Elemetal Direct is a bi-monthly publication only intended for Elemetal costumers, vendors and associates.

4. At Elemetal Diamond, we strive to deliver the highest level
of service to our clients. Whether you are buying or selling,
you can expect professionalism throughout your transaction.
We deliver straightforward information and transparency
throughout the process.
Our goal is to standardize the pricing of melee diamonds and
give fair and competitive bids on all loose stones. Our ability
to reach out to an expansive network of diamond dealers and
wholesalers provides current market pricing on all categories
of diamonds.
Diamond specialists with a transparent approach to buying and selling
melee diamonds and individual stones
DIAMOND
DIAMOND

5. Elemetal Direct | 3
The Royal Mint
U.S. Mint Preview
Market Outlook
Refining The Diamond
Trade
A historic detail of the refinery and
a glimpse into the London Gold
Market is outlined in a guest post
from The Alchemist.
PAGE 8
Louis Golino is back and better
than ever with his preview on the
2016 U.S. Mint product lineup.
PAGE 14
Our team at Elemetal Capital
provides their outlook on the
marketplace and forecasts for the
remainder of 2016.
PAGE 26
The Elemetal Diamond team
checks in for the first time with
a quarterly report and update on
market conditions.
PAGE 5
ISSUE 4 VOLUME 1 Spring 2016
REFERENCE GUIDE
4 Editor’s Note
5 Refining The Diamond
Trade
8 The Royal Mint
14 U.S. Mint Preview
22 One Elemetal
26 Market Outlook
28 Elemetal Recycling

6. 4 | Elemetal Direct
E D I T O R ’ S N O T E
Happy Spring to all of our great customers, partners,
and colleagues across the world. We hope the start of
the year has been prosperous for all of you. Hopefully
you have enjoyed the first few issues of Elemetal Direct as we
continue to introduce you to one of North America’s largest
precious metals organizations & it’s different departments.
As we move into the 2nd quarter, we’re pleased to report our
transition to a global Elemetal is continuing to progress very
well and we’re excited to keep proving to you a great service
experience each time you give us an opportunity.
In this springtime issue, we’ll check in with the folks from
Elemetal Diamond and they’ll provide you a look inside their
interesting work. Also, we have noted industry expert Louis
Golino joining us again for a great look and review of US Mint
products. And, we have a great look into the Royal Mint and
it’s storied past; a piece we brought you last year on a great
partner. Lastly, Elemetal Capital provides a metals outlook for the
remainder of 2016.
So, please again take a few moments to read through this
magazine – it’s produced with you in mind -- our core customer.
We’ll always try and focus on the issues that impact you and
provide communications on how we can work together better.
Thank you for your business and your commitment to our
company. We look forward to continuing to serve you.
Elemetal, LLC
Editorial Staff
PRESENTED BY: Elemetal, LLC
MARKETING DIRECTOR: Brad Hastedt
LAYOUT DESIGN: Iain Duane Yu
CONTRIBUTORS: Louis Golino, Royal Mint,
Bradley Yates, Elemetal Diamond, Gareth Amon
DISCLAIMER: Elemetal Direct is 100% American owned.
All contents of Elemetal Direct are for information purposes only.
Elemetal Direct does not guarantee the accuracy, completeness
or timeliness of the contents. None of the information contained
herein constitutes a solicitation, offer, opinion, or reccomendation by
Elemetal Direct to buy or sell any security or commodity, nor legal, tax,
accounting, or investment advice or services regarding the profitability
or suitability of any security, commodity or investment.
All commentary and advice in this publication is of a general nature
only, and doesn’t consider your individual circumstances or financial
objectives. You should always consult a licensed financial advisor for
your personal investment advice. Please do your own research.
CONTACT US FOR
ADVERTISING AND CONTENT
Brad Hastedt
bhastedt@elemetal.com
PUBLICATION INFO
www.elemetal.com
15850 Dallas Parkway
Dallas, Texas 75248
Elemetal Direct is a bi-monthly publication only
intended for Elemetal customers,
vendors, and associates.
Spring 2016

7. Quarterly
Report
Refning The Diamond Trade
Elemetal Diamond buys and
sells diamonds of all sizes and
qualities, and offers prices
that beat the competition.
Join us and maximize
your business today.

8. TOTAL CARATS PURCHASED IN 2015
We evaluate and purchase
loose stones of any size
and quality. We buy
breakouts, parcels,
single-stones,
and diamond
jewelry.
MARKET CONDITIONS
0.20pt - 0.99pt
10.89%
Rounds
27.57%
Single Cuts
14.31%
Mixed Fancy
18.05%
Brown/Black
12.42%
Broken
2.74%
Rejection
14.02%
109,917
carats total
Polished diamond prices were down roughly 15% in 2015, but a relatively strong holiday
season helped restore dealer confdence. Polished prices steadied in the frst quarter of
2016 and are expected to maintain current levels through the second quarter. The secondary
recycled diamond market should see an increase in volume due to precious metal volatility, as sellers
may look to take advantage of upticks in metals’ prices on scrap jewelry.
With improving sentiment in the diamond market, the worst may be
behind us in sliding diamond prices.
DON’T FORGET...
+15%
+10%
+5%
0%
-5%
Gold
Diamonds
*Prices as of March 2016
Elemetal Diamond
now covers stone
removal fees on
accepted diamond bids.
Jan 1, 2016
You can trade
diamonds for
Elemetal Capital
bullion credit.
Samer Barrage

9. PRICING INDICATIONS
Below are pricing indications for melee diamonds. These indications are as-of March 2016.
Prices are subject to change. All lots are valuated on individual basis.
Stones above 20 points are evaluated on an individual basis.
Please call (214) 956-5843 for more pricing information.
SI2
+ Round White
SI2
- Round White
$150.00 - $250.00
$100.00 - $200.00
Single Cuts SI2
+
Single Cuts SI2
-
$100.00 - $200.00
$50.00 - $100.00
Off Color (Clean JKL)
Mixed Fancy
$75.00 - $150.00
$80.00 - $150.00
Baguettes
Brown
$25.00 - $75.00
$40.00 - $70.00
Natts $50.00 - $70.00
Chipped (under 0.20)
Rejection
$50.00 - $100.00
$35.00 - $55.00
(214) 956-5843
P H O N E
info@elemetaldiamond.com
M A I L
elemetal.com/diamond
W E B S I T E
CONTACT ELEMETAL DIAMOND

