Looking to jump in on scrap silver market. First step?

[never2late]

Been CRH for a little bit, and now im getting interested in the scrap precious metal game.

A buddy of mine shops pawn shops and then flips it at a coin shop. I'm not too sure on what I'm doing, really want to get my head on straight before I end up blowing a good chunk of change on crap Do i just snatch up all the silver jewlery I can get my hands on, gold even? Or are there certain items that I should be looking to buy?

Anyone willin' to give me the skinny?

 

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[cyberdan]

Do i just snatch up all the silver jewlery I can get my hands on, gold even?

The answer is YES but you got to get it at the right price. That is the trick. I have only been in a pawn shop once. It had just opened in my town. It is also the only one in town. The shelves were almost bare. But they did know precious metals. I don't think they would sell under spot enough to resell and make a profit.

 

[never2late]

So then what would be a good place to find silver? I live in san antonio texas, so i have plenty of pawn shops to choose from.

 

[cyberdan]

So then what would be a good place to find silver? I live in san antonio texas, so i have plenty of pawn shops to choose from.

I don't trust pawn shops, they know gold & silver (or at least they should) do yard sales. But you have to know what to look for. Check your t-net mail.

 

[batcap]

So then what would be a good place to find silver? I live in san antonio texas, so i have plenty of pawn shops to choose from.

I don't trust pawn shops, they know gold & silver (or at least they should) do yard sales. But you have to know what to look for. Check your t-net mail.

Minimum Tool kit: Jeweler's loupe, silver testing acid and scale.
Go to auctions but not necessarily for the advertised sterling. At many auctions I've been to there is a bit of scrap silver(sometimes gold!) in the box lots. Get used to looking long and hard at every little thing and the big things just hand themselves to you.
My local auctioneer knows me too well. When I hand him something, (weird method- he only puts up for bid stuff people are already willing to pay $5 or more for) he'll give it a good look and tells the crowd what I found.
Watch out for "weighted sterling" candlesticks and flatware. The sterling is nearly as thin as foil over a plaster design. Get it cheap and be prepared for some effort to separate the sterling.

Read everything cyberdan writes; he is considered an authority in this realm. I haven't yet figured out how to extract or decoct all his posts from T-net.