It is a great time for precious metal recycling. This fashion has become more popular recently, but the latest global events have created a great scenario for the growth of this sustainable and yet profitable activity.
The prices of gold, silver, platinum, and palladium are going up and therefore recycling precious metal scrap is a booming industry. Let’s take a look at some reasons why precious metals prices are going up and why this year is great for precious metal recycling:
- First trend: buildings, cars and even cities going electronic. Solar panels in homes, commercial buildings optimizing their power consumption with advanced electronics, electric car sales rising, and cities going “smart” with electronic monitoring systems of electrical distribution, traffic control, and more. All of these upgrades need gold and silver for their circuit boards and other precious metals for batteries.
- Second trend: Increasing demand for luxury items. After a period of crisis or uncertainty, people are eager to shop to regain a sense of normality, and also, since the quarantine, the sales of engagement rings went through the roof. This renew trend of jewelry shopping will keep the price of precious metals up.
- Third trend: Home computers will keep selling like crazy. The pandemic brought the huge change of working and studying from home, and with that everyone was purchasing and upgrading their home computers and laptops. Even though the hardest quarantine time passed, it showed a 70% increase in internet usage and that trend is not likely to go away. It is expected that the sales will keep a high average and of course, that will mean a need for precious metals to fabricate these devices.
- Fourth trend: Sadly, this period also brought the failure of many small businesses. This, on the other hand, made it easier to buy scrap precious metals at a low price, feeding the precious metal recycling process.
- Fifth trend: Population is aging, and the demand for medical devices increasing. The average population age is going up every year, and a statistic shows that where 1.14 million cardiac pacemakers were used in 2016, 1.43 million are expected to be in use by 2023. That is a 25% increase, and that is just one type of medical device. It is well known that many of these appliances use precious metals, like platinum and palladium.
- Sixth trend: The growth of the Aerospace industry. The global aerospace and defense industry is beginning to recover this year after the stepback of the coronavirus. Founding is increasing and costs are declining because of the use of new technologies. Last year space investments amounted to $25.6 billion, and it is expected to experience a growth of 15.7% in the current year, thanks to the boom of privatization of space exploration. This initiative will for sure raise the demand for many precious metals used in aerospace technology.
One thing is certain: if you want to be part of this growing industry, the best thing you can do is work with the best precious metal refinery that will guarantee you the highest returns. Core Scientific is the leader in precious metal recycling, with years of experience in the sector and the use of the latest technologies that allow them to generate the best profit for you. They are a reliable and trustworthy company, who holds a 100% transparency standard. Don’t waste any time and start refining with the best.
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