Scrap Gold Prices Up, Silver and Platinum Declined on 26th Sep, 2016

September 30, 2016 Posted by admin

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ByPaul Ploumis(ScrapMonster Author)

September 27, 2016 01:30:21 AM

SEATTLE (Scrap Monster):The daily scrap gold prices – both hallmarked and non- hallmarked witnessed slight recovery on Monday, 26thSeptember, 2016 on theScrapMonster Price Index. The prices of scrap silver and Platinum declined on Index.

In the Hallmarked category, the 14 carat gold scrap prices were up by $ 0.23 per Oz. The prices of 18 carat and 22 carat gold scrap went higher by $ 0.29 and $ 0.35 per Oz respectively.9 carat gold scrap also edged higher by $ 0.14 per Oz. The price of Platinum scrap declined slightly by $2.92 per Oz from the previous day to $ 769.22 per Oz. Silver scrap price too was down by $0.31 per Oz.

In the Non-Hallmarked category, the 14 carat gold scrap prices went higher by $ 0.22 per Oz. The prices of 18 carat and 22 carat gold scrap too went up by $ 0.28 and $ 0.33 per Oz respectively.9 carat gold scrap also increased by $ 0.14 per Oz. The price of Platinum scrap dropped by $2.92 per Oz over the day. Silver scrap prices too were down by $0.28 per Oz to $ 14.20 per Oz.

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By Paul Ploumis (ScrapMonster Author)

September 27, 2016 01:30:21 AM

SEATTLE (Scrap Monster): The daily scrap gold prices – both hallmarked  and non- hallmarked witnessed slight recovery on Monday, 26th September, 2016  on the ScrapMonster Price Index. The prices of scrap silver and Platinum declined on Index.

In the Hallmarked category, the 14 carat gold scrap prices were up by $ 0.23 per Oz. The prices of 18 carat and 22 carat gold scrap went higher by $ 0.29 and $ 0.35 per Oz respectively.9 carat gold scrap also edged higher by $ 0.14 per Oz. The price of Platinum scrap declined slightly by $2.92 per Oz from the previous day to $ 769.22 per Oz. Silver scrap price too was down by $0.31 per Oz.

In the Non-Hallmarked category, the 14 carat gold scrap prices went higher by $ 0.22 per Oz. The prices of 18 carat and 22 carat gold scrap too went up by $ 0.28 and $ 0.33 per Oz respectively.9 carat gold scrap also increased by $ 0.14 per Oz. The price of Platinum scrap dropped by $2.92 per Oz over the day. Silver scrap prices too were down by $0.28 per Oz to $ 14.20 per Oz.

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Article source: http://www.metal.com/newscontent/99854_scrap-gold-prices-up-silver-and-platinum-declined-on-26th-sep-2016

How gold helped South Korea repay its debt

September 29, 2016 Posted by admin


South Korea goldJo Yong
hak/Reuters

Nineteen years ago, South Korea came precipitously close to
bankruptcy.

The Asian financial crisis had spread like a virus. Thailand,
Malaysia, Singapore and other Southeast Asian countries were all
affected, inciting fears of a global economic meltdown if the
crisis couldn’t be contained.

Before 1997, South Korea had been held up as a textbook example
of economic reversal and resilience.

Once a poor colony, the country underwent an unbelievably rapid
transformation in the second half of the 20th century, propelled
by smart policy reforms and heavy investment in education. Many
called it the “Miracle on the Han River.” By the end of the
century, Korea had grown to become the world’s 11th largest
economy. Residents had the incomes to enjoy comfortable,
“Western” lifestyles.

But in the summer of ‘97, the bug arrived in Seoul. Businesses
began to fail. Left with nonperforming loans, banks collapsed,
while others discontinued fresh lending. The won was in freefall.
Liquidity dried up. Foreign investors yanked nearly $18 billion out of the country.
Hundreds of thousands lost their jobs.

Korea’s only recourse was to seek help from the International
Monetary Fund (IMF), and in December, the lender approved a
gargantuan $58 billion bailout package, the largest in history.
The deal required Korea to liberalize trade and its capital
accounts, reform its labor market, restructure corporate
governance and more.

A new crisis emerged, then, which native Koreans still refer to
as the “IMF Crisis.”

The government wasted no time in raising the funds to pay back
the loan, and on January 5, 1998, a national campaign was
launched that today stands as one of the most moving shows of
patriotism and self-sacrifice the world has ever known.


sasU.S. Global Investors

The Drive for Gold

At the time, it was estimated that South Korean households held
roughly $20 billion in gold, in the form of
necklaces, coins, bars, trinkets, statuettes, medals, pendants,
military insignias and more. Most of it carried strong personal
and familial significance, far beyond its monetary value.

Gold, after all, has typically played an auspicious role in
Koreans’ personal milestones. Many families celebrate an infant’s
first birthday in a tradition known as doljanchi, during
which gifts of 24-karat gold rings are customary. Gold jewelry
and watches are routinely given to newlyweds, as we also see in India, Turkey and elsewhere.
Companies often award retirees with gold keychains.

This is the Love Trade I speak so frequently about, responsible
for driving a huge percentage of the demand and price of gold. In
many parts of the world, gold jewelry is more than just beautiful
ornamentation—it’s also prized as an important form of financial
security.

Koreans know this all too well. Ninety years earlier, in 1907,
the Korean Empire owed Japan 13 million won, equivalent to an
entire year’s budget. To help pay it off, men quit smoking while
women sold theircherished wedding jewelry.

