Anyone know of any good silver refining companys? Im saving sterling silver to get it refined someday Sent from my Z750C using Tapatalk
Cost-wise, I would think refining 0.925 into 0.999 is always a losing proposition. You are increasing the purity by 8%, but I'll bet the process, shipping, etc., runs far more than that. Why don't you find a big coin shop with a heavy turnover in PM's and swap sterling for Eagles?
Thats true. Should I find a place that can at least melt it into sterling silver rounds? Sent from my Z750C using Tapatalk
Why bother? And refiners really don't want $500 "jobs". Whatever it is you want, simply start trying to swap raw sterling for them. In fact, a few sterling items have a greater value as "things" (selected jewelry, flatware, serving pieces) than they do as scrap. Also, dealing with refiners may generate a reportable 1099, and some of us don't like to leave a paper trail. "Scrap" your idea.
Speaking of flatware, I had a friend come across a complete set of silver flatware at an inlaw's house they were cleaning out and he asked me what it might be worth. My first response was simply the melt price of the silver, but then I happened to ask my coin dealer what he'd pay for it. I was surprised to hear that he wouldn't buy it at all. It was stamped sterling and he knew it was legit, but his primary reason for not buying it was that: 1. He couldn't resell it as flatware because nobody wants to polish their flatware anymore. 2. He claimed he was obligated to hold it for 7 days (I'm in Michigan - I don't know what the holding laws may or may not be though), unlike coin that he could turn around and sell right away. 3. The refiner that he works with only accepts large shipments...ie, 1000 ounces or more. Given the fact that he'd probably have to hold it until he had enough silver weight to send to the refiner, combined with the instability in spot prices, he said it simply wasn't worth his time. He suggested that it get taken to Liberty Coin down in Lansing (many of you are probably familiar with them) and if one could get 60% of the spot price of silver, they should jump on the offer.
I would swap it at the local exchange for a bar or coins they have. Now is a pretty good time, since the price of silver seems to be sliding sideways and a little down lately.