10. 8 | Elemetal Direct
PA R T N E R S P O T L I G H T | The Royal Mint
The Royal Mint Refinery, a Window
onto the London Gold Market
By Dr Michele Blagg, visiting Research Associate at the Institute of Contemporary British History, King’s College London
These fields have an enormous future
before them and the country together will
for the next 10 or 20 years offer greater
scope for European capital than South
America and similar countries.
Tim Green, in his recent publication ‘The London Good Delivery List: Building a Global Brand’ (2010),
provided a detailed account of the expansion of the London refining industry following the ‘gold rushes’
that took place from the mid-19th century and resulted in many new refining houses and brokerages
being established in London. Inspired by Tim’s research, Dr Michele Blagg built on these accounts for
her own research. Here she presents a précis of her doctorial study into a bullion refining facility, the
Royal Mint Refinery, operated by N M Rothschild & Sons between 1852-1967. The study, which focused
on the interaction between Rothschild and the London gold market, reveals much about the significant
players in the industry and contributes to the wider understanding of the current renaissance for gold.
One challenge in gaining a better understanding of the
London refining industry was to raise the veil of secrecy and
mystery that surrounded it. Many of the daily operations were
performed behind closed doors, for reasons of security and
the protection of secrets in the treatment process, these the
Refiner “jealously and carefully” kept to himself. Another hurdle
was appreciating what attracted gold to the London market.
Market intelligence played a key role in Rothschild’s success.
In 1848 Alphonse de Rothschild (1827-1905) on a trip to
New York wrote back to the Paris house that ‘there is much
sensation as to the gold mines in California. It seems one only
has to go down and pick it up.’ From the Cape in 1888 he
wrote to his cousins in London of:
“the amazing stories of the riches in abundance of mining
in the Cape... to listen to some of them this country has
got treasures within reach as real and comparable with
those of Aladdin’s grotto. The gold arriving in Europe
should greatly please the Bank of England.”
An associate of the bank, Carl Meyer had no hesitation in
promoting the Cape to the London house. In his opinion
‘these fields have an enormous future before them’ and
‘the country together will for the next 10 or 20 years offer
greater scope for European capital than South America and
similar countries.’
In 1868 Ernest Seyd noted that ‘when large refineries are
carried on in connection with banking, bullion operations
have an influence on the supply and demand of the precious
metals in the market and thereby yield indirect profits.’
Certainly Rothschild took full advantage of the gold rushes
of California, 1848, Australia, 1851, and South Africa, 1884.
Gold is a commodity like no other. In the twentieth century it
held a unique position at the heart of international relations
and financial flows in monetary systems around the world.
It was the favoured commodity of the merchant bank N M
Rothschild & Sons and complemented its business activities.
Niall Ferguson, in The House of Rothschild, suggested that
Rothschild was never ‘jacks of-all-trades’. He described the
preference of the merchant bank as specialist in a number of
select markets, the aim being to establish a ‘dominant role’ in
each. Throughout the 19th century the bank’s relationship to
gold was secured through its ability to supply consignments of
bullion to governments at short notice and in large quantities.
Rothschild reinforced its position to gold with a succession
of investments and expansion in relations with overseas
mining enterprises that maximised its command over precious
metals. One such enterprise was that of the Royal Mint
Refinery, a gold and silver refining facility. The prospect of
taking on the refining business appealed to Rothschild who
saw great opportunity in operating a refinery treating much
of the bullion sent to the London market from around the
world. The responsibility for the negotiations fell to Anthony
de Rothschild (1810-1876), one of the sons and business
heirs of N M Rothschild, who secured the lease from the
Government in January 1852. The decision to add the word
‘Refinery’ to the previous title of the Royal Mint was a fortuitous
one, affording Rothschild an element of anonymity. The ‘RMR’
brand was internationally recognisable and accepted by
central banks and private investors as ‘good delivery’.
Last year, we introduced you to our
OneElemetal initiative and committed to
highlighting not only ourselves and what we can
do for you, but our partners as well. Below is an
article contributed by The Alchemist, detailing
the historic Royal Mint and a look at the future
of this great partner.

12. 10 | Elemetal Direct
The bank also benefited from its connection to the Royal Mint
Refinery as it gained access to and control over much of
the gold production within the British Empire, which in 1914
amounted to a massive 70 per cent of the total world gold
production. Gold refining facilities in London were regularly
improved and expanded in response to the arrival of African
gold, and the silver refinery received constant supplies of
demonetised coin from across Europe.
In earlier years large shipments of bullion arrived in London
in the shape of blocks; bars; ingots; pieces and coins;
or in any other form in which it could be offered up to the
market to be sold for the intrinsic metal value. London
refining firms competed against each other to secure the
weekly consignments of raw gold that were boxed up
and transported by coach, later by rail, to Cape Town and
Durban and dispatched by ship to London. Directors of
the companies donned ‘their frock coats and top hats and
headed into the City each morning to call on the banks,
brokers and shipping agents to compete for the incoming
shipments’. Upon arrival the wooden boxes containing the
raw gold were dispatched to the various refining houses for
treatment. Once refined the bars were converted into the
finished product ready for sale as pure gold and offered for
sale on a Monday morning in the London market by one of
the approved bullion brokers. In addition to refining costs
gold producers were also responsible for freight charges,
insurance, and any brokerage fee charged for the sale of
the consignment. Jean Jacques Van-Helton calculated that
additional costs incurred could be in the region of 15 per cent,
which meant that the standard price of an ounce of gold (£3
17s 9d) could be whittled down to around £3 10s
Gold received in London, mainly originating from southern
Africa, was channeled through a variety of formal and informal
links. Between 1904 and 1910 imports increased from £16.3
million to £34 million. Clarke suggested the attraction to
London was ‘simply a reflection’ of the City as a wholesale
market with builtin expertise and experience. Van-Helton
identified four key links that attracted gold to the London
market. Firstly, the London gold market was the only genuinely
unrestricted market; it was free from ‘gold premiums, central
bank interventions and so on, nothing impeded the import and
export of precious metals.’ Secondly, as a consequence of
the Bank Charter Act of 1844, London provided a guaranteed
market and minimum purchase price for gold (£3 17s 9d an
ounce). Thirdly, the City was the hub of global patterns of
trade and payment flows, with its myriad of financial institutions
and other services it provided the Witwatersrand mines;
insurance; brokerage; Stock Exchange; banking; refining
facilities; recruitment of technical personnel; and the bill on
London was an internationally acceptable means of payment.
Moreover, in the City the majority of mining companies were
incorporated as limited companies, raised working capital on
the Stock Exchange, had head offices there and held their
annual general meetings, credit and overdraft facilities were
arranged with banking capital against anticipated revenue from
weekly gold sales. Finally, and more importantly for the London
refining houses, the Transvaal possessed no Mint or refinery,
and as such British banks and other South African states and
colonies would not recognize a Transvaal hallmark or coins
minted in Pretoria. With no established refinery shipments of
raw gold continued to flow to London for treatment.
By the turn of the 20th century the flow of gold to London
had increased so much as to fill capacity the refineries and
competition became meaningless. The three principal London
refining houses, Johnson Matthey & Co., the Rothschild
Royal Mint Refinery and H L Raphael & Sons were kept busy
despite growing competition from German refineries that
offered tempting rate reductions in a bid to steal business
away from London. On 31 December 1906 Johnson Matthey,
Rothschild and Raphael entered into a formal agreement that
fixed the treatment price of gold in London at 3d an ounce.
It was agreed that all gold entering London would be divided
between the three firms in more or less equal portions. The
agreement remained in force until the outbreak of war in
1914. During this period Johnson Matthey increased its own
treatment capability and entered a period of modernisation
by acquiring the British rights to the new electrolytic process,
developed in Hamburg, which was later replaced in 1913
by a gas-fired melting house. Not to be outdone Charles
Rothschild, who had taken a keen interest in the Royal
Mint Refinery, implemented a series of improvements
from 1905 and after adopting the new chlorine method of
refining, advanced in Australia since 1870, much improved
the operation. Machinery and facilities were upgraded and
he boasted that ‘my refinery is forging along nicely’. The
upgrade offered a shorter processing time and thus reduced
overheads and lowered refining costs. The firm’s refining
capabilities increased from 3.3 million ounces gross weight of
gold to 6.8 million by 1913. Charles noted that the gold bars
produced in London were ‘works of art’.
The firm’s refining capabilities
increased from 3.3 million ounces gross
weight of gold to 6.8 million by 1913.
Charles noted that the gold bars produced
in London were ‘works of art’
Picture 1: Unpacking of raw gold from abroad at the RMR, circa 1933.
Reproduced with the permission of The Rothschild Archive.
PA R T N E R S P O T L I G H T | The Royal Mint

