Despite price fluctuations caused by the current waves of uncertainty in US markets, things are looking positive for gold sellers, buyers and the recycled gold industry at large. The value of gold is set to increase over the coming years as mines reduce their production and this bodes well for the recycled precious metals industry as it will mean a boost in gold demand.
Gold is expected to be a trend again in 2017, with chunky jewelry enjoying a resurgence of popularity and it’s extremely unlikely that the precious metal will fall out of fashion in the years to come. It’s certainly not going to disappear from the electronics or medical industries any time soon, either.
But meeting consumer demand for gold is going to be a challenge since the amount of gold being mined is decreasing. By 2025, it could drop by a third, as miners are unable to replenish reserves. Ian Telfer, Chairman of Goldcorp, Inc., the world’s third-largest gold producer states that, “We are having a heck of a time finding gold,”
That means that the gold that’s already in existence (and that’s actually almost all of the gold ever made, in some form or another) will be looked at to make up for the loss in supply and meet continued demands for the precious metal.
Three new primary gold deposits were identified in 2014, but it will take at least a decade for them to be turned into commercial mines. What that means for household sellers is that from now and for the next few years, it’s a going to be a profitable time to part with unused gold items. “Once supply from mines starts to decline, I think it’s going to be incredibly bullish for gold,”, says Telfer in the same Bloomberg article sighted earlier.
In layman’s terms, that means good prices for your unwanted gold if you’re a seller.
A further driver in recycled gold demand is consumer preferences – jewelry made from scrap gold requires less processing, and causes less damage to the environment, giving it a smaller carbon footprint and making it an ethical choice. Thanks to this, contributing to the recycled market means making an appreciable difference – even if it may feel like a small one.
If you’re thinking of selling your unwanted gold, the best thing to do right now is to keep an eye on the markets. Analysts predict that prime windows for selling will open up throughout the year – it’s just a matter of watching to see when. You can do that here. When you’re ready, you can get top dollar for your gold through our secure exchange.