum is used as the catalyst in many fuel cells, and without it, the fuel cell cannot produce energy.

Silver, which has long been a critical component of many different gadgets, is also an important ingredient in solar cells. Silver paste is used to fuse contacts in solar cells, and sometimes as wiring for solar panels. This is because of silver’s high electrical conductivity.

Then of course, there is palladium. Most of the palladium produced is used in catalytic converters – which convert up to 90% of harmful gases from auto exhaust into less harmful, inert substances. Without the palladium used in catalytic converters on modern vehicles, worldwide air quality would be much lower than it is today.

For the sake of the earth, don’t let precious metals go to waste. Let Manhattan Gold & Silver recycle your precious metal scraps. We’re located in Manhattan’s famed Diamond District and primarily work with dentists, jewelers and pawnbrokers to help recycle the precious metals from their professions.

Golden Car from India Turns Heads

At Manhattan Gold & Silver, we can usually thank pawnbrokers for bringing in curious and interesting items for refining. However, we don’t think we’d ever receive something as large, ornate, and expensive as one of India’s latest attractions: a gold-crusted car.

The model is a “Nano” micro car manufactured by native automaker, Tata Motors. The company teamed up with Titan industries – owners of the GoldPlus jewelry chain in India – to create the “GoldPlus Nano.” The car is covered from hood to tailpipe in over 176 lbs. of 22k gold.

However, it’s more than just simple gold plating. The GoldPlus Nano also has 33 lbs. of silver, and 10,000 jewels. All of it has been intricately arranged by some of India finest artisans to create a dazzling car that has to be seen to be believed.

Ironically, the Nano has a reputation as the world’s cheapest car with an average price of about $3,000. The GoldPlus Nano is the complete opposite – costing more than $4.5 million at today’s gold prices. It is probably worth much more, considering it’s ornate design. Tata currently has no plans to sell the vehicle and plans to use it to promote its line of normal Nanos.

Of course, the GoldPlus car isn’t driven around. This is not just to avoid thievery, but also to surely avoid all the head turning accidents it could cause!