13. Elemetal Direct | 11
Benjamin White provided a rare insight into the physical layout,
management and daily operation of the Rothschild refinery.
Following a visit to the refinery in 1912 he wrote that:
“The exterior of the Refinery is lofty and massive, and the
visitor, as he passes through a wicket-gate in the huge
doors, receives a first impression of security and space.
As [he] crosses the ample yard and becomes conscious
of a somewhat sickly pungent smell, regarding which he is
informed, casually, ‘Oh! That is only [sulphur dioxide].’ The
first room, about forty feet square, is used for weighing;
six large balances within glass cases range the walls, a
counter occupies the centre, and stacks of silver bars,
fine and otherwise, are on the floor. The actual refining
takes place in a fine central hall, with annexes where
minor details are dealt with. Five sets of apparatus stand
side by side, each composed of a series of three tanks,
two covered and on a high platform and one uncovered
on a lower level. The liquid, with precious metals held in
solutions, flows down to the lower tank, which measures
about 12 feet by 6 feet and is about 3 feet deep. From
the open tanks steam rises in clouds, for the contents
are heated to 1000 degrees Celsius and the tanks are
continually stirred with long poles to assist the action of
the acid. The sulphate of copper in the solution gives a
beautiful blue tint to the contents.”
His guide was George Buess, refinery manager 1912-1937.
White noted the ‘courtesy of the manager, his anxiety to explain
the process and his perfect mastery of the details showed
that his interest charge was by no means regarded in the light
of a mere duty.’ While he suggested that ‘the upkeep of such
an establishment as a refinery, quite apart from its commercial
character, [was] a source of legitimate pride to its owners.’
Security arrangements did not escape his notice as he recalled
that ‘around the central apparatus lies precious material in
various stages of purity. The exposed heap of fine gold, in
appearance like wet clay sand, demonstrates the need for
perfect confidence between employer and employed.’ The
matter of security was inherent to such an operation as an
earlier account by Ernest Seyd demonstrates: The uninitiated
might be led to think that the workmen in a Refinery, where
such large masses of Bullion are under their hands, could
pilfer without detection. The exact quantities of gold and
silver present are, however, known with almost mathematical
accuracy, and the precious metals pass from hand to hand, or
in the charge of foreman, in such a way that robbery becomes
almost impossible, or is, at least, at once detected.
It was not merely confidence between an employer and his
staff that was required but an effective deterrent and anyone
caught stealing was immediately dismissed and the matter
pursued through the courts.
The turning point in the fortunes of the London refining industry
came in 1919. It was announced that a native refinery, located
in southern Africa, was to be established, thus at some point
the hegemony enjoyed by the London refiners would be called
into question. Almost certainly the outbreak of war in 1914
delayed the transfer. Evidence records growing discontent
amongst many gold producers at the refining costs charged
in London. This, coupled with the general discord as peace
returned, provided the catalyst for the post-war change; the
inert price for gold during the conflict, together with rising
production and wage costs, reduced profit margins, fuelled
greater support for autonomy amongst the producers and
revived calls for a native refinery.
Reactions in London to the news of the new African refinery
were mixed. Sir Lionel Phillips, London representative of the
Central Mining & Investment Corporation Ltd., urged both
Johnson Matthey and Rothschild to become involved in the
running of the new overseas operation. Johnson Matthey
was keen to take up the offer and encouraged Rothschild to
join them. Rothschild had already reviewed its options and
for reasons of security, in addition to the challenge involved
in establishing and operating a refinery at such a distance
from London, took the stance that ‘there is no advantage in
helping the South Africans to cut our own throats.’ Instead it
was decided that both refiners would reduce treatment costs,
however at the Bank of England a different strategy was
conjured up.
Dr Rachel Harvey, in a recent article in the Alchemist (65:
2012), looked at the early development of the London Gold
Fixing and discussed the strategy formulated at the Bank of
England as it attempted to control and manipulate international
supplies of gold, to ensure that once gold was refined in
South Africa it would continue to be marketed in London. The
result was the introduction of the daily London Gold Fixing.
It was the role of N M Rothschild & Sons as banker, refiner
and main agent for the South African mining companies that
led to the firm being invited to act as the market’s chairman.
Another strategy introduced at the Bank of England proved
more risky and unsuccessful. In order to build greater links
with gold producers, hoping that gold might continue to
be sent to London for treatment even after the new African
refinery was operational. It was decided that the Bank should
established its own refinery. From January 1919 plans were
rushed through and an employee of the Ottawa Mint Refinery,
Pearson, was seconded to set up a new facility in London St.
Luke’s to attract untreated gold, which began operating from
November 1920. Astonishingly the Bank announced it was
prepared to ‘refine at cost’.
Picture 2: Royal Mint Refinery staff circa 1897
Reproduced with the permission of The Rothschild Archive.
The Royal Mint | PA R T N E R S P O T L I G H T

