We don’t enjoy seeing any businesses fail, even companies that are competing with us. When business is good for one company, it is good for all of us. So we certainly haven’t been enjoying the fact that a number of small businesses have suffered, and sometimes closed, during the Covid-19 pandemic.

A lot of people buy metal detectors, take them out to the beach once or twice, then stick them in a closet or a garage because they didn’t find anything. In our informed opinion, that is a mistake.

Here are some common misunderstandings about metal detectors that could actually be robbing you of the dollars you and your detector could be making every day you head outdoors to do some hunting.

You inherited a big box of silver tableware a few years ago. You stuck it on a shelf for the last two years and then, when you pulled it out last week and looked at it, you discovered it had tarnished.

Ouch! That beautiful, shiny old silver was gray and oxidized-looking – ugly! But at the same time you were looking at it and feeling disappointed, a number of questions began to race through your mind. Let’s consider what those questions might have been and answer them.

Let’s say you have a gold wedding ring that you would like to sell or recycle. Let’s also say it weighs 10 grams, which is pretty typical. So how much gold is in it, and what is it worth?

The first question to answer is, how much pure, 24K gold does it contain? (The 24K designation means pure gold.) Here things get a little complicated and require some calculation. But here’s what you need to know . . .

The year 2020 was not a very good year in a lot of ways. But it was quite a good year for people who invest in precious metals and precious metal scrap, because trading prices for precious metals have remained strong or have risen. Also, a growing number of investors have discovered that precious metals offer a type of investment that is sound, even in difficult economic times.

If you look in your fridge at this time of year, chances are you will find some leftovers. Maybe there is a little wad of stuffing in a plastic storage box that’s left over from Thanksgiving, or a few slices of a roast from a big meal you served at Chanukah or Christmas. Well, it’s time to toss them.

But what about leftovers from the precious metal scrap you have collected and recycled over the last year? Don’t toss them! If you have been collecting and investing in precious metals, you just might have enough leftover materials to profit from.

We don’t know whether you are a big fan of the television series Downton Abbey. But whether you love the show or not, we have noticed that it teaches some valuable lessons for those of us who profit from recycling precious metals. The creators of the show seem to have invested extra effort in historical accuracy, showing wealthy people as they really lived a century ago. Most of the lessons Downton Abbey teaches apply to recycling silver, with fewer applying to recycling gold.

People often call us and ask for advice on how to package and ship precious metals to us for testing and recycling. When they call us, we tell them what to do, based on our years of experience. They follow our advice, nothing goes wrong, and their gold scrap, silver scrap, platinum scrap or other precious materials arrive safely at our facility.

It won’t be long until we get a new president. Will the change cause the trading prices of gold scrap, silver scrap, platinum scrap and other precious metals to rise or fall? Will those metal refineries, “we buy gold” stores near you and pawnshops be paying more for that old piece of jewelry you want to sell, or paying you less?

All kinds of statistics get thrown around in the world of recycling precious metals. Here are some we have heard . . .

1. “Cellphones contain about two cents’ worth of gold . . . “

2. “An old cathode ray computer monitor contains a nickel’s worth of gold . . .”

3. “A ton of electronics scrap should contain about 12 ounces of gold . . .”

The question that we used for the headline of today’s post – “Should You Be Looking for Gold Refineries that Buy from the Public?” – is an interesting one to consider.

It is interesting because, in fact, you should not be looking for a gold refinery that buys your scrap, for a very simple reason . . .

Did you have a successful year recycling precious metals in the calendar year 2020?

If you didn’t, don’t blame yourself. The year 2020 was a bust in almost every way. People didn’t have discretionary income to invest in gold, silver, and other scrap, they were stuck at home, and they put their plans on hold. We only hope that you and the people you love have survived this year beautifully, and that you are in great health to start the new year.

What is rhodium? Let’s start today’s post with the basics. It is a white-toned precious metal (atomic symbol Rh) that is also an element. It is one of the platinum group metals.

And Rhodium is rare, obtained in very small quantities as a byproduct of platinum and nickel mining, principally in Canada and Russia. Because it is so rare in nature and so difficult to obtain, it is in great demand from sources that include jewelry and catalysts.

Why Just One Short Phone Call Can Get You Much More Money for Your Precious Metal Scrap

We all like to save time. Plus, we live in an age when people value convenience. But when it comes to getting the most from the precious metal and precious metals scrap you want to sell, looking for too much “false convenience” can cost you a lot of money.

How Much Do You Know about Precious Metal Refining?

Are you an expert about precious metals . . . and about other metals too? Do you know what a precious metal refinery does with your gold scrap, silver scrap, platinum scrap and other materials after you send them in to be processed?

Steel is an inexpensive metal. As you know, it isn’t classified as a precious metal.

So why are there antique items out there that contain both steel and silver? The answer to that question is this . . .

Because gold was cheaper in years past, it was commonly used to decorate all kinds of relatively inexpensive items that can be easy to find – and undervalued - today.

Here are some common gold-plated and gold-filled items and forms of gold scrap that are worth snapping up in today’s market.

There are many ways to enjoy financial advantages from the precious metals you own. You can have Specialty Metals Smelters and Refiners process your gold scrap, silver scrap and platinum scrap, and have us send you a check for the value of the metal they contain. But there are other ways. You can fund your IRA or other investment accounts with precious metals, donate them to your preferred charity – and the list goes on and on.

Our precious metal recycling experts hate to disappoint any customers or callers to our toll-free number. We really do, but sometimes we have to tell those potential customers that the big, impressive-looking gold items they are calling about aren’t worth recycling.

Investing in precious gold scrap, silver scrap and platinum scrap is not gambling, for a very simple reason:

When you invest in precious metals, you are relying on experience and knowledge to reduce or even eliminate risk. When you are gambling, you can’t eliminate risk completely.

When one investor was examining a batch of thermocouple wire, for example, he was able to know what it was because he had seen the same kind of wire before. He knew how much silver was contained in the thermocouples he was looking at, and he knew what it would sell for. So he applied his experience and knowledge and made a profitable buy of silver scrap.