Smart Questions to Ask Before Using a Precious Metals Refinery for the First Time

Recycle Precious MetalsRecycling and RefiningSmelting and Refining

May 18

Over the last weeks and months, people have been logging more time at home. And many of them have been thinking up new ways to spend their time. Some have been attending exercise classes online. Others have been taking piano classes. People are discovering all kinds of new interests and enthusiasms.

Some people are also exploring new ways to invest their money. Some of them have been exploring the idea of investing in precious metals. Those people are calling us at 800-426-2344. We take pleasure and pride in explaining the process of investing in precious metals and precious metal scrap.

In our view, investing in gold, silver, platinum, and other precious metals is a very good idea, for several reasons.

The first and most important reason is that if you invest wisely in precious metals, you can make a great deal of money.
The second reason, worth keeping in mind at this time of our national health concerns, is that it is possible to invest in precious metals without leaving your home.
A third reason is that investing in precious metals is interesting and exciting. There is a lot to learn about gold, silver, platinum, and palladium, and investing in them can become not only a source of income, but a satisfying hobby.

Yet what should you be thinking about before you invest in precious metals? And what questions should you ask before you select a precious metals refinery to work with? Let’s take a closer look.

What services do you need?

If you are going to invest in coins and bullion and store them in a safety deposit box until they appreciate, you don’t need the services of a precious metals refinery at all. But if you are going to start collecting gold scrap, silver scrap, platinum scrap and maybe even palladium scrap and have the precious metals they contain extracted, you are going to need a full range of testing and refinery services.

Chances are your needs are going to fall between those two extremes. Typically, you might want to have testing done on the precious metal scrap you collect, get a statement of its value, and then have your refinery process your scrap and issue you payment.

Can the refinery handle the kind of investments that interest you?

Specialty Metals Smelters and Refiners, for example, refine a range of materials that includes:

Gold-Filled Watch Cases & Scrap
Industrial Catalyst
Karat Gold Jewelry
Plating Tank Scrap
Platinum Bearing Scrap
Silver Cadmium Scrap
Silver Electrical Contacts
Sputtering Targets
Sterling Silver Scrap
Thermocouple Wire Scrap

How does the recycling process work?

It should be simple and understandable. At Specialty Metals Smelters and Refiners, for example, the process works like this:

You call us - Call us to discuss the precious metal scrap you have, and we will provide full terms for processing & an estimate.
You fill out our online packing list form.
You send us your materials using USPS Priority or Registered Mail, UPS, or FedEx.
We test your materials and issue a report that details their content and value.
After you give us permission, we process your materials and send payment within the time period we agreed on.

How difficult is it to get advice and information?

If you are just getting started investing in precious metals, you need advice and information. And the precious metals refinery you use should be able to provide it. Some of the information you need could be found on the company’s website and blog. Other information could be available in white papers and specialized reports that the refinery publishes.

But because your precious metal refinery will become a partner to you as you invest, it should be able to provide information over the phone too. In other words, it should provide a high level of customer service. And that service should be delivered quickly. If you have a question that requires a quick answer (“I have a chance to buy some old plating tanks that were used in a jewelry factory, is that a good idea?”), you can’t be sitting around for days waiting to get a return call from the refinery.

Do honesty and integrity matter to you?

Of course they do. So you want to check out a refinery’s online reviews and be sure it is a member of professional organizations and monitoring agencies. Specialty Metals Smelters and Refiners, for example, belongs to the International Precious Metals Institute and The Jewelers Vigilance Committee. Plus we are monitored by Dun & Bradstreet and are a Better Business Bureau Accredited Business. Those are the kind of credentials and certifications you should be looking for before doing business with a refinery.