14. 12 | Elemetal Direct
PA R T N E R S P O T L I G H T | The Royal Mint
Once the Rand Refinery, located near Pretoria, began to
operate at full capacity the excellent position enjoyed by
the London refiners since the mid-19th century evaporated
overnight. One of the first casualties was the St Luke’s
Refinery as it became increasingly difficult to attract gold to
the new facility. Johnson Matthey, faced with the possibility
of no gold to treat, suspended its gold refining operation
and concentrated on the treatment of platinum that became
a permanent and growing service. Rothschild continued to
treat parcels of gold, although greatly reduced in size, which
arrived in London. The operation increased its treatment of
silver and also diversified into the treatment of copper foil
and other metals. During the 1930s the London refiners
received a short reprieve. Following Britain’s departure from
the gold standard in 1931 the price of gold rose by 40 per
cent above the gold currency price in the London market.
The inflated price stimulated a wave of new production and
caused an avalanche of pre-owned gold to be returned to the
refiner’s pot to be recast into bullion bars and sold. Rothschild
benefited from the rise in price as gold requiring treatment
was sent to London from areas of new gold production that
emerged in west and east Africa.
The closure of the gold market and introduction of government
restriction on gold at the outbreak of the Second World War
halted business; the industry was forced to mark time until
the market reopened in 1954. At the Royal Mint Refinery
the renaissance was brief, the operation became a victim of
decolonisation and the independence of African states that
took place during the 1950s and 60s.
The greatest threat followed the independence of Ghana
in 1957. High on the new Government’s agenda was the
country’s departure from the sterling area, regarded in London
as ‘a simple closure to break colonial apron strings.’ Before
independence the best customer of the Royal Mint Refinery
had been the Ashanti Goldfields Corporation. Gold was
consigned for treatment on behalf the Bank of West Africa
under a 3 year renewable contract at the Rothschild facility.
Once treated this was sold at the London Gold Fixing. News
of the establishment of a state refinery in Ghana meant
Rothschild had two options. The first was to establish and
operate the new overseas facility on behalf of the Ghanaian
Government. This was rejected, for reasons not dissimilar to
the firm’s earlier rejection of operating a South African refinery;
regarding security and the challenges of running the facility
such a distance from London, the second was to do nothing.
The Ghanaian state refinery opened in 1966 and in 1967 the
partners at Rothschild made the decision to sell the Royal
Mint Refinery to Engelhard. Whilst it no longer handled the
raw commodity, Rothschild protected its position to gold as
chair of the daily Gold Fixing that took place at its London
headquarters, New Court, until 2004.
Michele Blagg (BA(hons), MA, PhD)
is a visiting Research Associate at
the Institute Of Contemporary British
History (ICBH). As part of a collaborative
doctoral award granted by the Art’s and
Humanities Research Council, she was based at the
Rothschild Archive, London. Her doctoral research focused
on the Royal Mint Refinery, operated by N M Rothschild &
Sons between 1852 and 1968, and how it adapted to the
changed London gold market. Her areas of interest are in
financial and business history with special regard for the
actors and networks located in the London market. Her
publications include ‘Gold Refining in London: The End of
the Rainbow, 1919-20’ in The Global Gold Market and the
International Monetary system from the late 19th century to
the present (forthcoming, 2013); ‘The Royal Mint Refinery, a
business adapting to change’ in Business Archives Council,
Sources and History. She teaches on the ICBH MA in
Contemporary British History and assists with the Witness
Seminar Programme. She sits on the Business Archives
Council Executive and is involved in the annual ‘Meet the
Archivists’ workshop held in the City that aims to explore ways
in which research students can identify and use business
records in a variety of different research fields.
As a postscript to Michele’s article Stewart
Murray, Chief Executive of the LBMA, has also
been delving into the archives, and adds some
further observations on the involvement of the
Royal Mint and the referees in the accreditation
process, prior to the formation of the LBMA.
Refereeing the Good Delivery System
Delving into the history of the London Good Delivery List in the
period before the LBMA was established in 1987 is always
challenging. Although Rothschilds (in its capacity as chairman
of the London Gold Market) passed over to the LBMA a
number of files on listed refiners, there are many gaps in our
detailed knowledge of how many of the accreditations were
processed. However, there is no doubt that the Royal Mint
Refinery played a key role in the gold market’s accreditation
process for much of the 20th century.
When the London bullion market reopened after the Second
World War, it was recognised that some new refiners would
be applying for Good Delivery accreditation and a formal
system of technical assessment was required. Earlier, some
Picture 3: Rand Refinery office and assay office - circa Dec 1921

15. Elemetal Direct | 13
The Royal Mint | PA R T N E R S P O T L I G H T
refiners had been added to the list simply on the basis of
being well-known to the members of the London market or
at the recommendation of their local central banks. This was
the case for instance for a number of French refiners and
assayers which were added to the list in 1953. But in most
cases, refiners which wished to be added to the list had to
undergo technical testing of their assaying ability as well as
their ability to produce acceptable Good Delivery bars. At that
time, the London Gold Market used two referees to support
this work: Johnson Matthey (based on its Royston refinery
and laboratory) and the Royal Mint Refinery which was located
in the City of London just outside the walls of the Tower of
London. At that time the technical assessment procedure
involved in the Good Delivery system was significantly different
from the one which is followed nowadays.
The two main differences were
(a) the way in which the assaying test was carried out and
(b) that the two phases of technical assessment were
reversed relative to current practice.
In other words, a refiner first had to submit its bars and only
if they proved to be satisfactory (physically and in terms of
chemical analysis) the applicant moved to the assaying test.
The referees also had to check that the gold when melted
poured well and made good bars. It was notable that the
referees played a much more important role in assessing
physical quality of the bars at that time, whereas today this
aspect is primarily the responsibility of a panel of inspectors
from the London vaults.
Turning to the assaying test, this was much more onerous
for the referees than it is today. At that time, the applicant
was invited to manufacture three sets of 24 button samples
with finenesses covering the whole range from 995 to 999.9.
These samples had to be assayed (using fire assay) by the
applicant and by each of the referees. Another difference
was that the assays were only carried out to four significant
figures whereas today the comparisons are done on a five
figure basis. In a sense, the referees were being tested just
as much as the applicant. When all three sets of assays were
completed a comparison of them would determine whether
the applicant was acceptable. This method had a number
of difficulties including the possibility that the three sets of
samples might not be completely homogeneity.
When the Royal Mint Refinery was sold to Engelhard
Industries in 1968, and following the relocation of the refinery
to Chessington (south-west of London) the relocated refinery
was technically assessed by Johnson Matthey and by the
Sheffield Smelting Co (THESSCO) and after its Good Delivery
accreditation was confirmed, Engelhard was subsequently
recognised as one of the market’s two referees. Some time
after that date, a decision was made to produce reference
samples in the form of rods which could be carefully cross
checked between the two referees and from which “buttons”
could be cut to send to applicants. These reference samples
were used for assessing the assaying ability of applicants for
the next 20 years.
When gold refining ceased at Chessington in 1998, Engelhard
CLAL (as it had then become) was removed from the active
Good Delivery List but because of the excellence of its
laboratory it continued to serve as one of the LBMA’s two
referees until 2002 when the company decided to close the
plant, including the laboratory. At the same time, Johnson
Matthey announced that it would no longer be refining gold
and silver at Royston and that it would step down as one of
the LBMA referees once alternative arrangements were made.
At the end of 2003, following two years of intensive work
in the preparation of gold and silver reference samples, the
LBMA announced the appointment of five new referees
who thus took over the baton from JM and RMR. But that is
another story.
As a fitting reminder of the contribution to the Good Delivery
List made by the Royal Mint Refinery and its successor, it may
be noted that the gold beam balance in the LBMA boardroom
was gifted to the LBMA by Engelhard-CLAL when it closed
the Chessington operation (see photo).
There is no doubt that the Royal Mint
Refinery played a key role in the gold
market’s accreditation process for much
of the 20th century
Picture 3: Rand Refinery office and assay office - circa Dec 1921

