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By: Gustian Farrow, Head of StoneX TV • Content Channels
Rhona O’Connell, StoneX Head of Market Analysis EMEA and Asia, discusses the influence of recycling on gold, silver, platinum and palladium markets.
O’Connell noted that recycling accounts for roughly 35 percent of gold supply on a multi-year average. The recycling market differs sharply by region. In Western countries, much jewelry is low carat and carries high premiums, meaning pieces often stay off the market unless sold in distress. In Asia, jewelry is generally higher quality and closer to pure gold, making resale more attractive and recycling volumes much larger. “That’s why the recycling is generally bigger over there than it is over here”.
Silver recycling contributes about 23 percent of mine supply into the market, primarily from industrial scrap such as solders and electrical equipment. While photographic scrap was once significant, today the recycling profile reflects broader industrial usage. Platinum and palladium also rely heavily on recycling, particularly from automotive catalysts, adding a meaningful portion to overall supply.
Beyond autocatalysts, platinum recycling is supported by industrial applications such as petrochemicals, fiberglass, and glass production. These processes use platinum alloys that eventually require replacement. O’Connell explained that recent tightness in the platinum market has forced some industrial users to purchase metal outright rather than borrow, underscoring how recycling and industrial demand intersect.
Palladium recycling is heavily linked to the auto sector, with about 42 percent of supply from autocatalysts. But with the electrification of vehicles, future demand could weaken while recycled material increases. “There’s an awful lot of work going on at the moment to try and save the palladium market, because if nothing happens, then it’s doomed basically”.
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Sign up for a free Market Intelligence trial today See our financial videos hub---- Written by Gus Farow
---- Expert: Rhona O'Connell, StoneX Head of Market Analysis
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