The amount of gold that was recycled in the third quarter of this year jumped by 30 per cent compared to the same three months in 2015, as more people rushed to take advantage of the high price of the precious metal.
That’s according to new figures from the World Gold Council, which calculated that globally, more than 341 tonnes of gold were recycled between July and September.
The leading gold recycling nation was India, which as we’ve seen, has a major campaign underway to persuade people to part with their unwanted gold to reduce the country’s reliance in the amount of bullion it has to import. People in India buy more gold than anywhere else in the world other than China.
Indians recycled 39 tonnes of gold over the three-month period, the highest amount since the final quarter of 2012, the report said.
Although you may only have a few ounces in old, broken or unwanted gold tucked away in jewellery boxes or at the back of a draw, the superb values that gold has achieved this year mean that now is a great time to turn them in to cash. Remember, when you sell gold as ‘scrap’ – in other words, broken or unwanted pieces to be melted down and used again – you will receive the ‘scrap gold’ price for them, not the higher gold price that is quoted in the financial markets. That’s a reflection of the processing work that has to take place so the gold can be used again.
Meanwhile, the World Gold Council reported a quarterly drop in demand for gold for jewellery of 21 per cent, mainly due to the high prices. It’s expecting demand to recover in the run-up to Christmas, which is always a popular time of year to give the gift of gold jewellery.