16. 14 | Elemetal Direct
N U M I S M AT I C N E W S | U.S Mint Preview
2016 U.S. Mint PreviewBy Louis Golino
2016 will be a year of numismatic anniversaries for a number of
classic and modern U.S. coin series.
T
hree of the most beloved classic American coins of all
time – the Walking Liberty half dollar, Standing Liberty
quarter, and Mercury dime – all debuted in 1916. Each
of these Liberty-themed coins has been a staple of
numismatics for the past century, and many collectors
now in middle age began collecting these coins from circulation
in their youths, especially the dimes and half dollars, which were
minted until the 1940’s.
On the modern coin front, the two most important coin programs
of the U.S. Mint – the American Silver Eagle and American Gold
Eagle – both began in 1986. Issued from the start as bullion and
proof issues, they have since become the most widely collected
and traded U.S. coins of the modern era.
Special edge lettering
Thanks to a provision in a recently enacted law that gives the Mint
authority to change the silver purity of its numismatic products
currently issued in 90% silver, the collector versions of the Silver
Eagle (meaning the burnished uncirculated coins and the proof
coins, which are struck at the West Point Mint and have “W”
mintmarks), will both have incused edge lettering on them this year
to designate their 30th anniversary, although the exact wording has
yet to be determined.
Bullion Silver Eagles are the Mint’s runaway success, the #1
best-selling bullion coin in history with close to half a billion
coins struck since 1986. The Mint struggles each year to keep
up with exploding demand, and saleshave continued to set a
new record in each of the last couple years, reaching over 47
million coins in 2015.
Normally the collector versions of those coins are issued between
the beginning of the year and the spring, but because of the edge
lettering requirement the Mint needs to retool equipment used to
produce the edges of those coins. That is expected to delay the
release of these versions several months and when they are finally
available; it is likely there will be pent-up demand for the first coins
of these types with edge lettering.

17. Elemetal Direct | 15
U.S Mint Preview | N U M I S M AT I C N E W S
Buffalo and Eagle anniversaries
In addition, the American Gold Buffalo coin (the Mint’s first 24 karat
gold coin that is also issued in bullion and proof versions) will mark
its first decade this year, though so far no special coin or set has
been announced for the occasion. It is likely the proof release will
have something special for the anniversary since the bullion coins
are already being struck to normal specifications.
It is very likely the Mint will issue some kind of special coins or sets
for the two American Eagle anniversaries since that has been the
practice since these coins marked their 10th anniversary, though
no specific plans have been announced so far. Collectors hope
this includes something that has never been done such as a high
relief version of one or both coins.
Centennial gold coins
As far as the three Liberty series that began in 1916, which were
products of President Theodore Roosevelt’s initiative to
improve the designs on American coins that is
known as the golden age of American coin
design, the Mint announced last year that
it will issue gold versions of each of
these three coins in 2016. Not all details have been worked out,
including whether they will be released as a set or only individually
and whether they will be minted to demand or have limited
mintages, but one key detail that is known is that the coins will be
issued in half, quarter, and one-tenth-ounce weights. Since the
weight of the original silver coins was less than those amounts, that
means the coins will be made thinner than the originals.
Platinum proof
There is no doubt based on the high level of enthusiasm from
collectors since these coins were first proposed that the three gold
centennial issues will be the hottest coins of 2016, though there
will be many other interesting and exciting products coming out too
such as the 2016-W American Platinum Eagle proof coin. That coin
will be the second coin in a two-year series begun in 2015 on the
theme, “Liberty Nurtures Freedom.”

18. 16 | Elemetal Direct
N U M I S M AT I C N E W S | U.S Mint Preview
The 2015 issue had a mintage limit of just 4,000 coins,
which is the lowest authorized mintage level ever for a
platinum or gold issue, and sold out in minutes. That coin,
which sold for $1,200 when released, began trading for $2,000 as
soon as it was sold out, with examples in the top grade of proof 70
fetching $3,000. Unlike some coins that increase quickly and then
drop in value because many are purchased by dealers and others
looking for quick profits, that coin has so far held its value because
dealers were unable to secure substantial quantities and because
individual buyers were so impressed with the design and quality
when seen it hand.
It is likely the 2016 platinum proof will not have as low a mintage
since the unusually low 2015 mintage was due to a shortage of
platinum planchets. In fact, no bullion platinum coins were issued
last year as a result of the shortage.
First spouses
On the gold coin front, 2016 will also mark the end of the $10
series of pure, half-ounce gold coins issued since 2007 to honor
the nation’s 42 first ladies from Martha Washington to Nancy
Reagan. Those coins are issued in tandem with copper-nickel
presidential dollars, and the law that created the dollar coins
stipulates that a president must be deceased for two years before
a dollar coin, or corresponding first spouse coin, may be issued.
That is why no spouse coins will be issued for Rosalyn Carter or
Hillary Clinton.
The final three coins of the spouse series will honor Patricia Nixon,
Betty Ford, and Nancy Regan, and the Mint plans to issue them
respectively on February 18, March 25, and sometime in July.
As a result of gold prices that more than doubled during the first
half of the series, and the difficulty of keeping up with a series
that requires the purchase of two or four ounces of gold per year
depending on whether the buyer is collecting only the uncirculated
or proof versions or both, many collectors were forced to drop out

19. Samer Barrage

20. 18 | Elemetal Direct
N U M I S M AT I C N E W S | U.S Mint Preview
of this series. That dynamic produced some of the lowest mintages
in modern coin history.
It is unlikely any of the 2016 issues will set new mintage lows since
the postwar first spouse coins have generally been more popular
than many of the previous issues. However, a spike in gold prices,
which many precious metal experts think is likely to occur this year,
could dampen sales.
In terms of presidential dollars, which will include coins for
Richard Nixon, Gerald Ford, and Ronald Reagan, there will likely
be a lot of interest in the coin and chronicles set to be issued
for President Ronald Reagan both because he was so popular
and because these sets were a big hit in 2015. However, the
anticipated mintage of 50,000 units for the Reagan set may be
too high for it to see much in the way of a premium increase after
the sets sell out at the Mint.
Mark Twain and National Park Service
commemoratives
As has been the case since the late 1990’s when the modern
commemorative coin program was reformed to limit it to two
programs per year, 2016 will see the issuance of two such
programs – one to honor the achievements and contributions of
Mark Twain, and the other to mark the 100th anniversary of the
National Park Service.
For Mark Twain two coins are being issued, a silver dollar and a
$5 gold piece, as always in both uncirculated and proof finishes.
Collectors always gravitate to the proofs because they look more
attractive with their reflective fields and deep cameo contrast
between the design elements and the fields, or background
elements. That means the uncirculated coins always have lower
mintages, and if low enough, they develop aftermarket premiums
provided the coins are also in demand later.

