One thing that we all deal with is scrap. Whether its botched work, or filings, or those little wire snips and bits; we can accumulate a lot of ‘scrap’ metal.
Some people use their scrap for sand, broomstraw, water, or other casting at home. A bit of the scrap metal can often be used as embellishments on new pieces of jewelry, but at some point, most of us will end up with a bag, box, or even bucket full of metal.
What do you do with it?
One consideration is to send it in to a refiner and have them either give you ‘cash back’ (a check) or a credit on a subsequent purchase of metal, tools.
How do return programs work?
Basically you are going to package your scrap and send it to a refiner and they are going to either give you cash back – or a credit on future purchases.
You will need to separate your scrap. Remove any stones, organize it by metal type, and in some instances, remove any soldered parts. Each refinery has their specific instructions, read carefully or call to find out how best to ‘clean’ and package your scrap.
Then you send it in, usually with a form specific to their company, but sometimes with a note. They will log, weigh, assay, weigh, check current spot/market prices, and then do some math to calculate your return.
Who has the best prices?
That seems to be the million dollar question.
Return prices vary from company to company and then each one usually has different prices within their own system which are determined by the amount you send in, whether you want cash or trade, and how quickly you want it turned around (rush or standard?).
In addition, some companies have refining fees, surcharges, etc that will affect your return. It is in your best interest to ask before hand about any and all charges/fees.
To help get you started, we have researched a few companies and have created a list of their current scrap return/refining rates.
These are listed alphabetically and do not necessarily include the surcharges or refining fees. If you have another company to recommend or someone you want us to check out, please use the contact tab above to let us know!
- G&S Metals
http://www.gsgold.com
- Silver Scrap buy – 90% – credit acct. 90%
- Silver/Bars/Coins – 95%
- Gold Bars/Coins – 95%
- Platinum and Pd – 90%
- Argentium Silver – 90%
- Hausser and Miller
http://www.hauserandmiller.com/
< 150 oz 81%
> 150 oz 98%
- High Tech PMR
http://www.hitechpmr.com/
gold – 98%
silver – 92%
platinum – 92%
you need their patriot act form to open an account
and they have a shipping form that is downloadable on their website
you can send both at the same time with your first shipment and then just the packing slip for future shipments.
- Hoover & Strong
http://www.hooverandstrong.com/
will accept mixed material, however, separating scrap is recommended.
NOTE: there are refining fees of anywhere from $1.00 to $1.25 an ounce.
Silver:
> 90% fine silver 65 – 85% depending on weight and return time requested
<90% pure silver 65-70% depending on return time requested
Gold:
> 25 % fine gold 94-98% depending on quantity and return time requested
10-24% fine gold 94-95%
<10% 89-90%
Platinum or palladium
> 90% 89-96% depending on weight and return time requested
- Midwest Refineries
http://midwestrefineries.com/
sterling scrap 90% of pure sterling assay
- Monsterslayer
http://www.monsterslayer.com/
Sterling/Fine Silver Sheet, Wire & Precious Metals Clay (PMC) Scrap:
75 % of the current Silver Market in Trade or
we will pay 60 % of the current Silver Market in Cash.
Soldered, Brazed, or Melted Silver Scrap, Clean Filings, Chains, and Old Jewelry with quality marking:
55 % of the current Silver Market in Trade or
we will pay 45 % of the current Silver Market in Cash.
12k-14k Gold Filled Findings, Sheet, & Wire Scrap:
1.2 % of the current Gold Market in Trade or
we will pay 1.0 % of the current Gold Market in Cash.
Example: 1.2 % of a $ 1,000.00 Gold Market = $ 12.00 per OzT.
- Rio
Credit
Fine silver and cadmium-free sterling silver*75%
Cadmium-bearing sterling silver (requires special refining) 65%
Silver dust 40%
Minted fine silver coins and bars from Rio Grande 98%
Minted fine silver coins and bars not sold by Rio Grande 92%
Gold-filled ( at least 12/20 ) 1.89% total weight
24K gold ( Jeweler’s karat gold scrap )** 75%
Minted 24KY gold coins from Rio Grande 98%
Minted 24KY gold coins not sold by Rio Grande 92%
Platinum*** 60%
Palladium**** 60%
Check
Fine silver and cadmium-free sterling silver*65%
Cadmium-bearing sterling silver (requires special refining) 65%
Silver dust 40%
Minted fine silver coins and bars from Rio Grande 98%
Minted fine silver coins and bars not sold by Rio Grande 92%
Gold-filled ( at least 12/20 ) 1.89% total weight
24K gold ( Jeweler’s karat gold scrap )** 65%
Minted 24KY gold coins from Rio Grande 98%
Minted 24KY gold coins not sold by Rio Grande 92%
Platinum*** 60%
Palladium**** 60%
- Thunderbird Supply
http://www.thunderbirdsupply.com/
unsoldered silver
80% of the for trade or
60% for unsoldered silver for cash
scrap jewelry or soldered pieces:
60% for trade
fine silver coins and bars
90% for trade or
85% for cash.
For gold-filled scrap
cash or trade 1.45%
[$900 gold market, ($900 x 0.0145 = $13.05) gold-filled scrap would be worth $13.05 per ounce.]
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CANADA
Handy & Harman Precious Metals Group
http://www.handyharmancanada.com/
800.463.1465 – to speak with a Scrap Recovery Specialist
[note, I called and could not get through – press 3 for refining dept. then 1 if you are a new customer. The extension went into voice mail which said not to leave a message but to try another number which is – 416-419-3114 – I didn’t call because I’m not local! ]
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UK
Cookson Gold
http://www.cooksongold.com/
Has a scrap metal chart similar to a live market chart – updated frequently but may not be accurate…
http://www.cooksongold.com/metalprices/
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