Gold is one of the many precious metals that can be refined and recycled to be used in other products. Precious metals like silver, platinum, palladium and gold are all extracted from the earth and used in everyday products.
Gold refining began about 8,000 years ago and this ancient process continues today. Gold refining is mostly used today to keep precious metals in circulation and to reduce the impact that mining gold has on the environment. This environmentally friendly process has great benefits for both consumers and companies.
Precious metals are used for products we use every day, including phones, jewelry, LED light bulbs and many electronics. For some items, such as a gold ring, it’s obvious that the item contains precious metals. In other cases, such as electronics, precious metals are key components that are never seen.
The use of precious metals has changed with time. Hundreds and thousands of years ago, gold was used both for jewelry and also as currency. Today, however, its uses have expanded to everyday products, as our money system has changed and it’s become obsolete for trading.
Just like other precious metals, gold is a finite resource that leads to great excitement when discovered. Despite the high demand for gold, it is still difficult to source. Recycling gold helps balance this supply and demand, so prices do not rise dramatically. Recycling gold also has a positive impact on the environment, as it diminishes the need for earth extraction. Extracting precious metals like gold is responsible for 40% of the earth’s carbon emissions.
Gold can be found in several specific industries, such as dentistry and aerospace, today. Gold is purified in a process called smelting, where it is heated correctly and exposed to certain chemicals, to remove impurities. It can then be useful in manufacturing conductors, filling cavities and for certain medical treatments. It is also relied upon by NASA for circuitry in their space vehicles.
Precious metal recycling facilities are a tough industrial environment that’s necessary for recycling precious metals. These processes do not degrade the metals’ properties. Precious metals can go through the recycling process many times without losing quality, so they can be used for the same purposes again.
The metal recycling process is similar for numerous precious metals. First, the metal is analyzed and sorted into groups, using a magnet. Next, they are processed, starting with shredding. This saves energy and helps to improve the recycling process. Then, a large furnace is used at a specific temperature to melt the metal, with different furnaces used to melt each specific metal.
Recycling gold can be similar to recycling silver, just in a different place in the same factory. After the melting process, the metal goes through purification. This happens most often through electrolysis - using electric current to separate impurities from the metal.
Pure metals have more value and can be used in more specialized products. As the metal cools, it resolidifies and is shaped for transportation, normally into bars. After this process has been completed, the metal is turned into useful products again, during the manufacturing process.
Gold prices fluctuate dramatically, based on supply and demand and current economic conditions. This is similar to other precious metals on the market, such as silver, platinum and palladium. As of right now, gold is priced at US$1,777 US per ounce.
As 2021 draws to a close, inflation across the board is also driving prices higher for gold scrap and other recyclable types of precious metals. Next year could be a very profitable year to be involved in precious metal recycling.
When precious metals arrive, the refining company evaluates them and assigns a monetary value, then smelts and refines them, for resale on the market. These companies are a great asset for people who want to trade in unused precious metals for a profit. Many of these refineries allow precious metals to be shipped directly to their factories. A good precious metal refinery will clearly explain how they evaluate your metal and determine its correct value. You should expect this type of straightforward communication every time you contact the company.
Recycling unused products with gold can be a great way to help the environment and receive some extra money. However, it is important to find a professional to recycle your gold. Gold is often used in electronics like circuit boards. These electronics often have thin layers of gold and have other materials that are hard to extract. Gold refineries have the equipment and training to efficiently remove the gold from the product and extract its impurities safely.
When finding the right precious metal recycler, consider whether the company has environmentally sound practices and will also offer you a fair price for your gold. Some factors that help with decision-making include the refiner’s specialty, communication skills and honesty.
With research and direct questions, it is easier to evaluate a recycler’s honesty. It is recommended to speak with customers and read reviews to find honest evaluations. The refiner should be honest about how long it will take for recycling the metal and sending out payment. gold and silver and similar metals take less time to refine than some other precious metals. If the estimate is a few months, you might want to take your business to a more trustworthy company.
In our case, we believe in reducing, reusing and recycling all the metal we can, to do our part in saving the environment.
Our precious metal refinery understands that recycling precious metals is important and we strictly follow the Environmental, Health and Safety Management System (EHSMS). Have confidence when you recycle your unused precious metals with us, because we insist on correct management of the precious metals we recycle, throughout the entire process.
Majestic Corporation has been a leading precious metals recyclers, non-ferrous metals and Catalytic converter provider for around five decades. With a presence in the United States, United Kingdom, Malaysia, Italy, Mexico, Australia, Hong Kong and more, as well as a network of precious metals refineries around the world, we work with major customers and partners in a transparent and discrete manner and only offer the highest quality services at competitive prices.
Contact us here for more information.