Gold again came to Korea’s aid in 1998.

Nearly 3.5 million people, almost a quarter of the entire
country’s population, voluntarily participated in the campaign.
Queues of people—young and old, rich and poor—stretched for
blocks outside special donation points, all of them answering the
call to help their country. Yellow ribbons proclaiming “Let’s overcome the foreign currency crisis by
collecting gold”
could be found pinned to people’s shirts.

Big-name Korean corporations, from Samsung to Hyundai to Daewoo,
lent their marketing strength to help spread the word, as did
celebrities. Lee Jong-beom, a hot young baseball star, drew
national attention when he brought in 31.5 ounces of gold, valued at over
$9,000, all in the form of trophies and medals he had acquired
over his five-year career.

On average, each person donated 65 grams of the yellow metal, or
a little over $640 based on prices at the time.

In the Associated Press video below, you can see the various
types of items Koreans donated. Please note that the video is
Korean, so I can’t attest to what’s being said.

 

In as little as two months, 226 metric tons, valued at $2.2 billion, were collected, every
last scrap of which was melted into ingots and promptly delivered
to the IMF.

Although this amount was just a drop in the bucket, the gold
collecting campaign served as an important rallying point early
on in South Korea’s effort to tackle its debt, not to mention the
fact that it demonstrated the deep patriotism and unity of its
people. The Love Trade helped the country pay back the $58
billion loan in full by August 2001—nearly three years ahead of schedule.

Gold Recycling up 10 Percent

Korea’s is arguably the best known example of gold recycling,
which the World Gold Council defines as gold that is
“sold for cash by consumers or other supply-chain players,”
including countries.

Of course, it’s not the only example.

Although central banks as a whole have been net buyers of the
precious metal since 2010, Venezuela is in liquidation mode,
having sold off most of its gold reserves since March
2015 in an effort to offset low oil prices and to pay down debts.
Good thing the socialist country had gold to fall back on, as
bolivar notes are now so worthless, some Venezuelans have found
that it’s cheaper to use the bills as napkinsthan to buy
actual napkins.

Because the precious metal is virtually indestructible, all gold
ever mined is still available in some form or another, making
recycling an important part of  supply. The rate of
recycling has tended to ramp up during times of economic crises,
or when gold prices in a country’s currency accelerate. Look at
how recycling in the U.S. has correlated to prices.  



level of gold recycling correlates to prices 09272016 LG

U.S. Global Investors

With gold having posted its best first half of the year since 1974 and on
track for its best full year since 2010, more people are taking
their old coins and rings to the pawn shop. In the first six
months, the rate of recycling was up 10 percent compared to the same period in
2015, as Bloomberg reports.

Article source: http://www.businessinsider.com/how-gold-helped-south-korea-repay-its-debt-2016-9

Scrap Gold Prices Up, Silver and Platinum Declined on 26th Sep …

September 27, 2016 Posted by admin

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ByPaul Ploumis(ScrapMonster Author)

September 27, 2016 01:30:21 AM

SEATTLE (Scrap Monster):The daily scrap gold prices – both hallmarked and non- hallmarked witnessed slight recovery on Monday, 26thSeptember, 2016 on theScrapMonster Price Index. The prices of scrap silver and Platinum declined on Index.

In the Hallmarked category, the 14 carat gold scrap prices were up by $ 0.23 per Oz. The prices of 18 carat and 22 carat gold scrap went higher by $ 0.29 and $ 0.35 per Oz respectively.9 carat gold scrap also edged higher by $ 0.14 per Oz. The price of Platinum scrap declined slightly by $2.92 per Oz from the previous day to $ 769.22 per Oz. Silver scrap price too was down by $0.31 per Oz.

In the Non-Hallmarked category, the 14 carat gold scrap prices went higher by $ 0.22 per Oz. The prices of 18 carat and 22 carat gold scrap too went up by $ 0.28 and $ 0.33 per Oz respectively.9 carat gold scrap also increased by $ 0.14 per Oz. The price of Platinum scrap dropped by $2.92 per Oz over the day. Silver scrap prices too were down by $0.28 per Oz to $ 14.20 per Oz.

–>

By Paul Ploumis (ScrapMonster Author)

September 27, 2016 01:30:21 AM

SEATTLE (Scrap Monster): The daily scrap gold prices – both hallmarked  and non- hallmarked witnessed slight recovery on Monday, 26th September, 2016  on the ScrapMonster Price Index. The prices of scrap silver and Platinum declined on Index.

In the Hallmarked category, the 14 carat gold scrap prices were up by $ 0.23 per Oz. The prices of 18 carat and 22 carat gold scrap went higher by $ 0.29 and $ 0.35 per Oz respectively.9 carat gold scrap also edged higher by $ 0.14 per Oz. The price of Platinum scrap declined slightly by $2.92 per Oz from the previous day to $ 769.22 per Oz. Silver scrap price too was down by $0.31 per Oz.

In the Non-Hallmarked category, the 14 carat gold scrap prices went higher by $ 0.22 per Oz. The prices of 18 carat and 22 carat gold scrap too went up by $ 0.28 and $ 0.33 per Oz respectively.9 carat gold scrap also increased by $ 0.14 per Oz. The price of Platinum scrap dropped by $2.92 per Oz over the day. Silver scrap prices too were down by $0.28 per Oz to $ 14.20 per Oz.

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Article source: http://www.metal.com/newscontent/99854_scrap-gold-prices-up-silver-and-platinum-declined-on-26th-sep-2016