Let’s start today’s article by asking you to answer this simple question about platinum . . . 

When you go looking for platinum scrap, you should be looking for a bright, white, metal with a shiny surface.   [  ] true [  ] false

You’ll be surprised to hear that the statement above is false! 

There is a simple reason why the demand for platinum scrap will remain strong in the future . . . 

The world’s platinum mines cannot keep up with the demand for platinum in manufacturing

According to statistics gathered by Statistica.com, 211.6 metric tons of platinum was used in manufacturing in year 2022.  

That’s a lot of platinum, and it might interest you to know where it was used.

Industrial catalysts are substances – often metallic powders or screens that are used in industry to speed up, start, or facilitate chemical reactions. Catalysts also are sometimes used to lower the amount of energy that is consumed by chemical processes.

Absorbent materials are another form catalysts can take. They are chemicals that are used to absorb and remove certain chemicals from compounds where they are found. For example, BASF makes a variety of products that absorb and remove impurities from natural gas before it is distributed to consumers. They are catalysts of a special kind.

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.

If you want to give someone a really terrific present at this time of year, chances are you have thought about something made of platinum or gold. Good, generous thinking! Few other presents are as impressive.

that’s Right, Tossed!

With platinum trading for nearly $900 on the London Fix, why would anybody throw it away? But the fact is, people do toss platinum for several reasons, including . . .

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:

People have been asking us a lot of questions about platinum over the last few months. So as a service to you, our readers, we will devote today’s post to answering some of the most common questions we have heard.

What is the most powerful tool for finding gold, platinum, silver and other precious metals?

When you think about that question, chances are you think about using a metal detector. And yes, a metal detector can be a great device to use when you are looking for precious metals in outdoor areas like the beach or open fields. There are other good tools too, like camera-equipped drones.

A few years ago, a man looked down at the bottom of a stream in northern California and saw something shiny poking out from the sand and gravel that surrounded it. He pulled it out and it was a gold nugget. It was absolutely beautiful!

“How to Eliminate the Middleman and Make More Money from Your Used Catalytic Converters” is one of the most popular posts we published on this blog. Although we published it back in 2014, the advice it contains is still relevant today, and we urge you to read it.

Many people like to invest in bullion and coins that are made of gold, platinum or silver. The predictability appeals to them. They buy a pure piece of platinum, gold or silver that comes in a hard plastic case that they can either open or put in a safe.

After you send your platinum scrap to Specialty Metals Smelters and Refiners and we extract the pure platinum it contains, where will that platinum be used?

Platinum is bright, shiny and resistant to tarnish. It can be used to make beautiful jewelry, labware, and even the outside casings of implantable medical devices. For those reasons, many people believe that the only way to produce a piece of platinum - be it a ring, a lab crucible or anything else - is to cast it in one piece.

All precious metals investors like to be on the lookout for bright, shiny chunks of pure metal. Of them all, platinum jewelry, coins and bullion shine the brightest. They are white and shiny, with no tarnish. You look at them and immediately know they are valuable.

If you’ve ever walked around an old industrial site hunting for precious metal scrap, you know that the search can be overwhelming. You examine heaps of dirt, piles of chemicals hiding in the bushes, old steel drums that contain dried or wet sediment, streams where chemicals and byproducts were once deposited, and all kinds of other places that could be hiding precious metal scrap. Although you cannot identify most precious metal scrap just by looking at it, here’s a quick visual guide to some of the materials that can often be refined profitably in our precious metals refinery.

Catalytic converters are probably the biggest source of recyclable platinum today, because so many of them have been manufactured – and so many are piling up in scrapyards and other places where cars are repaired or scrapped. But even though cat convertors might be the biggest source of platinum, are they the best source for speculators who like to collect platinum scrap and send it to us to be refined? Not necessarily. 

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.

Although platinum doesn’t rust or oxidize, it can discolor after it is exposed to high heat in laboratories. That bluish patina can be deceiving. You look at a discolored piece of thermocouple wire or a testing crucible or a stand that was used in the lab and think, “this discolored stuff can’t possibly be platinum.” The discolorations that affect used platinum mesh or sponge can be even more deceiving. They can be reduced to a blackish powder that you’d be tempted to sweep up and toss away.