21. Elemetal Direct | 19
U.S Mint Preview | N U M I S M AT I C N E W S
The Twain coins are expected to be popular because of his
standing as one of the greatest American writers and because
the designs are very well done and have received a lot of acclaim,
especially the images of Twain that appear on the coins. So it is
unlikely these coins will set any new low mintages.
In January the Mint unexpectedly delayed the release of the
silver coins due to an error on the certificates of authenticity that
accompany the coins, which referenced the wrong Twain novel. On
the Mint’s 2016 product schedule those coins are listed at the end
with the coins whose release date has not been determined.
For the National Park Service centennial three coins are being
released on March 24 – a clad half dollar, silver dollar, and $5
gold piece. Early reaction to the designs for these coins is quite
not as positive as it has been for the Twain issues, specifically
for the half dollar and dollar NPS pieces. However, $5 coin that
depicts President Roosevelt and John Muir, the two individuals who
are most responsible for creating the National Park system, has
received a lot of acclaim from collectors.
America the Beautiful
2016 is the seventh year of production for the America the Beautiful
five-ounce silver coins, which are also issued as quarter dollars.
This year’s coins will honor the following parks: Shawnee National
Forest, Cumberland Gap National Historical Park; Harper’s Ferry
National Historical Park, Theodore Roosevelt National Park, and
Fort Moultrie, which is part of Fort Sumner National Historical Park.
The designs for these coins were approved and released in 2015,
and the quarter-dollar proof versions of these coins were supposed
to be released in January, but as a result of another packaging
error those coins have also been delayed. These designs have
been greeted with enthusiasm by collectors, especially the one for
the Roosevelt Park.

22. 20 | Elemetal Direct
N U M I S M AT I C N E W S | U.S Mint Preview
President Theodore Roosevelt is enormously popular
with coin collectors in part because he is seen as being
responsible for promoting the creation of the greatest classic
coin designs of our past, including not only the 1916 silver coins
discussed earlier, but also the $20 Double Eagle and $10 Eagle
gold coins designed by Augustus Saint Gaudens. Saint Gaudens,
the greatest American sculptor of his era, was tasked by Roosevelt
to produce gold coins that were as beautiful as those of ancient
Greece. Roosevelt is also seen as the father of the park system,
and many collectors would have preferred to see him rather than
George Washington on the obverse of the America the Beautiful
quarters and five-ounce silver coins.
High-relief Liberty medals
Another product that should attract attention is the American Liberty
high-relief silver medal, which will be struck at both the West Point
and San Francisco Mints and will bear “W” and “S” mintmarks
for those mints. These medals are the silver counterpart to the
2015 American Liberty high relief $100 gold coin, which depicts
a modern version of Lady Liberty on its obverse and a flying eagle
design on its reverse. That coin was covered in an earlier article for
this column.
The gold coin turned out to be a bigger seller than many expected,
reaching total sales of just a couple hundred under the maximum
authorized mintage of 50,000 coins by the end of the year. The
silver coin provides a more affordable option for those who like the
design, and the Mint may sell it both individually and as a set with a
special proof Silver Eagle. The Mint has not announced any other
details regarding the medal, such as whether it will have a mintage
limit.
There are numerous other products coming from the U.S. Mint
in 2016, including proof and mint sets and other releases, but
these coins are the ones that will likely receive the highest interest
from collectors and buyers. They include many interesting themes
and designs, and they will offer lots of potential for numismatic
enjoyment and in some cases for profit too.

23. Samer Barrage

24. 22 | Elemetal Direct
O N E E L E M E TA L | INTRODUCTION TO A BRAND
he goal over the past 12 years has been to develop
business models that cater to our customers’ needs for
every step of the precious metals process from raw material
to finished product.
Elemetal has grown from a single location to an industry leader
backed by the highest level of certifications and standards of
quality. We are Comex and LBMA good delivery certified. Our
network of stores and key divisions preserve the highest level of
integrity as we continue to grow and find new and exciting ways to
serve the precious metals industry at large.
Elemetal’s dedication to our customers has made us one of the
largest American-owned precious metals conglomerates.
In the inaugural issue of Elemetal Direct, we printed the following
story detailing the rebirth and rebranding of Elemetal in conjunction
with coordinated branding efforts that launched in June 2015. If
you haven’t already, please take a few minutes to read through
what has taken place at Elemetal over the last few months and
learn again about who we are, where we’re going, and all of the
reasons for it. As always, please visit our website at www.elemetal.
com for more information. Thank you.
As our business continues to expand, we had to ask ourselves:
why have many people—including our customers who use one or
more of our services—not heard of Elemetal?
The answer is simple: we haven’t told them who we are.
For too long our companies have worked independently of each
other, offering high quality customer service and deliverables but
not efficiently marketing our entire range of services.
That is changing with the move toward one Elemetal.
Elemetal Core Values
Integrity, Stewardship, Discipline,
Collaboration and Perseverance.
Elemetal began just over twelve years ago when two brothers
saw enormous potential in gold. While the gold market was near
the bottom, our founders saw a nascent blossoming industry ripe
with potential. They knew it was only a matter of time before the
market corrected. And as we all know the market did more than
correct—it skyrocketed.

