Okay, you’re stuck at home during the current Coronavirus shelter-in-place period. Maybe you can’t take part in all your usual activities as someone who invests in silver scrap, gold scrap, platinum scrap and your other favorite investments. Go to an estate sale to look for jewelry, tableware and other items? Forget it, nobody is holding estate sales right now. Go to an antique mall to poke around? Forget it, the doors are locked.

A pretty good precious metal refinery might be good enough – or almost good enough – if they are recycling a batch of silver-plated tableware, candlesticks, or other fairly commonplace kinds of silver scrap for you. After all, if the refinery you are using let’s a troy ounce of silver go down the drain, which will cost you about $16.00 at today’s trading prices. Okay, that is bad, and the precious metals refinery you are using should never let any metal of yours slip away. But if you are having that refinery process, say, a few hundred pounds of silver scrap, maybe you can live with the loss of an ounce of silver.

Are you an expert about metals?

Good, but let’s start today’s post with a simple-sounding question that is harder to answer than it seems . . .

What do all metals have in common?

“How do I make a profit by investing in precious metals?” seems like a pretty simple question. But even though it’s a simple question to ask, it is a difficult one to answer.

Why? Because there are a number of ways to make a profit when investing in precious metals. In today’s post, we will look at three of them.

Reclaiming Precious Platinum and Gold . . .

If you make money finding and recycling precious metals, you are familiar with The Needle in the Haystack Problem. It happens when you find a vast quantity of sand, dust, sawdust, gravel or other “stuff” that has a valuable amount of gold, platinum or another precious metal hiding in it.

In “What Is a Smelter” and other posts we have published in the past, we have explained what a smelter is and what a smelter does.

So what do smelters do? The quick answer is, smelters smelt things. In general, that means heating up piles of scrap and powder and chemicals that contain metal. Once that “stuff” reaches the melting point of the metals it contains, those metals melt, clump together, and can be separated from surrounding materials.

“Is there such a thing as gold alloy?” a caller asked us recently. He then went on to explain, “I was at a coin collector’s event last month and a rather angry gentlemen told me that there is no such thing as a gold alloy. I didn’t want to get into an argument with him about it, but what’s the story? Is there really no such thing as a gold alloy?”

In today’s post, we’re going to tell you some insider’s secrets on how to extract more gold from old, used gold plating tanks. But because we know your time is valuable, we’re going to start out by telling you one of the most important things first . . .

and Other Questions to Ask at Thanksgiving

Thanksgiving will be here before you know it. We would like to make a suggestion. Instead of trying to avoid talking to old Uncle Edwin about politics while you chew your turkey, why not spend your time profitably by asking some of the questions we will explore in today’s post?

If you have precious metal items that you would like to refine for profit, “Where is there a precious metal refinery near me?” is a logical question to ask. The problem is, it might not be the right question to ask. Here are some of the reasons.

“Smelting” sounds like a form of melting . . . but it isn’t!

“Smelting” also sounds like going fishing for shiny little fish that are called smelts . . . but it isn’t that either!

So, What Is Smelting?

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.

What You Need to Know about Modern Smelting and What We Do

As we wrote on this blog back on February 24, 2014, “Smelting has now evolved into a modern, sophisticated process that uses very advanced equipment to separate precious metals from a wide variety of compounds and chemicals, not only from rocks.”

The idea is simplicity itself. You take a pile of stuff that contains precious metals and reduce it to ash by burning it, then process the ash with a strong chemical that removes everything but the metal. Wow, you just turned a pile of worthless-looking stuff into a small quantity of bright precious metal.

“Poison fears on 'Arsenic Avenue': Families forced out of their homes as studies find suburban street was built on toxic soil,” an article that appeared in Australia’s Daily Mail on September 6, 2018, points out all too clearly the health dangers that can result when people are exposed to poisons that are left behind near old gold mines.

Alchemists were medieval scientists who, legend says, were able to turn base metals into gold. Of course they couldn’t do that. Still, some of their discoveries are still being used today. One is aqua regia, a combination of nitric and hydrochloric acid that is still used today to dissolve gold and platinum.

Let’s say that you have an old gold-plated set of silver tableware. As you know, the gold that the set contains is worth much more than the silver. Can’t you throw everything into a tub of some kind of chemical that will dissolve the silver and leave only the gold behind in solid form?

“EPA Allows Mine Company to Pursue Permits Near Alaska Bay,” an article that Becky Bohrer wrote for the Associated Press on May 12, reports that the U.S. Environmental Protection Agency is on the verge of approving a permit for a new copper and gold mine in the Bristol Bay area of Alaska...

If you called a precious metals refinery for an over-the-phone appraisal, you would be pretty excited to hear the words, “Your scrap could be worth an awful lot of money.” And you should be happy. The problem is, those words could lure you into one of the precious metal scams that are happening today.

So, what are palladium salts? They are compounds of palladium and other chemicals that are most often used in the production and testing of stainless and other steels. Some palladium salts are also used as catalysts in the production of other chemicals. Here are some common forms of palladium salts that are used in industry, and that you might come to own if you acquire a chemical business or an old industrial site . . .