- Does SilverRecyclers.com purchase gold or silver?
- Where is the best place to sell my scrap gold or silver?
- Is the "gross melt value" the price I should expect to
when selling my precious metal to a refiner or dealer?
- How much should I expect to be paid for my scrap gold jewelry?
- How much should I expect to be paid for my scrap sterling silver?
- What is the value of my complete (not scrap) sterling silverware set?
- What does the term "Spot Price" mean?
- How often are your currency exchange rates updated?
SilverRecyclers.com is not a refiner or a dealer. We don't buy or sell precious metal of any kind. We simply provide precious metal weight conversion and melt value calculators as a free and unbiased public resource.
You can usually get the best deal by sending your goods directly to a refiner. The refiner should have a long history of trusted performance with a good BBB rating, low refining fees and high customer satisfaction. Keep in mind that not all refiners deal directly with the public and some may have "minimum amount" or other restrictions. Take your time when looking for a refiner. The refining fees charged can vary greatly and factors like payment options and timing, pool accounts (if needed), what spot price is used and when, assay fees (if any), shipping and others may need to be considered before deciding which refiner fits your needs.
Another option is an auction site or classified ad site. Check eBay to see the recent 'Completed Listings' of a similar item and weight (you can do this even if you don't have an ebay account). If you take into account the metal price rise or fall since the auction completed, you can get a good idea of what to expect when selling your goods online.
Is the "gross melt value" the price I should expect to be paid when selling my precious metal to a refiner or dealer?
No. While the gross melt value displayed on the calculator is the value of the metal if it were melted, the parties making the purchase will need to make a profit. In the case of a refiner, they make a profit through refining fees. In the case of a coin shop, pawn shop or retail gold buyer, they act as a middle man to a refiner. They simply offer to buy your precious metal at a low enough price that hopefully still allows them to make money after paying the refining fees.
Offers from middle man buyers may come in at 70-80% of the gross melt value or less. This is why it is so important to know the value of your goods before making any deals. Remember, they still have to get the metal refined and gamble with the market fluctuation before they get paid.
If you send your gold scrap directly to refiner: Depending on the refiner you choose and the amount you send, you could reasonably expect to receive 88-90% of the gross melt value shown on the calculator. If you can send a large amount, you could expect to receive 95% or more of the gross melt value.
Do some research to find a good refiner with a long and trusted track record and low refining fees. We don't provide any specific recommendations but there are several refiners around the U.S. and abroad that meet or exceed our requirements and are happy to deal with the general public.
If you send your sterling silver scrap directly to refiner: Depending on the refiner you choose and the amount you send , you could reasonably expect to receive 85-90% of the gross melt value shown on the calculator.
Remember, some sterling silver pieces like candlesticks are "weighted" and sterling silver flatware knife handles may contain filler with stainless steel rods for support. These fillers must be removed to get an accurate value from the calculators and some refiners will not accept weighted items.
SilverRecyclers.com is unable to provide you with the value of your non scrap sterling silverware. We do not appraise Sterling Silverware Sets. Complete sets of sterling silver silverware usually warrant a much higher price than the scrap value provided by the calculators. A good place to start would be checking eBay's 'Completed Listings'. You could also check with a trusted professional appraiser if you can't find the value on the internet or elsewhere.
The spot price is the current delivery price of a commodity traded in the spot market, in which goods are sold for cash and delivered immediately. The spot prices displayed on SilverRecyclers.com are per one troy ounce. The spot price is used by dealers to establish the mid point between buy and sell rates for bullion and coins. In the case of scrap gold or silver jewelry or sterling silverware, it can be used as a mutually agreed upon point, at which a transaction will take place.
The currency exchange rates are updated daily at 6:00 a.m. UTC (GMT)