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(Kitco News) – The technical and digital revolutions have transformed the demand for gold and silver from monetary metals and fashion accessories into essential components that are used continuously in our daily lives, according to a refiner celebrating its 100th anniversary.
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Chris Jones, President of Precious Metal Refiner Gannon & Scot |
In a recent interview with Kitco News, Chris Jones, president of precious metals refiner Gannon & Scott, said technology recycling is the fastest growing refining sector in the last century, and that it continues today.
The company regularly receives pallets from manufacturers stacked with boxes filled with valuable components ready for recovery. "It's amazing to think of all the electronics that use gold and silver. High density printed circuit boards and other components are a mixture of materials. The recovery of precious metals can therefore be difficult. Customers rely on our expertise to badess salvage potential and return a high value, "said Jones.
While the precious metals economy is on the rise in the electronics sector as manufacturers try to cut costs, Jones said there is still no alternative for these metals. He added that gold would continue to be essential for the components of robotics, aerospace and the medical sector.
"If you need an electrical connection and you need absolute security, then gold will remain the metal you will use," he said. "We see new applications for gold and silver developed each day.
Despite ongoing savings, gold demand in the technology sector continues to grow. The World Gold Council said the tech sector had consumed 334.6 tonnes of gold in 2018, its highest level in four years.
Not only are there new uses for gold and silver, but Jones added that the way metals are recycled has become much more complicated. The integration of minute traces of gold and silver in synthetic products and plastics has made recycling more complex.
"It was much easier to recycle gold and silver 100 years ago when the materials were pretty basic. Today, you have to deal with more complex materials, "he said. "If you do not handle them properly, there is a risk of pollution. And in the end, you do not solve a problem, you simply create a new one. "
Gannon & Scott not only help keep electronic waste out of landfills, but Jones added that the company was also committed to reducing its environmental footprint.
For example, the company has designed its exclusive Tru3Tec ™ thermal reduction system with advanced environmental controls. In addition, the company's two treatment plants, one in Rhode Island and the other in Arizona, are zero-discharge facilities. Jones added that the Rhode Island refinery also has an acre of solar panels, generating enough electricity to power 60 homes.
The company's environmental commitments are just one part of the industry's growing trend toward growing demand for ethical and responsible gold, "said Jones.
Jones said the solar sector could be the next phase of growth for the company as it plans to recycle the money used in solar panels.
Warning: The opinions expressed in this article are those of the author and may not reflect those of the author. Kitco Metals Inc. The author has endeavored to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a solicitation to exchange merchandise, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for losses and / or damage resulting from the use of this publication.
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