Inside the Government’s Precious Metals Recovery Program
You might have heard rumors that the U.S. Government operates a secret program to recycle precious metals. That rumor holds that the government, unknown to U.S. citizens, is processing vast quantities of gold, platinum and silver.
What is this program? Can you sell your silver, gold and platinum scrap directly to it? Let’s learn more. We decided to investigate and in today’s post, we’ll share what we learned.
Is there a secretive precious metals recycling program?
There is a program, but it is not secret. The U.S. Department of Defense operates a program that is dedicated to obtaining and recycle gold, platinum, silver and other precious metals. It’s called the Precious Metals Recovery Program (PMRP) and although it is nothing close to a top-secret activity, most people do not know about it.
What is the purpose of PMRP?
It is to recover precious metals from government sources, which are then either reused by the government or sold.
What metals does PMRP recycle?
Gold, silver, platinum and platinum family metals that include palladium, iridium, rhodium osmium and ruthenium.
Where does the government find those precious metals?
PMRP sources precious metals from many places, including electronic circuit boards, military pins and insignias, eyeglass frames, chemicals, welding and brazing wire, and even tableware. Most of the platinum the government recycles comes from aircraft spark plugs, electrical relays, and detonator fuses. When you stop to think about those sources, you realize precious metals are pretty central to military life, in everything from weapons to the decorations that are used to brighten uniforms.
What is the purpose of PMRP?
To quote from the programs informational website, “Participation in the program saves money for the taxpayers and the government by recycling and reutilizing precious metals at a reduced cost to the government.”
Can civilians sell their precious metals to PMRP?
No, they cannot. The purpose of the program is to collect and recycle precious metals that are already owned by the government.
Even though you cannot sell your precious metal scrap to the U.S. government, you can still refine and sell it profitably. In fact, the demand for precious metals has rarely been greater. To learn more, call Specialty Metals Smelters and Refiners at 800-426-2344.
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