25. Elemetal Direct | 23
INTRODUCTION TO A BRAND | O N E E L E M E TA L
As gold prices began to soar, the consumer need for an integrity-
driven direct buyer spurred the growth of Elemetal’s business. As
the price of gold continued to rise, the need for Elemetal’s services
also increased. The only option was to expand.
The founders often joke that their biggest struggle was
expanding fast enough to meet the booming market.
As Elemetal grew, it became apparent there was opportunity
to diversify. The need to vertically integrate the business led
to a period of organic growth and acquisitions where Elemetal
diversified into recycling, refining, minting, bullion storage and other
related areas designed to help the end user. However, as Elemetal
grew these newly formed companies all had separate names. As
a result, many of our customers didn’t know that Elemetal could
assist them in every aspect of their business.
Many of our customers didn’t know
that Elemetal could assist them in
every aspect of their business
“We realized that the best way to serve our customers was to
vertically integrate our business so that our customers had the
opportunity to work with one company from raw material all the way
to finished product.” says Mark Wayne, Executive Vice President of
Operations.
This decision has allowed Elemetal to proudly announce to the
world in one simple sentence who we are and what we can do:
Whether you’re a miner or minter, scrap buyer or seller,
wholesaler or retailer, banker or broker, Elemetal is here to
meet your needs.
“We want to be able to serve our customers in every business
that they do,” Wayne continues. “Some refining customers are
also jewelers and pawn shops selling diamonds and watches. By
creating one Elemetal, our goal is for our customers to know without
a doubt, that we can help them manage their entire business.”
“It’s a funny thing for us. When we have a sales person talking
to a jeweler about refining or recycling, there is a good chance that
the jeweler’s case is filled with gold and silver that we had a part in
delivering to him,” said Alan Stockmeister, Chairman of the Board.
“The bottom line is that currently only Elemetal has the ability to
help customers on both the buying and selling side. We can also
help customers buy or sell as little as an ounce, and those looking
to move a ton of gold or silver. No competitor can deliver what
Elemetal can to both ends of the market.”
What is One Elemetal?
For years, Elemetal’s customers have been dealing directly with our
family of companies such as NTR, OPM, and Echo Environmental.
Those customers can rest assured that with one Elemetal they’ll
receive the same quality of customer service and the COMEX and
LBMA good delivery standards of our previous companies.
Each one of these divisions operates under Elemetal’s system
of core values: Integrity, Stewardship, Discipline, Collaboration and
Perseverance. These values are more than just words. They define
Elemetal and established us as the market leader.
ELEMETAL DIRECT - Formerly NTR Metals
Our network of stores gives us the unique privilege of being in
your backyard. Whether you’re in Anchorage or Honolulu, Bogota
or Berlin, we have a store near you waiting to provide industry
leading turnaround on your scrap.
Elemetal Direct will continue to operate as NTR Metals in Europe
and Latin America.
ELEMETAL REFINING - Formerly OPM Metals
Since 1974, Elemetal Refining has been committed to offering
the best rates and the most accurate and transparent assays. Our
capacity to refine and evaluate large volumes of precious metals,
using the most technologically advanced processes, has kept us at
the forefront of the industrial refining market for decades.
Elemetal Refining sets itself apart from others in the industry by
using state-of-the-art refining techniques. We can refine scrap
metals from a variety of sources to 99.99% pure gold and 99.90%
pure silver. We upgrade impure precious metals to fine products
through an assortment of unique processes. Elemetal Refining
developed many modern refining practices and perfected our pyro
metallurgical, mechanical, and chemical refining circuit in-house.

26. 24 | Elemetal Direct
Elemetal Refining is the only refiner in the world to have a
Brinks Vaulting Service inside its refinery. The vault, independently
operated by Brinks, gives Elemetal Refining clients the option
to store materials within the Brinks network avoiding delays and
transportation costs.
ELEMETAL CAPITAL - Formerly NTR Bullion Group
Created with the purpose of providing constant liquidity to our
partners in the precious metals industry, Elemetal Capital has
evolved into a full-service trading firm.
As the wholesale distributor for the entire Elemetal family of
companies, Elemetal Capital focuses on physical metal trading,
metal derivatives, and foreign exchange.
Elemetal Capital makes a market in all major gold, silver,
platinum, and palladium products. With an inventory that includes
everything from fractional gold coins to 1,000-ounce silver bars, we
provide our customers with a one-stop shop for all of their bullion
needs. And since our bullion trading desk is strictly wholesale, we
do not compete with our customers in the retail market.
ELEMETAL DIAMOND
At Elemetal Diamond we deliver the highest quality service to
our clients. Whether you are buying or selling, you can expect the
same level of professionalism throughout your transaction process.
We deliver straightforward information and lend transparency into
the life cycle of diamonds.
We have made a great effort toward standardizing the pricing of
melee diamonds, and give fair and competitive bids on all loose
individual stones. Our ability to reach out to an expansive network
of diamond dealers and wholesalers provides relevant and current
market pricing for all categories of diamonds.
ELEMETAL VAULT
Elemetal Vault was a natural step in the evolution of Elemetal.
After decades of experience covering nearly every aspect of the
precious metals industry, we understand what gold and silver
investors want and how and why they want it.
Tangible investments like precious metals are inherently secure
and provide a level of comfort that paper investments and fiat
currencies do not. However, storing physical gold and silver isn’t
feasible for some. So what’s the solution? An exchange created
for precious metal investors by precious metal investors who have
access to the resources of the entire Elemetal family: A secure
online trading environment with no minimums, yet capable of high
volume.
ELEMETAL MINT
Elemetal Mint leverages deep expertise to provide reliable
excellence while pushing the private minting industry to continually
improve through innovation and craftsmanship. Our Dallas facility
leads the market in precision and quality, maintaining the highest
possible certifications.
O N E E L E M E TA L | INTRODUCTION TO A BRAND

27. Elemetal Direct | 25
ELEMETAL RECYCLING - Formerly Echo
Environmental
As the industry of electronics recycling continues to evolve, it’s
becoming increasingly difficult to differentiate a true recycler from a
typical collector. Elemetal Recycling is striving to raise the standard
and redefine what it means to be a true end-of-life recycler. Our
goal is to take each material type down to its most basic form and
perform as much of the refining process we are capable of in the
United States.
As a large-scale processor of circuit boards and electronic
waste, Elemetal Recycling can buy on a per-pound or refining basis
depending on quality and volume.
Elemetal has one of the largest networks of collection facilities in
the nation with over 60 locations accepting small-volume electronic
waste. Our national presence provides us the resources to offer
quality service at competitive prices.
Elemetal Recycling processes the electronics we receive in
our R2 certified million square foot facility, located in Waverly,
Ohio. Our facility is designed to process precious metal-bearing
products from all types of industries. This division complies with
all applicable Federal, EPA, state and local regulations and has an
executive team comprised of industry experts with over 100 years
of combined industry knowledge.
Elemetal is refining the
future.
It’s key for our customers to know how these changes will effect
how Elemetal does business going forward. While Elemetal has
become a market leader in a short period of time, we are still an
emerging company in the marketplace.
Changing to one Elemetal shows one of the ways we are
different than our competitors. We are able to adapt to the ever-
changing marketplace by offering streamlined, vertically integrated
customer centric performance.
At Elemetal, our focus is on the future success of our industry.
Our goal is to continue integrating divisions and services in our
persistent search to find new ways to bring value to our customers.
WE ARE ELEMETAL, AND WE ARE REFINING THE FUTURE.
INTRODUCTION TO A BRAND | O N E E L E M E TA L

