cash-for-gold-info.com

The effect of gold mining on the environment

Gold Guru — Wed, 16 Dec 2009 15:42:04 +0000

With the Climate Change summit taking place this week in Copenhagen I asked myself how gold mining damages the environment. Buying and selling gold is, of course, big business. There is certainly no shortage of mining companies around the world constantly excavating and looking to sell gold ore for a large profit. The majority of the gold mining companies are based in the South Africa, America and Australia and have thrived in recent times with investors looking to profit from the high price of gold by buying shares in the mining companies. The problem with mining gold is that many formerly gold rich veins have been exhausted and for every ounce of mined gold, miners have to excavate and take away almost 30 tonnes of rock. They do this through open cast mining, where they blast and excavate vast amounts of rock leaving a permanent scar on the landscape. What’s more in order to separate the Gold ore form the hard rock, companies blast the ore into a fine powder and then use a toxic cyanide solution to dissolve the gold so that it can be extracted. The problem with these cyanide solutions is the possibility of it leaching into the surrounding soil, damaging the plant and wildlife. There was one instance in Romania where heavy rainfall and snow caused large amount of cyanide contaminated waste to be released into the river, killing all the fish and contaminating the water supply for two and a half million people. According to some reports in America metal mining causes more toxic waste than any other industry. What’s more one of the largest mining companies in the world has, in the last decade, destroyed almost 2,400 acres of rainforest in Papua New Guinea through open cast mining. So it would seem that gold mining companies will go to almost any length to excavate and sell gold ore for jewellery and other products at great cost to the environment.

Written by Simon Fuller

Does anyone fancy going to a gold selling party?

Gold Guru — Mon, 14 Dec 2009 15:31:31 +0000

If you are confused as to how a gold selling party would actually work, you are certainly not alone. I must admit that I was unsure at first what exactly went on at these parties. Basically guests are asked to bring any gold jewellery they no longer want to the hostess’ house, where an expert will analyse the gold content of the jewellery while you enjoy a glass of red and an hors d’oeuvre. Like many trends, it originated across the pond as the price of gold rose and cash for gold postal companies started to come out of the woodwork offering to buy any broken or unwanted gold jewellery. The thought behind these Tupperware-style parties is to try to add more of a personal touch to the business of selling your gold, as the seller is able to speak to an expert face-to-face as opposed to simply sending their gold off in the post.

I suppose this isn’t a bad option for anyone looking to get some cash for gold they no longer want, since they can enjoy some food and wine and socialize with friends while their gold is valued. Furthermore, one definite advantage of these parties is that it gives the seller the opportunity to get a valuation without sending anything in the post. In any case, I would not recommend that sellers look to accept the first valuation they receive, even if it does seem like a reasonable figure. It would be wise to get a number of valuations from jewellers or other cash for gold companies, who may offer a more a competitive price. Whether these gold selling soirees truly take off in the UK as they have done in America is unclear, however, as long as the price of gold continues to rise you can be sure that companies will look for more and more ways to purchase your gold.

Should I sell my gold jewellery at the moment?

Gold Guru — Fri, 04 Dec 2009 16:06:49 +0000

If you have recently paid a visit to a jewellers to buy something for an anniversary or Christmas, you may have noticed that your wallet is feeling slightly lighter than usual. This may have been due to the fact that the price of gold has shot up in the last year and has in turn had a knock-on effect on the price of gold jewellery. In India, the world’s largest gold market, sales of gold jewellery have dropped by 30% according to reports as consumers, brides in particular, are buying cheaper imitation jewellery as opposed to the real thing. As a result some people have started to sell, rather than buy, gold jewellery in an effort to raise some funds in the midst of the recession. If you do choose this option there is certainly no shortage of companies or jewellers willing to take it off your hands. Gold buying companies have been appearing on our television screens consistently over the past year offering competitive prices for your scrap or broken jewellery. The question is whether it truly is the right time to sell you gold or whether you may be better off waiting for the price to increase once again?

Experts are divided on this issue with some believing that the price of gold will break the $2,000 mark, however, there is no clear time frame and it may take more than a decade for this to happen. In truth unless you have a two ounce 24ct gold bracelet, it will not make a huge difference whether you sell your jewellery now or in a year’s time. If the jewellery is broken, you will be selling it purely for its gold content as it will be melted down and refined and in this case the best option would be a gold buying company. However, it would be wise to search around for the best offer as valuations can vary considerably. If your jewellery contains some gemstones and is in a good condition, a jewellers will not just value it based on its gold content but also on a number of other factors such as the craftsmanship and the design. Overall, my advice would be to sell you gold jewellery when you need the cash the most and it would make sense to sell now to avoid getting into too much debt over the Christmas period.

Is it the right time to invest in gold?

Gold Guru — Fri, 04 Dec 2009 15:01:29 +0000

For those of you who tend to throw away the business section of your Sunday paper, the price of gold is now at a record $1,225 an ounce. However, it is yet to reach heady heights of 1980 when it reached an inflation adjusted price of more than $2000. Nevertheless the weak US Dollar has led to increased demand and countries like India and Sri Lanka have recently bought 200 and 10 tonnes of gold respectively from the IMF (International Monetary Fund). With the US Dollar showing few signs of recovery and as long as demand continues, it would appear as if the price of gold will continue to rise over the next year.

Consequently, with banks offering very low interest rates for savings and inflation threatening to devalue wealth, it would seem that gold offers a real solution. Gold has traditionally performed well in uncertain economic times and is generally viewed by investors as a hedge against inflation as it retains its value. After the banking crisis and the collapse of numerous high street chains, investors are looking to gold for stability and a “safe haven” for their money having suffered considerable losses as share prices have fallen. It is worth noting, however, that although gold is indeed a low risk investment and your investment will grow in line with inflation, it will protect your money rather than yield a high return.