We recently asked Dan Fried, Founder and CEO of Specialty Metals Smelters and Refiners, to name a few places where platinum can be found. Some of his advice was surprising and if you follow it, we predict you will find platinum that you can recycle for money. 

If you are looking for excitement or romance when you are investing in precious metals, few investments can equal ancient Roman or Greek coins. Some of these coins bear the images of historical figures like Julius Caesar or Nero. Others are especially beautiful – true ancient works of art. And then there is the fact that just holding one of these coins in your hand makes you feel like you are in touch with ancient history. 

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. 

Not long ago we were chatting with a with a young man who was just starting to invest in precious metals. As we were talking, we realized that he thought that an alloy was something that results when two pieces of metal are welded together. That’s incorrect. (See the definition of “alloy” below.) He also thought that the process of annealing means melting a piece of metal. That’s again incorrect. (See the definition of “annealing” below.)

What is the most valuable and sought-after precious metal today?

If you ask a group of precious metal investors that question, chances are that most of them will say, “Iridium!” And there are reasons for that. One is that iridium is now trading for more than $6,000/Troy Ounce, which is a very high price. Another reason is that most of those investors have never seen iridium because it is so rare. So it’s mysterious, kind of like unicorns. Everybody can describe a unicorn, but nobody has ever seen one. 

With the Help of Specialty Metals, You Can Make Money Collecting Silver Contacts from the 1980s and 90s. Here’s What You Need to Know

Placer gold, also known as alluvial gold, is gold that has adhered to rocks and other materials. Can you recycle it and make money? In most cases you cannot, because the amount of gold that can be recovered from recycling placer gold materials is very small. Yet large industrial gold collecting operations have been able to generate profits from placer gold because of the large quantities of soil and sand they are able to gather. 

At some point in your life, you might find yourself emptying an old house. The circumstances might be happy (you bought a house or are moving into it, and you want to be sure to conduct a thorough search for treasures that the previous owners hid away). At other times, the circumstances might not be too happy, as is the case when you are cleaning out a house that was occupied by parents or relatives who passed away.

So, where do you look? 

Items that contain the most gold by weight are those that are made from 24-karat gold or are as close to pure gold as possible. However, these items might not be very common due to the softness of pure gold. (Pure gold is 24 karats, but it's very soft and malleable, making it less suitable for jewelry that needs to withstand daily wear.)

Platinum alloys are valuable and are commonly used in various industrial applications, including electronics, jewelry, and more. And if you can find platinum and platinum alloy scrap, chances are good that you will be able to recycle it for a good payback. After all, platinum is now trading for $908.00/troy ounce. That means that even a small quantity of platinum scrap you find can often result in a big profit for you. 

Gold is all around us. It’s in the jewelry we don’t wear anymore, in the old cellphones that are gathering dust in our homes, and of course, in our cars. 

But just because gold is present doesn’t always mean it is worth recycling, for one of these reasons:

Today we are going to ask an important question about what you should be looking for when you go hunting for gold in and around old gold mines . . .

While you are looking for gold in those locations, what other metals should you be looking for too?

For first-time investors, the best precious metals to consider buying are gold, silver, and platinum. These metals have a long history as stores of value and are easier to acquire and sell than other precious metals. Here's why these metals should be among your first investments if you are just starting out as an investor.

The platinum family metals, also known as the platinum group metals (PGMs), are a group of six elements that share similar chemical properties. These metals are highly valuable and have various industrial applications, making them attractive for investment purposes. 

The six platinum family metals are:

Gold and silver can be found in many homes. The question is, where? 

Just to be sure you’re not missing any stocks of precious metal scrap that could be right under your nose, here’s a checklist for you to keep handy.

Antiques and decorative Items -  Older or antique items in the household, such as antique silverware, decorative items, or collectibles, might have significant amounts of silver.

An Astonishing Find of 700 Coins Buried in a Kentucky Field Makes You Wonder . . . Is There Even More to Be Found?

A man in Kentucky recently made one of the most important and valuable discoveries of buried treasure ever. It happened in a farmer’s field, where he dug up more than 700 Civil War-era gold coins with an estimated value of well more than $1 million. 

There are low-risk investments you can make in precious metals and precious metal scrap. For example, you walk into an antiques mall and buy a pair of old cufflinks for $50.00. You’re not sure whether they are made of 14K gold, 18K gold, or are just gold-plated. But you put your money on the counter and plan to learn more about the cufflinks later. After all, they cost you just a small amount of money. And if you turn out to double or triple your investment, then you’ll be happy. 

Which precious metals make the best short-term investments? And which are best if you are investing in metals and metal scrap you plan to hold for years before liquidating them?

Those are two interesting questions. And here’s an interesting fact to consider. Some metals are excellent investments whether sold quickly or held long-term.

Precious Metals that Make Profitable Short-Term Investments

If you need a little motivation to get out there to hunt for precious metal scrap and treasure, we have some books for you to read. 

Treasure hunting has captured the imagination of readers for centuries, and there are a lot of notable books that delve into this thrilling and adventurous subject. 

If you could use a little motivation to get up, get out, and look for gold and other scrap, here are some of the greatest motivational books on treasure hunting ever written:

Is platinum toxic?

In its pure form, platinum is inert and does not react with most chemicals or substances, including acids and bases. This property makes it highly resistant to corrosion and tarnish. Consequently, platinum is often used in medical and dental implants, such as pacemakers, stents, and dental crowns, due to its biocompatibility and resistance to corrosion.