How Much is Platinum Scrap Worth?
With platinum trading on the London Fix for $831 per ounce, it’s no wonder that precious metal investors look to platinum as a top investment today. Its trading price falls about halfway between the current Fix price of only $17.25 for an ounce of silver, and $1510.80 for an ounce of gold. Plus, traders realize that although platinum is rarer than gold and certainly a lot rarer than silver, many kinds of platinum scrap are not too difficult to find. They know that if they can buy platinum scrap at pennies on the dollar, which is often possible, they can send it to us for testing and recycling and profit handsomely on their investment.
But what is platinum scrap and where can you find it? Let’s find out.
Catalytic Converters
As we have explained in earlier posts on this blog, it is harder to snap up large quantities of automotive and industrial catalytic converters today than it was only a few years ago. Why? Because automotive scrap yards, franchised muffler shops and other sources that were once eager to sell their converters to individual investors have now entered into recycling agreements with large companies that haul away their old catalytic converters and pay for them promptly with a check.
But that doesn’t mean that it is impossible to find junkyards, metal scrapyards and other businesses that are willing to sell to individuals. If you approach the right businesses and offer them cash, you can sometimes come away with a batch of converters that contain enough platinum to make you a profit. Remember that Specialty Metals will only recycle lots of 500 or more catalytic converters. So while making money recycling cat converters has become more challenging, it has not yet become impossible.
Testing Labs
Platinum is widely used to make the crucibles, tongs, stands and other devices that are used in medical and other testing labs that are found in hospitals and universities. Even veterinary testing labs are using platinum devices! These devices can weigh a half-ounce or more, which can make them a profitable source of platinum that you can buy at low prices and send to Specialty Metals for testing and recycling. If you can find testing laboratories near you and buy their used platinum scrap, you stand to make a good profit.
Jeweler’s Scrap and Unused Supplies
With platinum trading at high prices, even tiny quantities of the metal can be worth quite a bit of money. Companies that manufacture jewelry, and even individual jewelers, can be a viable source of scrap that can be found in easily overlooked places that include old polishing wheels, floor sweepings, powder and dust that has accumulated under polishers, grinders, shapers and other machines. This kind of scrap doesn’t look like it is worth much money, but it could be. Our advice? Buy what you can for as little as you can pay and send it to Specialty Metals Smelters and Refiners for testing.
When you visit a jewelry factory or shop, be sure to ask if they are willing to sell you unused platinum wire, solders, findings and other supplies. Supplies that jewelers haven’t used, and have no plans to use, can be worth a lot of money.
Used Thermocouple Wire
We have written recently about reclaiming the value from used thermocouple wires. But it is such a viable source of platinum today, we want to mention it again in today’s post. Not all thermocouples contain platinum, but some do, and you can find thermocouples it in a variety of places that include buildings that are demolished (in the thermocouples that are attached to thermostats that control both heating and air conditioning systems), in airplane and aerospace scrap, and even in modest-looking companies that part out used home appliances.
Our advice? Buy up as much used thermocouple wire as you can at low prices and send it to us for testing. Not all the thermocouples you can buy on the cheap contain platinum. But some do, and if you are lucky, you could profit.
Old Jewelry
A woman recently inherited a wedding band that she thought was silver, called us about testing, sent it to us, and got the pleasant news that the ring was made of platinum. This does happen, because both silver and white gold, which are white-hued metals, can look a lot like platinum. So our advice is that if you find a white-colored ring, watch, bracelet and can buy it for a very low price, do so and then call us at 800-426-2344 and speak with our precious metal consultants. Your accidental discovery could be worth hundreds of dollars or more.
And speaking of jewelry, don’t fail to pay special attention to white-hued engagement rings! For several decades now, a lot of them have been fashioned from platinum. And when engagements are broken, those rings can end up on eBay or even in pawnshops. Keep your eyes open, buy white rings, and be ready for a possible and profitable surprise.
Want to Know More About Recycling Platinum Scrap?
Call Specialty Metals Smelters and refiners at 800-426-2344. Our consultants are here to tell you how to recycle platinum scrap into bright, shiny cash.
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