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 Replies: 9 / Views: 7,947 |
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Valued Member
Canada
95 Posts |
I have been wondering if you can sell silver or gold to a scrap yard.
As in a place where you would sell your steel, copper, or batteries.
Has anyone ever done this, or know if you can do it?
I wouldn't think the government America eagle dollar coins or the Canadian silver maple, but maybe the silver rounds or the 5, 10, 100 ounce bars.
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Pillar of the Community
United States
4963 Posts |
Why would you want to sell it to a scrap yard?
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Bedrock of the Community
Australia
21786 Posts |
As a kid (more than 50 years ago), I spent some time scavenging through muncipal rubbish tips for copper, brass or any more valuable metal. I sold what I had found to one of my father's friends, who was a scrap metal merchant.
My older brothers found some gold plated metals, but I didn't. In the decades following, the scrap metal dealer used to buy early junked computer equipment, and there was gold and silver to be found in this area of scavenging.
By this time, I found that I could make far more money from a paying job.
Edited by sel_69l
04/03/2016 03:34 am
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Pillar of the Community
United States
4333 Posts |
Omnisource, a large scrap metal buyer in my area and across the midwest, buys everything but gold and silver.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
61 Posts |
I would suspect if scrapyards did buy silver or gold they would pay only a fraction of the worth, probably what they pay for scrap led.
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Pillar of the Community
United States
2543 Posts |
Scrap yards buy scrap metal, the value of which does not change day to day or even month to month in most cases.
Gold and silver are precious metals. I doubt any scrap yard would want to have to update their buy and sell prices on a day to day basis.
Edited by denco7
04/03/2016 9:43 pm
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Bedrock of the Community
Australia
21786 Posts |
With very old junked electronic equipment, time and money has to be spent to separate the gold and silver.
That is the main reason why scrap metal dealers will only offer a small fraction of the spot price for precious metals.
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Pillar of the Community
United Kingdom
2624 Posts |
But even if you were selling them bars which they could flip for an easy profit... they would look at it as a chance to earn easy profit and offer considerably less than the spot price and then what you should have done if you have the option... take it to a bullion dealer.
If however you go directly to a bullion supplier like "mastermelt" they buy these things with a very small % if you have a trade account with them. So the trick is find someone with a trade account and then use it to make a cash sale direct.
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Pillar of the Community
United States
3079 Posts |
As it has been said find one of the online mail order refiners that jeweler's deal with. your cut of the value will be better there are a number of them that deal in lower amounts.
If you ever seen a work room of a jewelry store you notic it is carpeted, they will take the carpet up and ship it ti the refiner's every so often. they burn the carpet to get the filings and saw scrap that hits the floor.
As to the computer scrap. To much work for very little return circuit boards, cpu's and hard drives take way to many to buy a decent lunch at a fast food joint even if you have coupons. Years ago it was worth it. Been there and done that but won't do it anymore.
AS the scrap market collapsed when the Chinese economy slowed up all scrap prices went to the pits.They are slowly climbing, the price for LTL (less than truckload) has stayed low. Last time I checked two weeks ago shred steel was only $55.00 a ton that general ferrous junk along the household trash. Was down to $28.00 last summer and two years ago was up above $240.00ton.
That was around the Detroit metro area, I live down the road from a large scrap company they every model year they have the semi's lined up with the robots from the auto industry as they scrap them and put the new ones in.
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Valued Member
 Canada
95 Posts |
Thanks for the answer guys.
I was wondering because I read from the bullion dealers " we are currently buying bullion" .
what would happen if the dealers stoped buying?
Can they stop buying if the price gets to high?
I have never sold any bullion back to a dealer, and was wondering what options I had to sell.
I will now take it for granted that the scrap yard would be a poor choice. Thanks again. Alot of information here.
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Replies: 9 / Views: 7,947 |
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Posted 04/03/2016 03:32 am
