Why Send Precious Metals to MGS?

If you’re a regular visitor to our website, you may have noticed the opportunity to fill out a survey – which helps us connect with the needs of our customers. We actually read these things, and in the comments section, a user recently wrote about how they’d be worried about using our Ship & Sell service. What if they mail us some gold, and then never hear from us again?

We understand it can be stressful dealing in high-value materials through the mail. In this industry, honesty and integrity are at a premium – in some shops, even completing a deal in-person can feel like an intimidating experience. But, MGS is unlike other metal refiners. Here are some things that set us apart from the rest.

Transparency


As we mentioned before, honesty is extremely important when dealing in precious metals. We’ve heard every kind of story of other refiners treating their customers unethically – “accidentally” dropping some scrap on the shop floor, crooked scales, and melting done out-of-site. At MGS, our refining process is completely transparent. We allow our customers to watch their precious metal scrap go through the entire process of being weighed, melted, and tested. We value honest transactions, and are eager to prove it. You don’t need to watch our every move to get the best payout – but you can if you want.

One-stop-shop


MGS is equipped to help with all of your precious metal needs:

Longevity


MGS has been refining precious metals since 1985. Over these 30 years in business, our friendly service and flexibility in handling any size refining job has built a substantial recurring customer base who keeps coming back for our fast and fair transactions. Our testimonials speak volumes, but allow us to prove it to you. Contact us today for a quote on metals you plan to ship, or bring in to our storefront.

People’s Bank of China Confirms Size of Gold Reserves

Last week, the Chinese government released a declaration of its official gold reserves – something it hasn’t done since 2009. The announcement has the gold industry buzzing, but not in the way you might expect.

According to the People’s Bank of China, the country’s official gold reserves are 1,658 tons. Back in 2009, it was 1,059. In terms of gold production, China is a major player. In its Mineral Commodity Summary for 2015, the U.S. Geological Survey estimated China’s gold reserves to be about 1,900 tons. Since China is one of the world’s biggest producers of gold, as well as one of the most active net buyers, most gold industry professionals doubt that this official number is accurate.

Why would an economic powerhouse like China (presumably) downplay the size of its gold reserves? Theories abound among market experts. It’s known that China wants to have its currency, the Yuan, to be included by Central banks around the world as a reserve currency. To do that, it has to be accepted by the International Monetary Fund’s Special Drawing Rights – and in order to be eligible before the October deadline, China must officially declare its gold reserves. Since China does not usually do this, perhaps they are keeping their cards close to vest and downplaying the size of their reserves. Another theory is that China did not want to make a major impact on the bullion market with its announcement.

Or maybe China’s declaration of gold reserves is 100% accurate, but they were the victims of a Hollywood-heist like Goldfinger or Die Hard with a Vengeance, and the government doesn’t want to openly admit it. Perhaps we’ll have more answers after October.

Gold Quiz

Gold: It has started wars between countries, been used by ancient Egyptians in hieroglyphs, and helped modern-day astronomers capture images of space through mirrors coated with it. But how much do you really know about the precious metal?

Learn the hard facts about gold while testing your knowledge in the quiz below.

  1. What is gold’s atomic number?
    a) 60, b) 89, c) 79 or d) 24

  2. What was the nickname for the 40,000 miners who joined the California Gold Rush in 1849?
    a) The Golden Boys, b) 49ers, c) Gold Diggers, d) The Gold Pioneers

  3. How far can one ounce of gold be stretched?
    a) 50 miles, b) 70 miles, c) 10 miles, d) 5 miles

  4. At what temperature does gold melt?
    a) 1,064°C, b) 1,050°C, c) 1,948°F, d) 1,050°F

  5. The largest gold nugget weighed 2316 troy ounces when found at Moliagul in Australia in 1869. What was it called?
    a) The Lone Ranger, b) The World’s Most Valuable Paperweight, c) The Retirement Fund, d) Welcome Stranger


Answers:


  1.  c) 792.   
  2. b) 49ers
  3. a) 50 miles
  4. a) 1,064°C and c) 1,948°F (Were you paying attention?)
  5. c) Welcome Stranger