10-26-21 Metal Markets
Gold $1,785.45
Silver $24.55
Platinum $1,050.00
Palladium $2,012.00
Iridium $4,500.00
Ruthenium $620.00
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Finding Your Metal Scrap

 

Finding Your Metal Scrap

Finding Your Metal Scrap

Increase your profit margins by targeting waste in your shop. Identifying these areas is the first step towards maximizing the value of your return and ultimately increasing your bottom line. Sink traps, brushes, emery paper, wastebaskets and more are all areas in your shop that collect valuable precious metals.

Sink Trap

A sink trap can be purchased or made for very little cost. Purchase a 5-gallon or larger container that will fit under your sink. The trick is to extend the sink drain (inlet) below the tank drain (outlet) so that any precious metal pieces will settle to the bottom instead of floating across the top of the water and out into the sewer. Place the outlet towards the top of the tank so that there is little water movement in the bottom of the tank to allow settling. Clean the trap out at least twice a year to reduce offensive odors in the tank. Include the dried sludge with your sweeps to reduce refining costs. This inexpensive tank will be "worth its weight in gold" over the years.

Separate Your Metal

If possible, separate the metals in your shop; silver from gold, gold from platinum. This will allow us to purchase small amounts of different metals from you without incurring assay costs which will save you money.

Wastebaskets

Have two separate wastebaskets; one for regular trash and one for aprons, rags, floor sweeps and polishings. Jewelers should use baby wipes or wet paper towels to clean their hands before washing their hands in the sink. This practice will capture particles usually washed away into the sewer. You would be surprised at how many small particles go into the sewer otherwise. We can guarantee this practice will more than cover the cost of wet wipes.

Tip To Improve Your Return

Iron in your scrap may lower your return. Iron has a high melting temperature so it’s more difficult to melt and assay. It is best to remove any iron from your scrap with a magnet.

 

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