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Refining Gold

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Author Previous TopicReplies: 8 / Views: 1,593Next Topic  
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crystalH's Avatar
Canada
85 Posts
 Posted 06/13/2011  01:35 am Show Profile   Bookmark this topic Add crystalH to your friends list Get a Link to this Message Number of Subscribers
So after getting gold coins from my grandparents and what not I have been interested in collecting gold. I notice that people on ebay sell scrap gold and there is always a lot of it. I was thinking about taking up a hobbie of buying scrap gold and refining it. So I guess my question is, has anyone done this before? Is it difficult to learn? Where would I buy the chemicals needed?

I've done a fair bit of researching on how to melt it and the materials I would need. Silly old me thought when you melt gold it takes out all the impurities. I almost bought a gold melting furnace..lol. That is until I saw you had to actually refine it yourself.

Thanks!
Edited by crystalH
06/13/2011 01:36 am
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sel_69l's Avatar
Australia
21786 Posts
 Posted 06/13/2011  01:49 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I have nearly 30 gold coins. Maybe more than half of those would be over 200 years old. That hardly makes me a bullion collector. It's just that some coins are made from gold, and as such, have a legitimate place in my collection.
Rest in Peace
biggfredd's Avatar
United States
9104 Posts
 Posted 06/13/2011  03:30 am  Show Profile   Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
Leave refining to the pros.
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Tim Stroud's Avatar
United States
2661 Posts
 Posted 06/13/2011  06:39 am  Show Profile   Bookmark this reply Add Tim Stroud to your friends list Get a Link to this Reply
I would advise against doing such a thing. It involves strong acids and other toxic chemicals that the layman should avoid. The cost associated with it would out weigh the benefits for a hobbyist. You would also incur assay fees and a discount below spot if you were to try and sell your finished product.
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tokenmast's Avatar
United States
648 Posts
 Posted 06/13/2011  09:10 am  Show Profile   Bookmark this reply Add tokenmast to your friends list Get a Link to this Reply

Quote:
Leave refining to the pros.


there is a fun way to gold" dig " learn to recognize gold plate on circuit boards and computer cpu.older ones have more,
edge connectors look very golden! watch out for( lead )where gloves,glasses, be careful,have fun, sell bulk on ebay Really not much gold there but it doesn't seem to matter high prices for say 10 ,,20 lbs lots
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Ed_B's Avatar
United States
4008 Posts
 Posted 06/13/2011  6:44 pm  Show Profile   Bookmark this reply Add Ed_B to your friends list Get a Link to this Reply

Quote:
Leave refining to the pros.

I second that. It is no secret that mining companies, smelting companies, and refining companies all thrive on economies of scale. There are reasons for this. Chief among them is that it is extremely difficult to make any money at these activities on a small scale. If you start refining a few grams of gold, you will have exactly the same environmental and safety obligations as any other refiner out there, including the need for lawyers, CPAs, engineers, chemists, etc. who are needed to make this all work well. One complaint from EPA can cost you more than you will earn in your lifetime, let alone what your gold refining will produce. One whiff of HCN gas can end your life... in seconds. The risks you are considering outweigh the benefits by orders of magnitude.
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Silverhawk74's Avatar
United States
3670 Posts
 Posted 06/13/2011  7:33 pm  Show Profile   Bookmark this reply Add Silverhawk74 to your friends list Get a Link to this Reply
Tokenmast brings up good point, as did all others that it is a bad idea....

But the old keyboards. O.K., the dirty jobs guy (this is my specialty, worthless information, lol)....

He did a show in a full scale factory recycling plant, which is set up very organized which may surprise some. Each item for example that is obsolete and discarded, is organized in large containers. They pulled out some old monitors and televisions, and the worker showed Mike the little tricks of the trade to break one of these down, and place the recyclable items into other sections. Some of the larger scrap metal gets placed on a treadmill, which runs the parts through a machine which grinds it down into much smaller chunks of metal. Like metal topsoil kinda, lol. I imagine it gets melted down and sent on its way to make new things....

Well, I imagine they probably collect much gold and silver as well, from many of the discarded old electronics....

Like anything, to do it on a big scale you would have so much overhead in it, and it would be hard to turn a profit. And it is hard back breaking work, until you learn some of those crow bar tricks for removing those harder to break down pieces and have a place to recycle your finds, even though on a smaller scale, home garage perhaps would work just fine....

Funny, those computer monitors had Mike struggling and he was frustrated. The guy who does it for a living, could break one down blind folded....
Edited by Silverhawk74
06/13/2011 7:40 pm
Valued Member
Chadwick's Avatar
United States
271 Posts
 Posted 06/14/2011  11:11 am  Show Profile   Bookmark this reply Add Chadwick to your friends list Get a Link to this Reply
I very strongly agree with everyone that is discouraging you from attempting any refining at home. I've read stories of people poisoning themselves and dying from attempting to do this.

However, that isn't to say you can't mine for gold and turn a nice dime on it without the danger of chemicals, environmental pollution, and the EPA ruining the rest of your life.

Take a look at ebay. Look up gold scrap. Now, think about that middle school that threw away all those old computers. Dumpster diving can become very profitable. Don't refine the stuff, sell it on ebay. In the end, you will be the one with the most to gain taking this approach, and the least to lose.
Rest in Peace
biggfredd's Avatar
United States
9104 Posts
 Posted 06/14/2011  12:30 pm  Show Profile   Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
In order to do the recycling on scale, you need some big contacts in the industry. For example:

My computer store friend was selling a relatively new HP inkjet for $20, just a little more than most places got for the transformer. He got them from redemtech for $8 and sold dozens of the. They had 20,000 from an insurance company that replaced their whole system's.

Once, he sent his wife to pick up a $5 box of wires and a few other things he bought. She called to tell him he'd need a truck, not a minivan, for two bins. The wires were in a Gaylord container, over a half ton of them, and the rest of the stuff filled another one. We unpacked some of it, and there were some little components on plastic rolls like TP. Close to 200 of them, selling for 30 bucks a pop on ebay.

They got good prices for tested computers, but there were a few that didn't fit their category breakdowns, so they were "misc" for $1. He sold dozens of them for $100 and up.

His best buy was two $5 computers. They had some weird card he couldn't even test. He sold these $5000 new cards "used as is" for over $1500 each on ebay, and got good FB!
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