Gold Rush Is a Boon for the Refinery Biz
Source: ABC, Ellen Tumposky (8/12/11)
"Refiners, who buy scrap gold from dealers and private owners, are also seeing an upsurge in activity."
Investors aren't the only ones rushing to profit from the booming value of gold. Refiners, who buy scrap gold from dealers and private owners, say they are also seeing an upsurge in activity.
"It is great for business," says Terry Hanlon, director of the metals division of Dillon Gage, which operates a gold refinery in Texas. He says revenue from the gold refinery business has increased 200 percent in the last year, while silver is up 300%. With gold worth $1,775 an ounce, "it comes out of the woodwork," he said, with individuals bringing their items to dealers, who in turn sell it to refineries where it is melted down to its purest form. . .View full article