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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.

The Reserve Bank of India Bought 220 Tons of Gold

January 11, 2010 07:26

 

 

 

 

Recently it was announced that the Reserve Bank of India has just bought 220 tons of gold from the International Monetary Fund (IMF) for $6.7 billion. This may be a sign that other central banks may also move away from dollar-denominated assets like Treasury bonds in favor of the precious metal.

India’s huge purchase means that gold will now account for about 6 percent of India’s $285.5 billion of foreign exchange reserves — up from the previous level of about 4 percent.

News of the purchase of nearly half of the 403.3 metric tons of gold earmarked for sale by the IMF boosted gold prices, reminding investors that central bank reserve diversification will continue to fuel demand for the metal.

If you have any questions or are in need of gold refining services, or any other precious metals refining services, please contact Manhattan Gold & Silver today.

Cash For Clunkers Likely to Raise the Cost of Platinum Group Metals

September 18, 2009 01:35
As discussed in a previous post on platinum prices, the primary industrial use of Platinum Group Metals (PGM’s include platinum, palladium, ruthenium, rhodium, osmium, and iridium.) is in the auto industry.   The US governments foray into the auto industry and subsequent car-buying incentive, known as “Cash For Clunkers”, has effectively unleashed a lot of pent up demand.  
This surge in auto sales and subsequent ramp up in production at Ford, coupled with the Fed’s recent announcement that the recession may be over, should return auto sales and production slowly to more normal levels.  This production increase will consume more of the PGM’s in the catalytic convertors used to scrub hostile auto exhaust into more benign emissions.
Unfortunately, the government’s decision to destroy the drive-trains of these vehicles has the adverse effect of increasing mining or other means to meet the increased demands.  While we can expect that the platinum will eventually get recycled, it’s a long journey from auto salvage yards to when the recycled precious metals make it back into new products.  We encourage you to take advantage of this strong opportunity to recycle PGM’s.  Please contact Manhattan Gold & Silverwith any PGM industrial lots.  

Gold Surges Past Platinum – Now What?

August 19, 2009 10:36
In December of 2008, gold prices outpaced platinum for the first time since the 1990’s.  The primary use of platinum is as a catalyst for the auto industry, so prices were depressed by a lack of demand for new vehicles.  At that time gold’s journey to new highs was driven by investors concerned with the increased debt load and deficits of the US and other Western economies.  In tough economic times, investors historically move to gold as a hedge against inflation or unrest.  
Since the price of gold overtook platinum eight months ago, gold has fallen to what is still a historic level.   And as more companies market gold in these trying economic times, we expect these trends to continue; however, gold prices can and will continue to fluctuate.  
Individuals holding gold bought at a fraction of today’s price continue to cash in and make impressive returns on their initial investment.  Our friends in the pawn, jewelry, coin collecting and even industrial and dental fields are acquiring and accumulating gold and other metals at a record pace.  As they accumulate more material, they turn to Manhattan Gold & Silver to process it.
Manhattan Gold & Silver serves only businesses with a need for a trusted recycler to melt, assay and refine their cache all with prompt payments at the highest rates.  We are proud of our twenty-five years of exemplary service and the trust of our customers. 
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