Platinum Scrap Metal Finds

[DJ_Quinn]

I have some platinum scrap that is very high Pl content, 95% plus. On the best finds, there is a thread about scrap metal dealers but I thought it may get more visibility here. I hate to just send the 5 troy oz I have to a company I found on the internet, as they melt it and assay it and you have to take their word for the weight and yield. It's too easy to get cheated. Has anybody had experience dealing with any of these precious metal scrap houses?

 

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[ringding]

I have used midwest refineries. I sent a ring in and I got MORE for it than I expected. Just recently I sent in some coins and rings and before I sent it in I tried calculating the value based on the silver price at the time. When I got the check in the mail I compared the dollar amount with what I had on my piece of paper and it was spot on! I would recommend them.

http://www.midwestrefineries.com/platinum.htm

 

[DJ_Quinn]

Cheers ringding. I think I'll send over a test run first.

 

[Postalrevnant]

Great question. Thank you I was wondering about them myself. Its great to get a comformation that they are honest.

Postalrevnant

 

[azmetaldetector]

I also recommend midwest refineries. I've sent them silver before and was happy with the response and timeliness....

 

[DJ_Quinn]

Cheers guys. It's nice to get a payback for all that hard work. I'm saving up some scrap gold as well until I have enough to do something with. I would like to take a workshop in investment casting and make something really nice.

 

[Michigan Badger]

I've never had enough Platinum to justify a postage stamp so I guess I can't help with the sale thing.

But years ago I used to buy shipwreck uncleaned Spanish "pieces of eight" and clean them for dealers. One of my biggest buyers was in Mexico City.

Anyway, while I was selling them somebody told me that the Spanish sometimes mixed Platinum in with silver while making the silver cobs. They did this to cheat because at one time Platinum was considered junk metal.

Well, this doesn't help you any but it was on my mind so I shared it.

Best,

Badger

 

[DJ_Quinn]

I've never had enough Platinum to justify a postage stamp so I guess I can't help with the sale thing.

But years ago I used to buy shipwreck uncleaned Spanish "pieces of eight" and clean them for dealers. One of my biggest buyers was in Mexico City.

Anyway, while I was selling them somebody told me that the Spanish sometimes mixed Platinum in with silver while making the silver cobs. They did this to cheat because at one time Platinum was considered junk metal.

Well, this doesn't help you any but it was on my mind so I shared it.

Best,

Badger

Really Badger? Junk metal? Platinum is about $1225 oz now, unbelievable. Gold is high now too. From what I here, the smart investors are buying up silver now, I may decide to do a little speculating. I can buy a lot of silver bullion with the platinum.

 

[Michigan Badger]

I've never had enough Platinum to justify a postage stamp so I guess I can't help with the sale thing.

But years ago I used to buy shipwreck uncleaned Spanish "pieces of eight" and clean them for dealers. One of my biggest buyers was in Mexico City.

Anyway, while I was selling them somebody told me that the Spanish sometimes mixed Platinum in with silver while making the silver cobs. They did this to cheat because at one time Platinum was considered junk metal.

Well, this doesn't help you any but it was on my mind so I shared it.

Best,

Badger

Really Badger? Junk metal? Platinum is about $1225 oz now, unbelievable. Gold is high now too. From what I here, the smart investors are buying up silver now, I may decide to do a little speculating. I can buy a lot of silver bullion with the platinum.

Yes, that is the way I heard it from those who would know. But I believe we're talking like the late 1500's / early 1600's.

 

[DJ_Quinn]

I got my settlement today from Midwest Refineries. I had 4.398 troy ounces of platinum scrap, after refining the content was 90% platinum, so the weight was 3.96 troy oz. They pay 89% of metal market, so I got a check for $4125. Not too bad.

 

[Blind.In.Texas]

nice call on the research. really paid off for you. congratulations!

 

[rvbvetter]

WOW!! Not too bad at all!! Good for you DJ !! I've got to remember this Midwest refineries. It just figures though that my gold finds are coming up a little slim (understatement) right now. WTG!!! HH

 

[Lc_102]

Has anybody on here ever messed with Catylitic Converters (sp)

If you cut them off of old junk cars, they are worth around 40 bucks apiece at scrap metal recycling centers.

They have a honeycomb cake in them that has platinum and Pallidium in it, the question is, if you take the cake, can you send it in to this refiner and have them buy it strait up?

Your getting ripped off by taking it to a recycling center, because you know they are making money on them or they wouldnt buy them, can you make more by processing them yourselves?

 

[mr.theman]

According to the Midwest Refineries website the do not buy any automotive catalytic converter materials. It would be nice to find a good buyer as I have dozens of these around and a good chop saw.

http://www.midwestrefineries.com/platinum.htm

 

[midas777gold]

I just received my check from Midwest Refineries. I tried them per kudos from this forum.
I was rather disappointed in the amount.
1.17 troy POUNDS of gold filled scrap - $35 !!!!!!?
.22 troy oz. (6.6 grams) of 14K scrap - $30 !!!!!!?

Even my local coin shop offered $48 for the 14K.

The gold filled scrap should have fetched over $120.

I will not be sending any more of my stuff to this place.

Can do a LOT better locally.

 

[DJ_Quinn]

I just received my check from Midwest Refineries. I tried them per kudos from this forum.
I was rather disappointed in the amount.
1.17 troy POUNDS of gold filled scrap - $35 !!!!!!?
.22 troy oz. (6.6 grams) of 14K scrap - $30 !!!!!!?

Even my local coin shop offered $48 for the 14K.

The gold filled scrap should have fetched over $120.

I will not be sending any more of my stuff to this place.

Can do a LOT better locally.

That's too bad Midas. I'm not giving them a plug here, it just seemed like I got a fair price although I think my platinum was over the 90% purity that they paid me for. I've never met a scrap dealer yet that wasn't taking a healthy profit. Anyway, if I had a local option I would have talked to them but most of the dealers wanted a melt charge and a brokerage fee as well. I think I got about the best deal I could have from a scrap dealer. I have some gold as well but I'm looking to take a jewelry making course and turn that into something nice.

 

[Jeffro]

Out of curiousity DJ, where'd you get the scrap? Computers, or what?

 

[DJ_Quinn]

Out of curiousity DJ, where'd you get the scrap? Computers, or what?

No, it was medical wire.

 

[Jeffro]

That would make sense. I had thought of asking my dentist to save the unused amalgam for me, maybe even set up a small side business doing that.... Can you believe they actually PAY to have someone come and take their silver and mercury away? Heheheheh!

 

[DJ_Quinn]

That would make sense. I had thought of asking my dentist to save the unused amalgam for me, maybe even set up a small side business doing that.... Can you believe they actually PAY to have someone come and take their silver and mercury away? Heheheheh!

Your not serious Jeffro? I would LOVE to have someone pay me to dispose of their precious metal. That must be a good business, but I suppose the cost comes into play for the proper disposal of the Mercury.