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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.

Facts about Gold

November 8, 2010 07:15

With gold being so popular recently because of its high value, many may not know of some of the interesting facts associated with this precious metal.  First lets define gold.  Gold is defined as a soft, yellow, corrosion-resistant element, the most malleable and ductile metal, occurring in veins and alluvial deposits and recovered by mining or by panning or sluicing.  Because it is a good thermal conductor it is often used in electronics and other devices.  The most common use for gold however is for decoration in jewelry and other precious pieces. It can be made into necklaces, bracelets, charms, coins, dental appliances and more.

Since gold is so widely dispersed across the globe, many different people have discovered at different times, but all were impressed with its color and how easy it was to work it.  It is said that the Egyptians were the first to use gold as jewelry.

Fun Facts
• The demand for gold rises in December because gold jewelry is a very popular Christmas gift.
• Gold is the only metal that won’t rust.
• Once ounce of gold is worth more than a five carat diamond.
• The first gold coins were used in ancient Turkey
• South Africa is the leading producer of gold.

Because gold is so valuable and durable, it is one of the most recycled metals on the planet.  When jewelry is broken, or electronics that contain gold are no longer working, these items can be sent to refineries, melted down, and the gold can be separated very easily for use in other items.

Manhattan Gold and Silver Serves Consumers

November 1, 2010 06:53


While many may think we are only a business to business operation, we will also serve people looking to sell broken jewelry and other items containing gold.  Unlike some fly-by-night TV gold brokers, we have an excellent reputation when it comes to serving the public.  We have been in business for many years, and will continue to be in business for years to come.  We have a physical location where we welcome walk-in customers and the opportunity to discuss your options and help you to determine what your gold is worth.  Your gold items will be hand tested by one of our experienced staff members, and any stones or other precious metals will be removed and can also be appraised.  This process takes very little time and you can be headed out the door with cash in hand in a matter of a few minutes. 

The worth of your gold is determined by the London Gold Exchange and can fluctuate daily.  To keep updated on the price of gold, we feature a feed on the Manhattan Gold and Silver Homepage, which updates the price daily.  If you have any questions please don’t hesitate to call us at 212-398-1454 or stop by our location: 45 W 47th Street • New York, NY 10036

Record Gold Prices: Sell or Hoard?

October 27, 2010 04:53

 

The last quarter of 2010 will go down in the books as establishing a new record gold price. In fact, it established “a new record” several times.  The price is still rising.  So is it time to sell or time to hoard?

Let's look at several things.  We all know the price of gold reacts to how people feel about the stability of currency and the economy.  If the mood is confident (which would be reflected with a rosy U.S. Consumer Confidence report as well as retail and home sales) it's because Americans are feeling good about the value of their dollars and inflation holds steady as the money circulates in the economy.  They spend, put money in the stock market and sometimes “invest” in big screen tv's and iPods. 

But if lack of confidence strikes, they buy gold as a hedge against inflation.  They start to buy or hoard gold "just in case." The price shoots up, but there can be back and forth play between buying and selling.  

Should Americans rush out to sell gold?  Selling is up by those who are suffering economically and are using sales of family heirlooms to pay current expenses.  Until the economy recovers, this may continue.  For them, it's an ideal time to sell.   

What about for businesses? Yes, for a business such as a pawnshop or dental lab, the time is also right because the prices being paid at Manhattan Gold & Silver are at record highs because of the new gold peaks.  Your business may take in gold and sell it a short time later and reap a small benefit.  Holding onto gold supplies makes little sense for a small business which is every bit as likely to lose money by holding assets.  Regular scrapping of metals on a monthly or weekly basis will cost average your sales.     There is no need to stress over fluctuating gold prices.  It’s the same as steady investing; you will yield better returns and will not lose any sleep.  In fact, it's potentially dangerous because prices can fall.

Will the price improve? Possibly, but in between are wild swings, downtrends and other unpredictable moments.  Make your best deal possible and go with it, factoring in your own needs such as closing your books at the end of the year, taxes and expectations for your business in the coming months.  

The most common question to us at Manhattan Gold & Silver, what do we think gold is going to do?  If we had this answer, we would be answering these questions from the beach with a margarita in hand!

 

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