From filing dust and broken jewelry to thermocouple wires and sputtering targets, these precious metal byproducts represent untapped value for the likes of jewelers, pawnbrokers, and manufacturers. Capturing and selling these materials can help you recoup costs and reinvest in your business. But here’s the catch: partnering with a reputable refinery is crucial for maximizing your returns.
To ensure you’re working with a trustworthy precious metal refiner, ask the following questions:
Are You Working with a Broker, or a Refinery’s Direct Representative?
While precious metal brokers can be convenient in certain situations, they’re essentially middlemen who take a cut of your sale for bringing your business to a refinery or bulk buyer. This means less money in your pocket. Doing a little extra research to find a refinery and working with them directly often leads to much better returns.
How Experienced is the Refinery?
In the world of precious metal transactions, longevity speaks volumes. A refinery that’s been around for decades has weathered market fluctuations, has the skills to process your metals quickly and accurately, is experienced with your business’s needs and concerns, and most importantly: built a solid reputation. Look for a refinery with a track record of satisfied customers and years of experience under their belt. For example, we’ve been family-owned and operated for almost 40 years, and we maintain an A+ rating from the Better Business Bureau.
How are Payouts Determined?
When it comes to selling your precious metals, you want market rate, not a fixed price that might shortchange you. Look for a refinery that bases its payouts on the daily London Fixing – the global benchmark for precious metal prices.
The accuracy of the assay (the test that determines the precious metal content in your lot) is equally crucial. A reputable refinery should offer various assay methods for different types of materials to ensure you’re getting the full value of your metals. Additionally, the refiner should be happy to explain your assay report so you fully understand how your precious metals are valued.
What Kinds of Metal Can the Refinery Process?
Gold and silver are commonly alloyed with small amounts of other precious metals like platinum and rhodium that are more difficult to process. When it comes to large lots of mixed materials like filing dust and jewelry, not every refinery is capable of detecting these metals and adjusting your payout accordingly. Before selling to them, ensure the refinery is equipped to handle a range of precious metals. Here at MGS, we can refine mixed lots of gold, silver, platinum, palladium, and even rhodium.
Can You Watch the Refining Process?
A transparent refining process is a hallmark of a trustworthy refinery. The best in the business have nothing to hide and are more than happy to let you observe your metals go through the weighing, assaying, and melting processes.
How Does the Payout Process Work?
Time is money. You want a refinery that can send your payment quickly. Also, consider the payment options available. Whether you prefer a check, ACH transfer, wire transfer, or even payment in bullion, a good refinery should be able to accommodate you.
At MGS, we often process payments the same day the lot is received. This quick turnaround sets us apart from many refineries that can take a week or longer to process payouts.
Finding an above-board refiner isn’t just about getting the best price – it’s about building a relationship with a trustworthy partner who has a vested interest in your success. By asking these key questions, you’ll be well on your way to maximizing the value of your precious metal scrap. Remember, in the world of precious metal transactions, integrity is just as valuable as the gold, silver, platinum, or palladium you’re selling.