What are platinum group metals, where are they found and what are they used for?

Platinum group metals (PGMs) are a group of six metallic elements that belong to the platinum group on the periodic table. 

With platinum trading for $1,400/Troy Ounce today, it is well worth looking for it in unusual places. Even a small amount of certain kinds of scrap that will fit in a shoebox or in your pocket could bring you a much bigger profit than you expected.

Thermocouple wires are not like simple gold, silver, or platinum wire, because they contain a combination of valuable metals, as you will learn in today’s post. If you are a regular reader of our blog, you already know thermocouples are used where temperatures must be monitored or controlled remotely. 

Do you have gold, silver or platinum items that you would like to recycle?

If you do, chances are you are thinking of taking them to a precious metal refinery near you. You might also be thinking of calling us, Specialty Metals Smelters and Refiners at 800-426-2344, to speak with our precious metal experts. We firmly believe that speaking with us is your most important first step in the process of turning your precious metals into cash.

Most small companies are run by businessmen and businesswomen who are committed to doing business honestly. Even if you have a dispute with them or they have done something that strikes you as less than honorable, they are likely to try to “make things right.” After all, they want to maintain a good reputation and avoid getting negative reviews online.

It's important to note that the availability and accessibility of medical scrap can vary depending on factors such as local regulations, disposal practices, and the specific healthcare facilities in your area. Some used medical devices that were used on patients are true medical waste and must be properly disposed of. Other medical devices that were never used are easier acquire without violating the law. 

If you have a quantity of silver scrap you want to sell, chances are your first step will be to visit a silver refinery near you. After all, these companies, which you can find with a quick online search, are convenient. You can drive right up to them, walk in with your silver scrap, and start negotiating. 

But is that a good way to get the highest payout for your silver scrap? And how will they process your scrap and pay you if you decide to use their services?

If you are considering selling gold to a gold recycler or having them extract gold from scrap you own, here are some important questions you should ask:

Recycling platinum scrap requires expertise, skill, and the right equipment. It is a complex process, and there are several mistakes your refinery can make that can cost you money. 

Why can these errors cost you money? It can happen in two ways . . . First, the quality of the platinum that is obtained by the recycling company could be adversely affected. And second, the quantity of platinum obtained could be reduced. (In other words, some platinum is lost during the process of extraction.)

Platinum, silver, and gold wire are most often found among the supplies at companies that make or repair jewelry, such as jewelry stores and jewelry factories. 

Where will you find those precious-metal wires in those facilities?

• As part of generalized scrap, like bench and floor sweepings. 

• In jewelry-making supplies. Often, wire will still be rolled up on spools of unused materials.

“Eureka! After California’s Heavy Rains, Gold Seekers Are Giddy,” an article that Thomas Fuller published in The New York Times on April 22, 2023, reports that the recent heavy rains in California have caused a lot of gold to wash into streams in the state. He profiles one prospector who pulled $100 worth of gold out of a stream after only 20 minutes of hunting. That’s a pretty impressive haul.

Hiding your jewelry and valuables in a place that is not secure, such as a dresser drawer or jewelry box, may not provide sufficient protection. Burglars often target these areas first because they know that jewelry is commonly kept there. 

If you do choose to hide your jewelry in your home, make sure the hiding place is not easily discoverable. For example, do not hide your jewelry in a typical hiding spot like a sock drawer or under your mattress. Instead, consider a more creative hiding spot that is not as obvious.

The good news is, you have scrap gold you would like to sell for top dollar. The scrap could be a batch of old gold-filled eyeglass frames, a box full of sputtering targets that were used in electroplating operations, or even a collection of old gold-plated costume jewelry. 

You might not know how much gold your scrap contains – you need to have it tested. But you do know that you would like to sell it and reclaim the value of the gold it contains. 

Where are gold prices headed?

Before we explore that question, let’s explore another question. What trends have influenced the prices of gold over the last decade?

Overall, the price of gold has experienced significant fluctuations over the past decade, reflecting the complex and dynamic factors that influence the global economy and financial markets. As with any investment, it's important to do your research and consult with financial experts before making any decisions.

People tend to think that recovering the gold from gold scrap is a straightforward process. You heat the scrap to a high temperature and then collect the gold that was in it, right?

Well, it’s not that simple. Recycling gold scrap can also be a complex process, and there are several mistakes that can reduce both the quality and the quantity of gold that is obtained during recycling.

What are the best places to sell palladium and palladium scrap? We will explore that question a little later in today’s article. But before we do, let’s start by answering a few questions first. 

Precious metal refining companies specialize in the extraction and purification of precious metals, such as gold, silver, platinum, and palladium, from raw materials such as ore, electronic waste, and scrap metal.

Remember, gold can be found in various types of ores that occur in nature. Most often, you will find mining companies have set up operations to extract them from the ground. In other cases, those mining companies once had set up operations in those locations to mine gold but have since extracted all the gold they could from the ground and have shut down. 

With platinum currently trading for $940.00 on the London Fix, it is a metal you should definitely not overlook as you make your plans as a precious metal investor. 

But where can you find platinum scrap that we can recycle for you? Let’s review four of the best kinds of platinum scrap you should be focusing on. 

We have written many articles about metal detectors on this blog, and with good reason. 

Metal detectors, even basic models that cost little more than $100.00, are some of the most powerful tools ever devised for finding buried precious metals on beaches, in open fields, on the sites of old buildings and factories, and other prime prospecting sites. 

People are making money – sometimes a lot of it – by using metal detectors. And chances are pretty good that you can too.