Best Gold Refinery
We all know that gold is a valuable resource, and it has been like that since it was first used by humankind, mostly because of its beauty and stability. Gold refineries have played a key role in gold history. But if you want to know about the best gold refinery, we first need to analyze the gold situation, and for that, we need a little bit of context. Let’s start with it!
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The Past of Gold
The history of humanity with gold started around 6 thousand years ago, near Egypt and Mesopotamia. It was mainly used as a decorative material in statues, weapons, jewelry, and vases, besides its early uses as coinage.
Egypt was the biggest gold producer until the times of Christ, and the first evidence of gold being refined was found here, dating 2300 BC. They recovered gold from river sands and concentrated it by washing away the lighter impurities and then melting the heavier gold particles. Around 2000 BC, Egyptians developed the method of separating gold and silver alloys using salts.
By the year 100 AD, nearly 40 thousand slaves were mining gold in the land we now know as Spain, yet the rise of Christianity and the surge of other metals being used in coins slowed down the gold demand.
The colonization of America resulted in the discovery of many new gold sources around the 16th century, and other major discoveries occurred in the 19th century, which lead to the California Gold Rush. Yet the largest gold finding in history happened in South Africa in 1886, and it produced 40% of the world’s supply by 1985.
The present of gold
The contemporary age of gold began in 1556 when the ancient methods of refining were improved and Georgius Agricola put them in writing. But if we move a little closer in time and evaluate gold exploitation in the last century, we can see that it increased from 705 metric tons of gold mined in 1912, to nearly 3,000 tons by 2020.
We are not gonna stop today to count the environmental consequences of gold mining, but we must evaluate the fluctuation of the whole gold chain during the Covid pandemic. It is well known that gold prices suffered a major rise (around 40%) during 2020, and experts tell us that this rise was due to the higher demand for gold, which is seen as a safe investment in uncertain times. Higher demand means more mining, yet the environmental consequences of this “new gold rush” have not been examined, especially in some of the world’s most impacted places, like the Amazon, which owes 10% of its deforestation to the gold mines.
Regulation and law enforcement need to improve in order to limit this impact; however, this has been difficult in recent years.
The future of gold
Recycling is the future of gold in a world that tends more and more to go green. This is already practiced, with 23% of the global supply coming from recycled sources. Here is where gold refineries take action.
Still, this new practice requires the engagement of the public and the sellers at the end of the production chain, who should promote and demand awareness in the processing of their products. Organizations such as the Responsible Jewellery Council promote sustainability of gold industry practices, including requirements for gold recycling, which is the only practice that reduces the mining impact. However, they find difficulties assessing the sources of gold due to some refiners not being transparent about their supply chains.
Fortunately, jewelry, which represents 46% of the use of gold in the world, is one of the main industries that uses recycled gold.
But other new applications are coming up as the future of gold. The field of medicine uses nano-particles of gold on rapid diagnostic tests, gold-based drugs are used to treat illnesses like rheumatoid arthritis, and there’s even research going on to use gold in cancer treatments. Speaking about the environment, gold is being used to build more efficient solar panels and for breaking down contaminants in industrial areas.
That being said, the projections of the gold market are very promising, and gold is expected to grow in the following years. Gold refineries will have a crucial role during this period, helping to turn this valuable asset more and more sustainable.
What makes a gold refinery “the best”?
The best gold refinery for you will be the one that gives you the highest returns, and that is only possible if they comply with a series of characteristics.
As we mentioned, the best gold refinery will be a sustainable company that uses the latest technologies and is also transparent on its processing chain. You can learn more about what to look for in a precious metal refinery in this article: What to look for when choosing a precious metal refining company.
If you want to start working with the best gold refinery, you can do it today! Core Scientific is the leader in gold refining, and we are 100% committed to transparency and giving our customers the highest returns. Get a free consultation now and learn more about what we can do for you.