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The MGS Precious Metals Blog

Manhattan Gold & Silver is an industry leader in precious metal pricing and refining with more than 30 years of experience. During our time in the business, we’ve found the topic of precious metals to be a vast and interesting one. Here on our precious metals blog, we write in-depth posts about the science of precious metal refining, historical and modern uses for precious metals, market news, and much more. Subscribe to our RSS feed to stay current, and discuss the latest posts on our Facebook page.

Fire Assay

February 19, 2010 03:31

Fire Assaying is the best way to determine what the purityof gold is.  But many do not know what itis or how it works.  Fire Assay is aqualitative determination in which gold is separated from impurities by fusionprocesses and weighed in order to determine the actual amount of gold presentin the original sample. 

The fire assay process has been practiced for centuries todetermine the weight of precious metals including gold, silver and platinum.Compared to other determining techniques like X-Ray assaying, fire assay is themost accurate because other impurities are “burned” off, leaving only thepurest of metals. 

At Manhattan Gold & Silver, we practice both X-Rayassaying and fire assaying.  Because fireassaying is a very intricate process, there is a small fee associated with it.  When you do send your gold to us for refining,we recommend the fire assay process, because it is the most accurate and is thebest way to determine the amount and purity of gold, so we can give you thebest possible price.

For more information about our Gold Refining Services,please contact Manhattan Gold & Silver today.  Call, email or feel free to visit our officein the diamond district.

Gold Exchange-Traded Fund (GETF)

February 12, 2010 01:12

Many realize that gold is a good investment these days.  While the price of other items is going down,the price of gold is rising.  Manybelieve the price is going up because gold is becoming scarcer by the day.  While it is indeed rare, this really hasnothing to do with the price.  Gold is atraded commodity, like other commodities, the price can fluctuate throughoutthe day. And to the surprise of many, there is not just one way to invest ingold.  One way is through gold ETFs, somegold ETFs buy and physically hold gold bullion (they hold large collections ofgold bars), while others invest in futures contracts.  The impact of ETFs should be interesting onthe price of metals.  These are fairlynew, allowing access to the world to buy commodities in there regular stock portfolios.

How these are traded will depend on how the price of goldgoes up and down throughout the day. Typically, the price of gold is reported in the morning and in theevening, to show the opening and closing price. Manhattan Gold and Silver displays the opening and closing price on ourhome page and it is updated daily.  Otherprecious metal prices are displayed along with gold.

For more information about gold and gold recycling services, please contact a representative from Manhattan Gold andSilver.

 

2009: A Look Back at the Year in Gold Prices

January 15, 2010 12:08
The price of gold climbed bit by bit through the year and finished 24% higher than when the year began.  Starting the year at $874.50 per ounce (London fix), gold prices soared over the anticipated high of $1200 per ounce to hit a new high of $1226.60 per ounce on  December 3. 
 
From January to June, there was an ample increase of 10%.  The 2nd half of 2009 more than doubled that growth rate during the 1st half of the year.  The substantial increase was partly due to an unexpected surge in prices in November, driven be the Indian Central Bank’s purchase of 200 tons of gold from the International Monetary Fund (IMF).  China and Russia also made significant gold purchases in 2009 – causing speculation that other large banks may follow suit – shifting a portion of their holdings away from the US dollar and into gold.  While this is sure to fuel the rise in the price of gold, it is also an indicator of the consumers’ negative sentiments toward the stability and value of the US dollar.
 
With the cumulative average gold price for 2009 just over $972 per ounce, the year proved to be worth its weight in gold.  In terms of pounds, that would be $28,476,924.08!
1 avoirdupois pound = 14.583 troy ounces 
2009 pounds x 14.583 ounces = 29297.247 troy ounces
29297.247 troy ounces x $972 = $28,476,924.08
Visit Manhattan Gold & Silver for current gold prices and industry news. 
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