Metal smelting is a process of extracting metal from its ore which is mixed with heat generating or purifying substances such as coke or limestone. Smelted or pure gold finds its application in various fields such as medical, dental, electronics and industrial application. While purchasing gold ore, investors are buying the insignificant material that sticks to pure gold. If buying gold as an asset, it is a better to purchase smelted gold. Along with melting gold into bar, smelter removes the impurities from gold using heat, pressure and certain chemicals. Hence, private and institutional investors who invest in gold coins, scrap gold and gold dust prefer gold smelting.
The demand for pure or smelted gold is extensively scattered around the world. The U.S., India, Turkey, and greater China which includes China, Hong Kong and Taiwan accounted for approximately over half of the global consumption in the last three years. Rapid socio-economic and demographic changes in the developing countries are also expected to turn out new patters of demand for smelted gold over the forecast period. Jewellery has constantly been the largest segment of overall gold consumption. In addition, private and institutional investors represent largest source of smelted gold.
Some of the key participants in gold smelting market include Chenzhou Mining Group Co. Ltd., Aida Chemical Industries Co. Ltd., Ronghua Industry Group Co. Ltd., Materion, Metalor USA refining corporation, Johnson Matthey Ltd., Chongjin Gold Corporation Ltd., Ohio precious metals LLC, Shandong Gold Mining Co.Ltd., OJSC Kolyma Refinery, Gannon and Scott, Yuyuan Tourist Mart Zijin Mining Group Co. Ltd., Global Advanced Metals and Hengbang Smelting Corporation among others.
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