28. 26 | Elemetal Direct
E L E M E TA L C A P I TA L | Market Outlook
2016 Metals Outlook EstimatesBy Elemetal Capital Team
A
s in recent years, US Dollar pricing for gold will be largely
dependent upon the pace of Fed hikes (and the anticipation
thereof) versus the general consensus and the attitude
towards metals. Currently, we see several median estimates
of 3-4 rate hikes next year at 25bps each, leaving the Fed with
atarget Federal Funds Rate (FFR) range of 1.25-1.50%. We
think that is wildly optimistic and represents an aggressive case,
whereas our base case is a much more likely 2 hikes of 50bps
total, with a year-end target of 1%.
We believe the natural rate for the economy to be something
between 1.5-2% (based on growth rates and inflation
expectations), so any perception of continued accommodative
monetary policy by the FOMC will actually result in a renewed bull
case for many investors regarding gold. As we have stated before,
the single best model for long term gold price strength is the
degree to which nominal interest rates are below the natural rate
for the economy. As this is only mildly accommodative compared
to years past, it would normally be cause for a very mild or neutral
outlook, but the past three years have shown the market to be very
bearish on metals and commodities markets tend to overcorrect
whenever possible.
The pervasive short bias in the market, in our view, largely
stems fromthree quantitative sources: 1. CFTC positioning, 2.
ETF holdings and 3. Options pricing and is supported by the
qualitatively dour outlook on metals in the media. Put simply, short
gold, long US Dollar is a crowded trade and we expect some
tailwind purely from the mean-reversion.
The largest risk to this scenario is that inflation begins to heat up
and the FOMC is forced to increase the size or frequency of their
hikes versus our expectations. While inflation expectations have
broadly collapsed going into the year’s end, it is not price inflation
we are concerned with, but wage inflation. Unless retirees and
the long run discouraged workers rejoin the active labor force,
there is very little slack in the employment pool. Statistically, this
is represented by a very low unemployment rate (U-3 or U-6)
and near-historic lows in initial jobless claims. One of the areas
where hiring is getting more difficult is skilled labor. This dearth of
educated, specialized workers is likely to provide some upward
pressure on wages, which should theoretically lead to price
inflation on goods and services. We view this as a low to moderate
probability risk.
As for relative value, we see more cause for excitement in gold than
silver as we expect industrial use to diminish in silver slightly with
production and hedging to be steady, while gold supply volumes
may actually diminish on lower scrap. In our view, this supports a
gold/silver ratio staying at our above 80x.
Our year-end forecasts:
Conservative Base Case Aggressive
GOLD $ 1,025 $ 1,190 $ 1,280
SILVER $ 13.49 $ 15.06 $ 16.00

29. Samer Barrage

30. 28 | Elemetal Direct
E L E M E TA L R E C YC L I N G | Electronics Disposal
D
umping of electronic waste (E-waste) is now likened to
dumping of radioactive waste. This is because electronic
waste is now being disposed in under-developed countries.
However, this is illegal. About 90 percent of electronics used by
developed countries end up in Africa and Asia (where recycling is
seen as a big business) without any consideration about its effects.
The innovation in technology is rapid, and this is leading to release
of new models of electronic devices yearly.
Fortunately, there are businesses out there that are aware of the
problem and striving to fix it. Elemetal Recycling, for example,
has responsibly and successfully recycled 42 million pounds of
assorted electronic material, while their subsidiary company, Alpha
Omega, has processed over 300 million pounds of industrial
waste, recovering millions of pounds of precious and non-precious
metals. Tommy McGuire, VP of Elemetal Recycling, states: “As
the technology industry grows exponentially, so does the need for
innovation for the disposition and management of electronics…
Recycling helps allocate these commodities towards another
purpose in a world with limited resources.”
As new gadgets are released into the market, the old or outdated
ones are sent to other less- developed countries to be sold for
considerable profit. EU countries dispose approximately 9 million
tons of E-waste every year, with Britain boasting an estimated 1.5
million. Most electronics marked for recycling are illegally exported
to developing countries. The EU, in a bid to end this illegal dumping,
passed a law that prohibits the export of anything outdated or spoiled
to developing countries. African countries like Ghana and Nigeria are
the usual target for illegal traders of used electronics.
Recycling of electronic waste is an expensive venture for most
companies, because a lot of the components used are hazardous
and toxic to the environment. E-waste contains metals such as
lead, mercury and a host of other chemicals that can seriously
damage our nervous system. Now, instead of lining them up to be
recycled, most disposal companies simply sell them to traders who
them ship them off to less developed countries. Some companies
that are paid to recycle electronic waste don’t even comply with the
contract; instead of recycling, they ship them out in containers to
Africa and Asia.
ELEMETAL RECYCLING IS HELPING
STOP THE BLACK MARKET
OF ELECTRONICS DISPOSAL
By Gareth Amon

31. Elemetal Capital is a full-service trading frm making continuous
liquidity available to our partners in the precious metals industry.
As the wholesale distributor for the entire Elemetal family of
companies, Elemetal Capital focuses on physical metal trading,
metal derivatives, and foreign exchange.
Elemetal Capital makes a market in all major gold, silver,
platinum, and palladium products. With an inventory that includes
everything from fractional gold coins to 1,000-ounce silver bars,
we provide our customers with a one-stop shop for all of their
bullion needs.
Wholesale distributor focusing on physical metal
trading, metal derivatives, and foreign exchange
CAPITAL
CAPITAL

32. 30 | Elemetal Direct
E L E M E TA L R E C YC L I N G | Electronics Disposal
According to a report released by the United Nations Environment
Program, approximately 40 million metric tons of E-waste is
produced in the world yearly. In the United States alone, over
100,000 computers are thrown out every year, and this number
does not show any sign of slowing down. Half the computers
disposed in the UK are illegally shipped out. Geneva’s Labor
Organization reported that 80 percent of E-waste bound for
recycling in developed countries always ends up in less developed
countries like China and Nigeria. This is devastating and
unnecessary, as companies like Elemetal Recycling in Texas are
dedicated to providing affordable recycling solutions for companies,
helping to preserve the environment and eradicate the problem of
illegal disposal of e-waste.
Rare metals such as gold and silver can be recovered from
electronic waste if they are recycled properly. So, despite the fact
that recycling is expensive, most of these companies still make
a reasonable profit from selling these rare metals. But it is quite
tempting for these companies not to sell, as black market traders of
used electronics are always poaching them for electronics meant
to be recycled.
Efforts have been made by the British Government to curb these
illegal acts in recent years. This act in itself is wrong, because
it affects people and in one way or another still comes back to
affect us too. Young children are often employed to break down
this electronic waste in countries where they are shipped off to.
These children would likely become victims of diseases caused
by chemical in the devices. Solving the problems caused by illegal
dumping of E-waste is a great challenge, because the E-waste
trade would always flourish as a large population of people in these
target countries still live in abject poverty.

33. F U T U R ER E C Y C L I N G T H E
elemetal.com
Elemetal Recycling is a large-scale processor of circuit boards and electronic waste. We buy
circuit boards on a per pound or refining basis depending on quality and volume. Elemetal is the
largest American-owned precious metals conglomerate providing good delivery gold and silver.
We melt, mint, sell, ship and store precious metals around the world. We have grown from a single
location, to an industry leader backed by the highest possible certifications for standards and quality.

35. 1 800 889 0396 | elemetal.com/direct
WE ARE ELEMETAL, AND WE ARE
REFINING THE FUTURE.
Our expansive network of stores gives us the unique ability to
serve you conveniently wherever you are. Whether you’re in
Alaska or Alabama, London or Latin America, we have a store
near you waiting to provide industry-leading turnaround on
your recycled or “scrap” metal. Elemetal Direct delivers
the highest level of integrity as we continue to grow and
find new and exciting ways to serve the precious metals
industry at large.