More Sterling Scrap off to The Refiner
These are interesting times we're seeing. Silver spot price is setting new all-time highs this month. Silver seems to be on the mother of all bull runs with no end in sight in the short term. I choose to scrap for silver instead of paying these high prices.
I sent off 582 grams of Sterling scrap to the refiner. That's roughly the equivalent of 17 troy ounces of pure silver. For those curious about the math, Sterling silver is 92.5% purity, and there are 31.1 grams in a troy ounce. ((582 × 0.925) ÷ 31.1)
The refiner will take a cut of about 15%, so I'll likely get back about 12-13 ounces after subtracting the cost for shipping. I'll have to look at the costs once I factor in shipping, but for this batch I'm hoping to only have to sell maybe 9-10 ounces of the silver I get back to cover costs, and the rest will be mine to keep. The processing time takes about a month, so it'll be a little while before I get an update.
In the meantime, the hunt for scrap Sterling continues! The best part is it's fun for me, and I basically get paid in silver to do it, so it's a win-win!
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I tried combing my local yard sales and thrift shops for silver products in the past and got some nice jewelry. I know there has been quite a lot of competition out here now a days. Nothing is easy here in Canada.
!PIMP
Yeah, the downside is now everyone is starting to get into it. Still, that's great you're still finding some hidden gems!
!BBH
!PIZZA
!ALIVE
What you’re doing looks much easier than trying to dig it out of the ground…
True, but if I came across a silver mine I certainly wouldn't complain! 😁
!BBH
!PIZZA
!ALIVE
I haven’t been complaining about my Precious Metal discoveries… I’m waiting for the Reset over becoming a Multi-Billionaire… True story… The Reset comes first…
I need to start looking around I guess for this stuff at the local flea markets and other places.
You can also try online as well. Sometimes auctions are overlooked. It's harder these days, but still doable.
!BBH
!PIZZA
!ALIVE
Remind me, when they refine it are the silver bars you get back .92 purity or do they take the other metals out and the bars you get are .999 or whatever?
They remove the stones and any other impurities and send me back .999 fine bars.
!BBH
!PIZZA
!ALIVE
Got it!
Smart move, scrapping sterling instead of buying at high prices is a fun way to stack silver and your breakdown is really clear.
Thanks! Yeah, I enjoy the process, so that helps that it's fun for me.
!BBH
!PIZZA
!ALIVE
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