Eliminate the Middleman and Make More Money Recycling Platinum Scrap

Did you know you can search for the term “platinum scrap” on eBay and find mixed platinum scrap for sale? I just tried it, and I found a bag of floor sweepings, said to contain platinum, that I could buy for $500. I found plenty of other items that were said to contain platinum too, including hard disk blanks, catalytic converters, bags of mixed jewelry findings and scrap, and old laboratory testing crucibles.

So, could I buy those items, send them to Specialty Metals Smelters and Refiners to be recycled, and make a healthy profit? It’s possible. Yet the chances of it happening are probably slim, because…

Why would anybody sell $1,000 worth of platinum (or anything else) for $500?

I mean, would you? The people who are selling those lots are counting on the gambler in you, that illogical impulse to think that maybe you will buy the stuff and suddenly hit it big.

Shown: chart showing the increasing value of platinum due to increasing demand, which can lead to profits when recycling platinum scrap with Specialty Metals. Credit: TimArbaev/iStock/Thinkstock.

The Simple Way to Profit from Platinum Scrap

The way to make real money recycling platinum scrap is to obtain it from original sources, not profit-seeking middlemen. You can then call Specialty Metals Smelters and Refiners at 800-426-2344, speak to our precious metals refining consultants, and send it to us for testing and processing.

That sounds wise, right? But you are probably asking, where can you get your hands on primary sources of platinum scrap? Let’s take a closer look.

Catalytic Converters

Speak to the owners of car repair and muffler shops and car dealerships and offer to buy old scrapped converters. Why don’t we say you should also talk to automotive junk and scrap yards? Simply because most of them have already established business relationships with larger companies that recycle catalytic converters and you may have a difficult time winning their business. You stand a better chance of buying converters in smaller batches from smaller companies, like repair shops. When you have collected 500 catalytic converters or more, call Specialty Metals at 800-526-2344 and we will tell you how to send your units to us for recycling.

Platinum Catheters and other Medical Scrap

Buying medical scrap is tricky. The FDA closely monitors the sale of many kinds of medical equipment, including used testing supplies, and it is generally illegal to sell it. Another tricky aspect is that the FDA tries to control the direct sale of medical testing supplies directly to consumers; if you have a bunch of expired old diabetes testing strips and try to sell them on Craigslist or eBay, chances are those sales platforms will refuse to list them.

The way to get around those problems is generally to directly buy new unused equipment, which can include:

  • Unused cardiac and other catheters directly from hospitals. If hospitals upgrade to new equipment, some of their older supplies can become obsolete, and it is legal to buy them – if you do not intend to use them for medical tests.
  • Unused cardiac and other catheters directly from veterinary practices.
  • Scrapped medical equipment of all kinds. Metal scrap yards can be good sources of all kinds of scrapped medical equipment – everything from MRI machines to X-ray testing equipment – that can contain platinum and other precious metals. One problem? You may have to purchase large pieces of equipment, extract small quantities of platinum from them, then scrap the rest. Will you make money doing it? It depends. If you are thinking of buying a piece of medical equipment but don’t know how much platinum it might contain, call Specialty Metals Smelters and Refiners at 800-426-2344 and we will be pleased to offer you advice.
  • Scrapped laboratory testing equipment, including platinum crucibles, mesh, filters, tongs and stands made of platinum alloy. Few working labs are going to give away their used equipment at low prices. But if you find a lab that has gone out of business, or a distressed company that is liquidating its holdings, you might be able to snap up some platinum at low prices.

Scrap from Jewelry Makers and other Factories that Make Platinum Items

“Stuff that fell on the floor” in these facilities can contain platinum, often mixed with aluminum scrap, dirt, dust and other substances. Plus, material that accumulates on milling machines, polishers and lathes can contains platinum. So, do supplies that are left over from platinum plating, joining and other fabricating processes.

If you can establish an agreement with those companies – or if you can make a deal to clean up factories that have gone out of business – you could have found a profitable source of recyclable platinum. When you collect even a few pounds of scrap from those sources, call us at 800-426-2344. Small quantities of platinum-bearing scrap can be worth a lot more than you expect.

Find Platinum? Call Specialty Metals Smelters and Refiners at 800-426-2344

Be sure to mention today’s post and ask whether your materials qualify for free shipping to our state-of-the-art testing facilities.

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