Gold soars in price but not all metals follow.
Author - Graham Couzens
Gold briefly broke through the $1800 per ozt barrier yesterday reaching record highs but not the precious metals follow. Why is this?
The month of August has started with some of the most volatile swings in precious metal prices that we have seen for some time. Gold is the most talked about commodity at present and the fact it briefly broke through the $1800 per ozt level is symptomatic of investor uncertainty of currencies and shares.
Gold has risen to unchartered levels as the problems surrounding the ability of the Euro zone and the USA to get their borrowing levels under control while still getting their economies to grow.
Platinum and Palladium prices however have declined as they are more closely tied to the industrial sector so that poor economic growth is bad news for future demand. Palladium has dropped to a three month low while we have seen the price of gold move above the platinum price for the first time in many years.
The Presman Bullion business is again seeing a much busier counter combined with deliveries of registered post. We have added additional resources to the company to meet this increased demand and will always endeavour to value postal items the same day with payment going out either the same day or next day.
The Mastermelt operations in Buxton and Tennessee which deal almost exclusively with the industrial sector are both working at full capacity as the volumes of materials for recycling continue to grow. This is partly due to the current high precious metal prices making some low grade materials more suitable for recycling than putting to landfill but also companies prioritising recycling to improve their cash flow. The Mastermelt Group of Companies have very experienced Sales Directors who can advise on the most economic way of maximising your precious metal recycling so please do not hesitate to enquire either directly to our offices or through the contact page of our website.