Best Places to Find Large Quantities of Precious Metals

How to ScrapPlatinum ScrapPrecious Metals Investing

Jun 25

What are the best places to find huge quantities of precious metals?

How to Avoid Myths and Mistakes

Many answers are flying around to that question. Unfortunately, many of those answers are just plain wrong. In today’s post, let’s take a closer look.

Myth One: Government Auctions Are Great Places to Find Gold and Other Precious Metals

This myth holds that both the Federal and local governments hold auctions of boats, planes and other goods that have been seized from drug dealers, tax felons and other ill-doers. This myth says that these auctions are great sources of hidden gold, diamonds and other ultra-valuable items. It sounds exciting. After all, governments really do auction off some items that were seized from criminals. The problem is that before those items are put up for auction, they are gone over to be sure that they do not contain any hidden valuables. Floorboards and cabinets are torn up, gas tanks are inspected for hidden stuff, and chances are just about nil that you are going to discover anything of value.

Better idea: Go to auctions where the materials that were owned by businesses are being liquidated. Business liquidation auctions sometimes provide a chance to buy valuable materials that might have been overlooked. You can buy boxes of welding and brazing rods that contain silver, old computers that contain gold, photographic papers and chemicals that contain silver and jewelry-making supplied that contain gold and silver and even platinum. Business liquidations are the place to be.

Myth Two: You Can Find Gold and Silver and Diamonds in Unclaimed Safety Deposit Boxes

This is another myth that has a lot of sizzle. It holds that banks are not allowed to open unclaimed safety deposit boxes and that they have to sell their contents to the public without looking inside. That is not true, and you can bet that banks are going to look inside those boxes, not sell them at give-away prices.

Better idea: If you’re angling for gold that once belonged to people who are now deceased, you will find more of it hidden in their homes, buried in their backyards, or under false bottoms in the furniture they once owned. So go to estate sales and antique malls, not to bank sales. You’re going to find more gold, silver and jewelry.

Myth Three: Junkyards and Dumpsters Are Bad Places to Look for Precious Metals

This myth holds that companies screen everything carefully before they discard it. That myth makes sense. Like banks and governments, why would businesses toss out precious metals? But the reality is that a lot of valuable stuff does end up in dumpsters and junkyards.

Better idea: Make a deal with carting companies to screen the junk they are dealing with. When companies are in a hurry to clean out their facilities, they often move quickly and toss out floor sweepings, manufacturing equipment, thermocouples, and other materials that contain gold, silver and platinum. We recently helped a client, for example, who is sending us a batch of valuable platinum scrap every month that he is snagging from a dumpster, with permission. And don’t forget that automotive junkyards still can contain large quantities of catalytic converters that contain platinum. If you can gather a batch of 500 or more converters, call us and we will tell you how to have them tested and profitably recycled.

Want to Know More?

Call Specialty Metals Smelters and Refiners at 800-426-2344 to speak with our precious metals experts. You have nothing to lose, and everything to gain.

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Barry Lenson

specialtymetals