We’ve written in the past about recycling platinum laboratory equipment. Back in 2014, for example, we published a post entitled, “Bright Shiny Platinum Could Be Hiding in your Dented and Dirty Old Labware.”

Let’s fast forward to 2023. In the video that accompanies today’s blog post, we interview Dan Fried, President and Founder of Specialty Metals Smelters and Refiners, about making money recycling platinum and iridium crucibles. 

A number of factors make certain kinds of precious metal scrap more desirable investments than others. 

These factors include the density and distribution of precious metal within the scrap. If one ounce of gold is distributed through two pounds of scrap, for example, that is a desirably, high density form of scrap. If that same single ounce of gold is distributed through two tons of dirt or sand, that makes for a less desirable investment. (It is easier to ship and process two pounds of material than it is to ship and process two tons.)

Gold is a metal that is known for its beauty. So why is it used in so many medical devices that are used where no one can see it – inside the human body?

Many precious metal investors believe that they will make a lot of money if they look for “one big win” in their investing. They will find one batch of gold scrap, platinum scrap or even silver scrap, make a lot of money from it, and then they will be set for life.

Of course, that does happen. (We could tell you stories about times when it has.) But looking for one big high-paying batch of metal is not the most effective way to spend years investing and ending up with a large sum of money from investments.

What are the latest techniques in metal testing to be sure you are getting full value?

One thing for certain is that the old-fashioned kind of test that you have probably seen performed – the one where you rub a piece of jewelry on a stone and then drip some testing fluid on it, wastes a small quantity of precious metal. Why? Because in order to do the test, you have to rub off a quantity of that metal, you cannot reclaim it.

For a couple in New Jersey, it was time to clean out the basement. A corrugated cardboard box they pulled off a shelf contained some interesting metal items they had inherited, but never really examined. They found a small silver-plated candle holder and a sterling silver lid that had probably once been paired with a candy dish or some other bowl.

We all know that platinum is rare in nature. But does that mean that you can’t find it anywhere? Not at all. In fact, there are a lot of sources of platinum that people let slip through their fingers – sometimes literally so.

We don’t want you to do that. So in today’s post, let’s explore some places where you can probably find recyclable platinum scrap today. Ready? Here we go.

There is an old saying, “All that glitters is not gold.”

A similar thing could be said about platinum, which is “Not everything that contains platinum is worth recycling.” How can that be? It is true because even though platinum is worth a lot of money, not every kind of scrap that contains it is worth recycling. Why spend $100.00 to extract $5.00 worth of platinum, for example? It wouldn’t make any sense.

A caller to our office asks, “What are the most profitable items to scrap?”

That is a very intelligent question because when you stop to analyze it, you see that it contains several other questions that are also very smart to ask:

Whether you’re clearing out or cleaning up a hospital, a nursing home, a testing lab or a medical facility of a different kind, you have good opportunities to cash in on precious metals.

Medical facilities are home to many kinds of supplies and equipment that contain gold, silver, platinum and even cadmium.

If you are an administrator at a hospital, chances are good that you have an unusual opportunity . . .

You can turn unused supplies and equipment into a significant source of income

Are you taking advantage of the opportunity to recycle all the unused precious metals that can be found in your facilities? If not, let’s find out how.

When we answered our phone a few weeks ago, a very nice gentleman told us that he had collected more than 1,000 used printer cartridges that he wanted to recycle. “How can I send them to you to be processed?” he asked. We had to give him the bad news that print cartridges do not contain precious metals. We explained that some of the ink they once contained might have contained tiny quantities of silver, and that some ink cartridges have circuit boards that contain extremely small quantities of gold - but that even in the best of circumstances, he didn’t have enough of any precious metal that we could profitably extract for him. We suggested that he take his cartridges to an office supply store that participates in manufacturers’ recycling programs.

Please take a minute to consider this imaginary story… You buy an old retail building that was once home to several stores. One of them was a pharmacy. While you’re exploring there, you open a drawer and find several dozen boxes of old wound dressings that contain silver. You then send those wound dressing to a precious metals refinery like us, we process them, and send you a nice big check for several hundred dollars. It's a nice fantasy, isn’t it? But if you find any, they are not going to contain enough silver to be worth much. Sorry to deflate your dreams of wealth. But let’s look at some other places where silver and other precious metals can be found in the world of medicine. 

Have you ever failed to realize that an old ring, an old lab vessel, or a bit of white metal scrap was made of platinum? If you have, you are not alone. Because platinum is a white metal, it is easy to mistake it for silver or even something as low-end as polished pewter, stainless steel or even aluminum. Here are three facts that can help you recognize platinum more quickly and reliably.

With platinum currently trading at $940, it’s worth knowing all you can about this bright and beautiful precious metal. That’s why we’re covering the basics for you in today’s post.

Many platinum investors are frozen in place today. Although they own scrapped catalytic converters, old lab testing vessels and other items that contain platinum, they are waiting until platinum prices increase before cashing in. Meanwhile, smart platinum investors are cashing in. Like other contrarian investors, they are moving ahead instead of staying fixated on just one factor as a sign of when to sell. Here are three compelling reasons why this is a great time to recycle platinum today instead of waiting...

Chances are that you only find small quantities of the valuable secondary platinum group metals (palladium, rhodium, ruthenium, iridium, and osmium) hiding in recyclable items that you think are made only of platinum. How can you tell if these rarer metals are present?

Because platinum wasn’t used widely in jewelry or industry until about 100 years ago, it seems like a “new” precious metal. That’s not really true.  In about 700 B.C., Egyptian artisans were using it to make ornamental objects, like the famous and mysterious Casket of Thebes.  And at the same time, pre-Columbian artisans in South America were fashioning it into small trinkets. Those are only a few fascinating facts about this beautiful, tarnish-resistant, and durable precious metal. Here’s a quick timeline of its fascinating history.