Out of all the calls, online inquiries and in-person visits, the most frequent question that everyone always asks us is when is the right time to buy or to sell!
We would have won many noble prizes if we could predict such a thing. However, there are ways to come closer to the holy grail but stay tuned to major world events beyond interest and inflation rates.
Unfortunate events such as the Russian invasion of Ukraine or just the incertitude of the length of the conflict have a significant impact on precious metals. Yes, most people relate to natural gas as Russia is known to be the world’s largest producer, but not disregard metals. Precisely Platinum, Palladium and Silver.
Russia’s market share of total global exports in precious metals of our interest and opportunities for our customers is such as palladium: 42% and Platinum: 13%. Of course, Russia exports other metals like nickel, aluminum, steel, and copper and even represents 33% of the world’s diamond exporters.
The time is not to go and stock on those metals and gold as we are all aware that gold is the safe haven in times of conflict or incertitude. Just very recently, in 2019, when Covid-19 was just an outbreak, gold was at USD 1,393.34 compared to the year before at $1,268, during a period where the US dollar was very strong. In early 2020 COVID-19 went from just an outbreak to being declared a pandemic; the price of gold jumped USD 1,771.84.
So when we hear the question “when is the right time?” our answer do you have any jewellery that you would like to refine? Answering a question with a question as it is the right opportunity and answer.
In our last blog explaining the basics of scrap metal, we describe what gold jewellery is made of in order to craft beautiful jewellery that is strong enough to last a lifetime. Exactly gold jewellery is alloyed with Platinum for white gold and silver for yellow gold.
For example, on average and it varies from country to country:
So scraping your gold jewellery is the perfect opportunity as the price of gold is increasing and none knows for how long, so it is best to act now.
Do not hesitate to contact us at [email protected] or call us at 416-366-4000.
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