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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