How To Refine Your Scrap Silver and Gold

Plenty of people know gold and silver are precious metals. Few, however, realize just how many items contain gold and silver around the house. Gold and silver are commonly used in electronics, such as in the electrical cords or in the connectors for high-end sound systems. Gold and silver are also used in metalware such as forks and spoons. If you have a quantity of gold around the house, you can make easy money if you refine them. Here’s how.

Collect. Start by collecting the scraps into piles. You will need to make at least four piles. Two piles will be given for gold and two piles will be given for silver scraps. One of the piles for both gold and silver will be for clean scraps, while one of the piles will be for dirty scraps. Clean scraps are those that are not combined with other metals. These scraps of gold and silver will usually get you a better price. Dirty scraps, on the other hand, are those that are combined with alloys that mean that the gold and silver are less concentrated and consequently less valuable than clean scraps.

Weigh. Next, you will need to weigh the gold and silver pieces that you have collected. Note these down, and be aware that the pricing for the gold and silver scraps will be determined by the spot price and by the purity of the materials that you are refining. For example, pure gold and pure silver items will obviously be more valuable than those that have already been mixed with alloys. The spot price will also determine the value for the gold and silver scraps. Generally, the price of gold and silver in the worldwide market is increasing and is fairly constant. But, be aware that fluctuations in the price of the scraps will sometimes peak or plunge depending on market forces. The price for the gold and silver will be determined by the spot price on the day that the refiners have received the gold and silver scraps, not on the day that you have mailed the package.

Mark. Usually, the gold and silver refining businesses will send you a package where you can place the sorted scrap silver and gold. Add a detailed inventory of the products that you have included in the package, and try to add a short description of the products as well, such as how pure the gold is and whether it is dirty scrap or clean scrap.

Contact. Once you have finished packaging your gold and silver scraps, the final step is to mail these to the gold refining businesses. Make sure that you contact the refiners beforehand, so that they will know that a package is being sent. Also choose the payment option, such as if you want to receive cash, credit, or even gold.

With these steps, you should be able to make the most of the scrap gold and silver lying around the house. Also note that the payments will usually be made only after the gold has already been refined, which is the only time that the gold can be accurately weighed and classified.


Share this article!

Follow us!

Find more helpful articles: