Evening star., 1932-07-10
FORGOTTEN GEMS
YIELD BILLION GOLD
Jewel Boxes and Bureaus
Add to Visible Supply
of Metal.
By the Associated Press.

BY the Associated Press.
NEW YORK, July 9.-Americans.
digging with inquiring fingers into for
gotten jewel boxes and bureau drawers,
have found a billion-do gold mine.
At the present rate of discovery
about double last year-upward of
$4,000, 600 will be added to the Nation )
visible gold supply by the end of 1882,
and If efforts to stimulate gold hunts
are fruitful the total easily may reach
500, o,000,0 900. refiners believe.
Old rings and bracelets forgotten
necklaces. cuff links, spectacle rims,
watch cases, watch fobs and chains.
old gold teeth. old plate, old medals,
dentists scraps, factory sweepings.
mutilated coins. gold leaf--aIl of
these, more than a billion dollars
worth. twice the whole worlds annual
gold pre- duction frcm mines. comprise
the Nations old gold mine.
Much Jewelry Forgotten,
Some of the jewelry is being worn.
some Of 1t kept for sentimental seas-n-,
but much mere is hidden. lly for
gotten. Its sale would mean addition
of completely new purchasing power
for the seller and additional gold re-
serves for the Nation.
The United States Assay Office in
a representative period this year made
about 29 per cent more assays than in
the same period last year. Statistics
are not available to show how much
gold was received in these assays but
the increase in the number of samples
indicates scrap gold receipts gained
considerably.
Since 1880, up to and including 1882,
sl.l32 100000 of new gold was fur
nished for use in manufactures end
the arts, Federal mint statistics chow.
In the same period about s6o7, ,4O0, 600
of old gold was remelted and used Tor
similar PURPOSES. Thus a total OF
1.700. .000,010 in gold has gone into in
dustry and the arts since 1880.
How much of this gold he's heer les
no one knows, nor does any one know
how much is being worn. but generous
estimates in the jewelers. trace are that
at least a billion dollars worth seldom
seas the light of cav.
The depressed state of the iewelry
business is indicated by the fact that
only $4,000, 900 in new gold was used
for the arts and industry in 1880. as
compared to s24.000,0 in 1929. Old
gold used in 1880 was s32, 900 600: in
1881. $4,000, 700. Thus art and indus
trial use of gold fell from s56,o00,0 900 in
Net Gain of s4o,o00,O00.
Manufacturers believe they used not
more than $4,000, 600 gold last year
and that an even smaller amount VIII
be needed this year Thus if old gold
worth about $50, ,000,00 is brought out
of hiding this year, as one large re-
finer estimates. and not more than
500, ,OO0, 900 is needed for industrial use,
there viii be a net gain Of 100000
in the visible supply, to say nothing OF
possible gain last year.
This estimate is based on the aSSump-
ton that the present rate OF old gold
recovery will continue, although most
refiners believe it will increase con-
Siderably.
For the fiscal year ended June, 1881.
Federal assay Offices received about
$4,000 900 more old gold than in the
preceding year. In other depressions
there have been similar increases conx
seuuent to the need for funds by in
dividuals. Most of the unusual increase
in recoveries has occurred this year
and is expected to show partially in
the new mint report due shortly.
For several consecutive days, when
England needed gold, her citizens
brought In s500o00 worth day. In
a period of few months India found
$3.50, ,00O, 900 IN boards that were added
to the worlds monetary supply.
The gold delegation Of the League OF
Nations estimates that some $500. .000, 900
worth of old gold was brought into
monetary use during few months in
1880 and 1881.
Even SO, the worlds monetary gold
supply at the end of 1881 was less than
in June, 1881, indicating, according to
the delegation, that considerable hoard
ing Of gold was going on.