Cash-for-gold as gold prices surge frenzy fades Analysis
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NEW YORK (Reuters) - Handing out flyers at the corner of 47th Street and Fifth Avenue in New York City's Diamond District, Mariabi Peenya is having trouble finding passersby eager to sell their gold jewelry for cash.In Mexico City, Paulino Luna says fewer customers are coming to his small storefront in a colonial-era building, where he's been buying bullion for 25 years. And in Chennai, India, Daman Prakash Rathod finds the once-heaving crowd of local gold scrap sellers have all but disappeared.
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NEW YORK (Reuters) - Handing out flyers at the corner of 47th Street and Fifth Avenue in New York City's Diamond District, Mariabi Peenya is having trouble finding passersby eager to sell their gold jewelry for cash.In Mexico City, Paulino Luna says fewer customers are coming to his small storefront in a colonial-era building, where he's been buying bullion for 25 years. And in Chennai, India, Daman Prakash Rathod finds the once-heaving crowd of local gold scrap sellers have all but disappeared.
The fact that scrap is not reacting as strongly as one might have expected to the stimulus of higher prices suggests those higher prices are more sustainable and price growth is easier," says Philip Klapwijk, executive chairman of respected metals analytics firm GFMS Ltd, a unit of Thomson Reuters.
Gold prices breached $1,800 an ounce for the first time this week, having almost tripled from its 2008 lows of $680.
"The easier-to-let-go stuff has been let go, so it gets progressively more difficult given the move in the price to stimulate the same growth in scrap," Klapwijk said.
In 2009, scrap supply surged by 30 percent to a record as consumers rushed to sell anything they had, both to turn a fast buck on a booming market and to cushion the blow of recession.
In the years since then, large amounts of recycled gold flooded the physical market. But growth has slowed sharply as people either run out of things to sell, or wait for higher prices. Klapwijk expects recycled gold to grow by only about 5 percent this year.
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People don't have their parents' or grandparents' gold anymore, they've sold it," said Luna. "We are not seeing the same amount of volume that we saw before, every day there is less, of both gold and silver."
And in the country which consumes more gold than any other, India, where gold jewelry is a central part of the culture from weddings to holidays, reselling gold has become a rarity.
"The selling crowd has disappeared," Daman Prakash Rathod of gold wholesaler MNC Bullion said by telephone from Chennai.
Watching friends and neighbors rue their decisions to sell at $1,000 or $1,200 or even $1,500 an ounce, he reckons other Indians have learned a lesson.
"The excessive scrap that used to come a few years ago has stopped, and people who have sold must be cursing themselves for doing so at lower prices.
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