Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Ever since Apple launched its 18-karat gold case watch, speculation about the technology giant and its interest in acquiring large amounts of the precious metal has mounted.
Apple recovered last year over 61 million pounds of steel, aluminum, glass, and other materials, including 2,204 pounds of gold.
The latest rumour indicates that the California-based company just raked $40 million worth of gold from used iPhones, laptops, tablets and a few golden smart watches. This thanks to its innovative recycling program that uses robots to recover the valuable parts from the millions of Apple devices discarded every year.
In its annual environmental report, released Thursday, Apple shed some light on the situation by disclosing some relevant numbers that reveal just how much the company is able to recover from old devices.
The document shows the IT firm got hold of over 61 million pounds of steel, aluminum, glass, and other materials, including 2,204 pounds of gold.
Business Insider came up with the $40 million figure based on current prices ($1,229.80 per ounce) and data from Fairphone, an activist group focused on electronics supply chains, which shows that the average smartphone contains 30 milligrams of gold, mainly in internal components.
Apple also said that last year it collected almost 90 million pounds of ewaste through its recycling programs, which works out as 71% of the total weight of the products the company sold seven years earlier.
Comments
snuffy
The titleof this article is inaccurate. The $40M in gold came from iPhones, computers and other types of devices.