Refiners will handle about 1,550 metric tons of old jewelry and other discarded metal this year, 4 percent less than in 2012 and the least since 2008, Toronto-based TD Securities Inc. estimates. The amount is valued now at $71.4 billion, from $84.5 billion at this year’s peak. Recycling more than doubled in the decade through 2011 as prices rose to a record. A majority of the 38 analysts surveyed by Bloomberg last month said gold’s streak of 12 consecutive annual gains is over.
“April was the worst month in memory,” said Arthur Abramov, the owner of Manhattan Buyers Inc., a cash-for-gold operator in New York that saw volumes drop to 300 ounces a month from 500 ounces. “A lot of people were shocked, and a lot of people were standoffish about selling.”…….More
Smart Money Interview with Manhattan Buyers Inc.
A Gold Buyer Reflects on the Market
With high gold prices, some people are willing to sell the gold teeth right out of their mouths.
Manhattan Buyers Calculates the Value of Mr. T’s Gold on Bloomberg TV
Oct. 13 (Bloomberg) — Mr. T talks with Pimm Fox on Bloomberg Television’s “Taking Stock” about a service which allows people sell gold jewelry through the mail. Bloomberg’s Dominic Chu also speaks. (Source: Bloomberg)
Manhattan Buyers CNBC Commercial
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