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Sell Scrap Silver to Maximize Your Profit

sell silver scrapto increase your profit

As I Sell scrap silver I have been able to continue to buy supplies from Rios Grande Jewelry Supply Company. Like many other companies they have set a system that allows you to get credit for the silver scrap you send them. To sell scrap jewelry really pays off.

In the past I used to cut the silver into small pieces and solder them into my design. I was also melting the scrap and using broom or water casting to incorporate into my work. I soon realized that it was more profitable to sell scrap silver and get credit to buy more supplies and materials.

The process is fairly simple; it just requires some organization to maximize your profit. A good start is by gaining an understanding of how the trading on precious metals work.

Silver like other metals has a price determined by trading on the COMEX (Commodities Exchange). The price shifts daily. Check the price on a daily basis, by visiting the sites of many of the jewelry suppliers, who post the daily price of precious metals. IIt is easy to visit the COMEX site online and get the current price. Check with your dealer and make sure he is paying you the correct price this is what is going to help you decide when to sell scrap silver for the highest profit. I recently made over $600.00 that I can now use to purchase new materials. It is also important to always use a well established and reputable company to sell silver scrap.

Silver is weighed in Troy ounces. There are 12 troy ounces to a pound - making that old question "which weighs more - a pound of gold or a pound of feathers?" seen in a whole different light. The answer, of course, is a pound of feathers. To get a more accurate idea of what you can get when you sell scrap silver, one troy ounce is equal to 31.1034768 grams.

The Silver Scrap Market

Now let’s take a look at the price of scrap. Sterling silver is not pure, it is .925 silver with .075 base metal - usually copper. The formula used to calculate scrap is to pay .830 times the spot price of silver on the day you sell. This is, of course, slightly less than .925, but it takes into account that a certain amount of silver is lost in the refining process. It also considers the condition of the silver when you send it in. silver scrap that has solder in it will sell for less than what is considered “clean scrap.”

Get Organized to Make More Money When you Sell Scrap Jewelry

This is where being organized is important. Keep you scrap separate as you work. Using a different container for clean scrap, dirtyr scrap and scrap that has been fused with other metals helps you keep your studio clean and gets your scrap ready to be sent to the refiner. Empty the container into a storage zip bag on a regular basis, this also keep the scrap free of dust and other particles in the environment. Don’t hoard your scrap silver. Your goal should be to turn your scrap like the rest of your inventory. Remember that scrap silver does nothing for you unless you trade it in and turn it into usable material or cash.

Selecting the Scrap Jewelry Buyer

Visit the different scrap jewelry buyer and compare their scrap selling policies, before you decide who you sell scrap silver to. I have compiled some information to get you started. Keep in mind that it does not include every company that buys scrap. Policies also change so check back periodically. Please visit the company’s site before you make your final decision.

Monster Slayer

For your Sterling to Fine Silver Sheet, Wire & Precious Metals Clay (PMC) Scrap we will pay: 75 % of the current Silver Market in Trade or we will pay 60 % of the current Silver Market in Cash.

For your solder Brazed or Melted Silver Scrap, Clean Filings, Chains, and Old Jewelry with quality marking, we will pay:55 % of the current Silver Market in Trade or we will pay 45 % of the current Silver Market in Cash.

Rio Grande Jewelry Supply

Silver Scrap:For credit, solid fine and sterling silver scrap is calculated at 75% of the current silver market and applied to your Rio Grande account. (Note: Because sterling silver contains less pure silver by weight, and because we pay both sterling and fine silver at this percentage, you will actually receive payment in the equivalent of 81% for sterling silver). For cash, payments are calculated at 65% and sent to you in a check. Silver dust is paid (or credited) at 40% of current market.

We offer 80% of the daily silver spot price for unsoldered silver for trade and 60% for unsoldered silver for cash, on the day the scrap is processed. For scrap jewelry or soldered pieces, we offer 60% of the daily silver spot price for trade. For fine silver coins and bars, we offer 90% for trade and 85% for cash.

The information on this table was taken directly from http://www.monsterslayer.com and http://www.riogrande.com

Another company that offers great return and is also environmentally friendly is Hover and Strong. They are the leading refiners in the industry and many companies come to them to refine their scrap.

http://www.hooverandstrong.com

They also offer a series of information articles on their website to help you earn more money when you sell scrap silver.

Remember selling scrap silver can represent high earnings!

to learn more on how to sell scrap silver go to gold scrap prices

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