Scrap gold returns to market
Gold | 2011-09-11 07:30:29
Scrap gold has started returning to market as the yellow metal prices touched new high recently
By Paul Ploumis
LONDON (Scrap Monster): Scrap gold is returning to market as the yellow metal prices reach record highs. Reuters reported that Japan's largest bullion house, Tanaka Kikinzoku Kogyo recycled a record 1.9 tonnes of gold from jewellery and ingots brought in by customers in August alone as prices hit record highs.
That outstripped the 1.831 tonnes of gold it recycled in the first six months of the year.
US gold futures hit a record high of $1920.30 an ounce as Greek debt crisis continues to support gold prices, weakening equities and US job promotion plans announced by President Obama failed to impress the market.
The gold:silver ratio -- the number of silver ounces needed to buy and ounce of gold -- steadied around 44 after dropping as low as 31 in April as both metals hit record highs, Reuters report added.
