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Global Scrap Silver Supply Increases for Second Consecutive Year

May 16, 2012

Scrap Silver Supply IncreasesAs silver scrap supply sees further growth, an upsurge in the number of silver buyers is to be expected. High metal prices have not only encouraged an increase in silver mining and excavation but have prompted awareness and growth in the recycling of silver.

 

According to data from the Thomson Reuters GFMS World Silver Survey 2012, supply from scrap rose for the second consecutive year. The silver from scrap rose about 20 million ounces, accounting for nearly 25 percent of total production last year alone. The increase, in part, can be accredited to an increase in cash for gold and cash for silver campaigns that have flooded the market, targeting consumers who find themselves with an abundance of silver or gold items. These individuals are often desperate for cash and will sell their gold and silver items to scrap buyers with little or no thought.

 

In addition to selling personal items, some individuals have become somewhat of “silver scavengers.” These scavengers have taken to frequenting second hand shops, antique stores, estate sales and online auctions in an attempt to buy silver items at lower costs, which can then be sold for their metal value. Industrial scrap also makes up a large percentage of scrap silver; scrap silver can be found in catalysts, dental alloys and electronics.

 

Companies worldwide have formed to seek treasure in electronic trash. Boliden is a company that owns mines and smelters throughout Europe and hopes to expand their reach to North America in the future. Boliden claims they’ve been successful in their recycling endeavors due to a shorter lifespan of electronic items and stricter recycling legislation. Extracting metals from scrap only requires 10-15 percent of the energy required to extract metals from ore and is quickly becoming one of the quickest and easiest ways for recycling centers to cash in on the electronic scrap phenomenon.

 

For those interested in entering into business with any number of these silver buyers, there is only one that is reputable and makes conscious efforts to give you the cash you deserve. Cash for Silver USA is widely known to offer more than their competitors and accepts all types of silver: coins, jewelry, flatware, silver contacts and even film scrap! Almost anything that contains silver is accepted by Cash for Silver USA. There’s no time like the today to cash in on the scrap silver phenomenon!


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