Silver at $15.15 an ounce

[Emperor Findus Cladius]

It is heading in the correct direction.

For anyone who sells their 40%, particularly to a refinery. Has anyone ever thought about what is left after the silver is refined out? Copper. Lots of copper. For every 100 lbs of 40% sent in, there is 60 lbs of copper left, and copper is over $3 a pound. I am speculating this is something that the refineries that do accept the 40% dont want folks to think of, as they probably keep it and sell it off to boost thier bottom line. I am surprized that more refineries do not accept 40% so they can get in on the copper residue band wagon. Any thoughts?

 

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[LJ]

Your right Wayne.....I have thought about this in the past. Correct me if I am wrong but at current copper price isn't there about 4 1/2 cents of copper per 40% coin? Does that sound right? This could add up in large volumes.

My thoughts are same as yours....I do not know why any refinery would not be interested. Is it the extraction cost in the process? I have no idea.

From what I read and hear, copper will only continue to rise. Interesting thoughts....thanks.

 

[jewelerdave]

Preciouses metals refineries generally don't pay for the copper,

When sending in sterling silver, coin silver or karat gold for refining the amount of copper is so small in relation to the values of the gold and sliver most don't care.


Unless its a lot or by special request, The process puts the copper into solution and it does need to be extracted as it is toxic, Its recoverable but a pain to deal with. It does need to be taken out of the process but not in payable quantities for the work put in, Copper is more of a problem when refining than a profitable thing to deal with.
IF there is about 4 cents of copper per coin, that gets eaten up in fees before its profitable.
Its just one of those things that you have to let go.

 

[Emperor Findus Cladius]

Thanks for the info. I didnt know how the extraction process worked. What you said makes sense. Would be good for the companies that do take in the 40% to figure a way to extract the copper. If they got enough coins in that would be quite a bit of metal.

 

[Immy]

Here's a snapshot of silver on January 1st of the last several years. I like the trend since 2002! No wonder CRH has taken off in the last couple of years.

2000 - $5.41/oz.
2001 - $4.57
2002 - $4.57
2003 - $4.76
2004 - $5.92
2005 - $6.79
2006 - $8.79
2007 - $12.85
2008 - $14.77
2009 - $18.85*

*My guess-timate based on trends

 

[Immy]

Check out the guess I made earlier this year (previous post above). Who'da thought it would happen this soon, and that I actually under estimated! Crazy!

 

[Goes4ever]

over $19 today