Scrap gold dealer says business has come off the boil

Bloomberg spoke with precious metal scrap dealer Baird & Co. who said business is brisk, but still doesn't compare to 2011 which was their biggest year ever.

"This place can be a bit of a mad house," said business owner Tony Baird.

"We have had hundreds of kilos of scrap gold coming in every week, tons of scrap silver coming in every week. We get enormous quantities coming in all the time. 2011 was a seriously busy year, indeed our biggest ever."

Bloomberg notes there was less gold demand from small investors this year since there is a perception that the worst of the eurozone crisis is behind us. However large players like George Soros and John Paulson has a less optimistic outlook and lept into gold in 2012 with large ETF purchases, which was 56% in 2012.