Don’t Forget to Check Out Pawn Shops!

On this blog, we have often advised our readers to go hunting for jewelry and precious metal scrap at factories, in jewelry stores, and at estate sales. Today, we would like to discuss another source that might not be on your radar . . .

With Hispanic Heritage Month taking place now, it seems like a good time to ask how much gold has been mined in Latin America over the past centuries.

To be sure, there is a long, fabled and strong historical link between gold and Latin America. Back in the 16th Century, Spanish monarchs became obsessed with the idea that there were as many as seven cities in South America that were made of gold. They even believed that there was an emperor named El Dorado, who was clothed with golden garments and ruled these cities. So in 1540, Spain sent an explorer named Francisco Vázquez de Coronado to the New World, where he searched in vain for these golden cities.

At Specialty Metals Smelters and Refiners, we are in the business of making it as easy as possible for you to determine the value of precious metals and precious metal jewelry, be it karat gold, silver, platinum and even palladium and rhodium. If you send any item made of precious metals to us, our lab technicians can quickly determine what it is made of and tell you its value at current trading prices.

If you’re about to fly across international borders and go through customs when you land, how much gold can you carry with you?

Fake gold bullion bars and coins look like the real things. Because they are covered with real gold, they can pass tests done with gold testing kits, and can fool experts. And according to a growing number of news reports, more and more people are being conned into buying them.

Some recent news . . .

What is the safest and most profitable way to profit from investing in precious metals?

It is to invest in scrap and have us extract the gold, platinum and silver it contains. Why is this the safest and most reliable way to make money in precious metals?

Let’s review some of the reasons . . .

We have written on this blog about recovering gold from sources like printed circuit boards, cell phones, remote-control devices, and digital cameras.

Today, let’s look at other sources of recyclable gold scrap that you might have overlooked.

While you’ve been driving around recently, you have certainly noticed a growing number of electric cars on the road. Yes, Teslas and other electric cars are gaining market share against gas-powered cars. But how soon will it be until gas-powered vehicles disappear?

As precious metal investors, we need to watch this trend, which will shape both the availability and the demand for different precious metals:

We just read a terrific article, “50 Metal Detecting Tips that Find Gold,” on the Discover Detecting blog. It’s jam-packed with great advice on how to use a metal detector to find much more gold on every outing you make.

Whether you’re new to metal detecting or an experienced user, you will want to read this article, which contains advice from experts who really know the ins and outs of using detectors. Here are some of the tips and insights from the post – some of them unusual – that can dramatically improve your experience as a user of a detector.

Where should you turn for advice if you have gold or gold scrap you would like to sell?

Here are some options, with our expert advice on how and when to use them.

Small Pocket-Size Gold Testing Kits

These small, pocketable kits are widely available. They have a small abrasive stone and several small squeeze bottles that contain testing fluid. You rub the piece of gold or scrap you want to test on the stone, squeeze some testing fluid onto it, and get a quick reading on whether the item you are testing contains gold, and in what karat (purity) rating.

Most people own at least one piece of jewelry that has broken. Do you?

I happen to own a watch that is damaged. One of the watch’s four lugs (the little bars where the watch band attaches) has broken off. I contacted the company that made the watch and a customer service representative told me that I could send it in and pay a $75.00 service fee to find out how much it would cost to have the lug soldered back on. But since the watch is not worth much more than $100.00, I just put it away, and there it sits.

What valuable metals can be found in scrapped cars?

If you ask the man in the street that question, chances are he will tell you, “There’s gold in the electronic components and platinum in the catalytic converters.”

And your man in the street friend is telling you the truth because those are two places where gold scrap and platinum scrap can be found and extracted for recycling. But what your friend is not remembering is that other metals and materials can be profitably recycled from cars.

You can find gold, silver and platinum objects in estate sales, in garage and yard sales, in old buildings, in your yard or on the beach – in lots of places. But there are other discoveries you can make when you are hunting for precious metals and precious metal scrap – discoveries that can dramatically increase the amount of money you can make from the objects you find.

Metal detector enthusiasts in the British Empire have been making remarkable discoveries lately. In Kent, England, a pair of treasure hunters found a horde of gold coins dating from the 14th century that are worth about $20,000. And just last week in Suffolk, England a butcher with a metal detector discovered about 750 Roman-age coins buried in a field. Their value? Priceless.

Whether you have bought beef, gasoline, milk, or home appliances lately, you already know that prices are going up. Inflation is very much in the news. But what effect will it have on the trading prices of gold, silver, platinum, palladium, and other precious metals?

The law of supply and demand is always exerting a force on the price of gold and other metals. To boil it down to its simplest truth . . .

When the demand for gold remains strong but the supply is limited, the price goes up

It has been a while since we have written a post about finding hidden treasure. But today, we would like to explore the topic again.

Why? Because news stories about finding buried treasure never seem to go away. Earlier this month, a treasure was found near Santa Fe that was buried decades ago by an eccentric man named Forrest Fenn. People have been searching for this hidden box of gold for decades. And the search was clearly worth the effort. The man who found it reported that the box contained gold and jewels valued at more than $1 million.

When a community pool reopened in a suburban town a few weeks ago, a pool service was called in to service the filtration system. Usually, servicing the pool is pretty routine. But this year, the technicians found more jewelry in the system than usual – jewelry that swimmers had lost last year. There were two platinum engagement rings, a bunch of earrings, and pieces of costume jewelry. And when the technicians removed a perforated drain cover from the floor of the pool, they found still more jewelry.

Over the years, people have created a story – dare we say a myth – that it is possible to reclaim gold from plants and animals.

That legend usually goes something like this . . .

“The plants and animals that live around natural sources of gold like gold-containing streams and old gold mines absorb quantities of gold. If you harvest sufficient quantities of material from them, they contain gold that can be profitably recycled.”

You have items lying around your house that contains valuable precious metals. Other people in your community have them too.

So, here’s a simple idea for a way to help your favorite cause – whether it’s a school, a religious institution, a hospital, or your favorite charity . . .