There’s Gold in That IPHONE

There’s a ton of negative news in the market from the potential bankruptcies of GM, Lehman, Freddie Mac, and Fannie Mae. Couple that with speculation of an Israeli attack on Iran, and the only safety seems to be in oil, gold, and other metals.

I thought with gold trending close to $1000 per oz and with the launch of the next generation IPHONE today that it would be a perfect time to discuss how valuable your old cellular phone is sitting in your drawer.

I thought about this after a local charity was requesting people drop their cellular phones off for recycling and wondered what was in it for them. Well, it can be substantial with enough volume.

One ton of cell phones will generate about 300 grams of gold or just over 10 ounces which may not sound like much. The most productive gold mines in the world, however, will yield about 2 ounces of gold per ton. Doing the math, your cell phone has 5 times more gold than the most productive mine in the world on a weight adjusted basis. At $950/USD an ounce, one ton of recycled cell phones will generate about $10,000 worth of gold and a few hundred dollars of other metals.

With approximately 200 million cell phones being replaced every year, recycling can be quite the lucrative business. After reading this blog, what are you going to do with your old cell phone?

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