There are many investors looking to take advantage of the security of investing in gold and silver. The risk is considerably less than speculating on the stock market. Gold and silver are commodities with a finite supply. It is getting harder and harder to find, so the spot price is going to continue to trend upward over time.
The question for many gold and silver scrappers is: Do I save the scrap gold and silver and cash in several years after the gold prices advance, or do I cash in my gold immediately?
I have been saving my gold for several years now. I think that it’s going to be a nice little kitty in several years, when our family is going to be paying for college tuitions. However, you may opt to cash in your gold, silver and platinum as you collect it. This can be accomplished in several ways.
First, you can send all of your contacts to an internet precious metals company, such as those listed in the Appendices in the back of the book. Keep in mind that if you sell your scrap gold to these companies, you will have to subtract your shipping costs in getting your gold to their location, and rely on their processes for evaluating the gold.
You can also take you contacts to a physical assayer or gold buyer in your area. They will assess the value of your gold or silver, and issue you a check for the value on site.
The third avenue for your consideration is more risky, but also will yield the highest value for your scrap precious metals. If you can effectively refine your own metal, you cut out several “middle-men”, and get the most value from your hard work.
You must consider that the refining of precious metals is a risky business for beginners. The refining processes require the use of caustic materials, including acids. They also take some time and effort, and you will have to purchase chemicals and hardware to complete the refining.
If you choose to take this route, you do so at your own risk. Refining precious metals can emit noxious vapors and the acids can cause severe burns. You must have a secure area in which to refine, where you have ventilation system and can keep children away from. This is not a suggestion. It is necessity!
There are many different methods for refining precious metals, and I have not tried any of them, opting instead to hoard my gold and silver, with the eventual goal of selling to a reputable precious metal buyer. I do not recommend any one method of refinery. I t is up to you to decide after completing your research.
There are many different methods for refining precious metals, which can be found online through your research. Websites for refining gold and silver from electronic scrap can be found in the Links at the end of the document.
NOTES ON PRECIOUS METALS IN COINS!
Quickly answer the following question: How much is a U.S. Quarter Dollar worth? Twenty-five cents, you say? Not so fast, my friend.
The average person walking down the street will tell you that a quarter is a quarter. They are all worth twenty-five cents. That is true, if you are spending the quarter in a store. But, if you are a knowledgeable investor, you know that the quarter is currently worth $5.23 if it is from 1963 or before, due to the metal composition of the coin.
All quarters minted before 1964 contain 90% silver. The same is true of dimes from the same period. Even war nickels minted from 1942-45 contain 35% silver, and are worth $1.35 at today’s melt value. For a complete list of melt values for circulated coins, check the Links at the end of this document.
90% silver coins are tough to find on the street. Consider yourself very lucky if you receive a silver coin as change in a payment transaction. There are not many of these left in circulation, due to people knowing the value of the silver contained in the coins. That being said, there is nothing wrong with checking your piggy bank to see if there is some silver in there!
The melt value also gives you a reference point, so that you can determine if you want to buy silver coins if you find them at flea markets, antique stores, or garage sales (rarely). Many antique store owners do not frequently update their prices, and the silver spot price can shoot up from time to time, allowing you to pick up silver below the spot price.
Even if the silver is priced at spot, you may elect to buy the coins, and save them to sell when the spot price rises. Silver and gold are very dependable investment options; much safer than stocks. There is only so much metal that is left to be mined or reclaimed. The price is going to go up eventually. It’s only a matter of when, and how much.
Silver coins can be hard to find at an affordable price, but one coin that you can easily find that has a definitive spot price is copper pennies. I remember researching scrap metals on EBay, and seeing people buying bag fulls of pennies. I was intrigued. Why are people buying pennies when they are only worth one cent?
Then, I thought about it a little more. It’s all about volume and investment. All U.S. pennies minted before 1986, and Canadian pennies minted before 1994 are made of 95% copper. A 1980 Lincoln penny is currently worth almost three cents in melt value, although it is illegal to melt the coins down for copper (it is NOT illegal to melt down old silver coins, for some reason). Regardless, the coins still contain a specified amount of copper, and are traded based on that value. The value of copper is also on the rise. Start saving your old pennies. Ten years from now you will be glad that you did.
NOTES ON SATELLITE DISHES AND RECEIVERS
A person could make a nice side-job business by offering to remove unsightly decaying satellite dishes from people’s yards for a nominal fee, or for free, if that does not work. You can also stop at homes that have these old dishes, and offer your service in removing them. Many people will be appreciative to you for cleaning up their yards or homes.
Start looking for these old outdated, non-functioning satellite dishes and you will see them everywhere. Look for the huge 3-4’ wide mesh dishes from the 1980s and early 90s. None of the systems that these dishes were designed for are in use anymore. Also look for the older model DIRECTV and Dish Network dishes. They will usually be sun faded and have green mildew or moisture marks on them.
Many of them are even on ground level, so you don’t have to mess with climbing ladders and getting on roofs. People don’t have any use for them anymore, but they do not want to take the time or make the effort to remove them.
This is great for you. You can remove dishes on ground level in about fifteen minutes. All you have to do is cut the pole off and throw the whole pole and dish into your truck and you are done. Disassemble the dish from the pole later at your facility.
Cut the sod or turf in a circle around the hole and attempt to save the grass for when you are done. Dig down about 8” around the base of the pole. Make the hole wide enough to get a reciprocating or cut-off saw (or a hacksaw, if you don’t have access to a cut-off saw) into. Cut the pole off level with the ground. Trim any cords that are showing. Put a small board over the stump of the pole, so it does accidentally cut someone’s feet if it gets dug up. Cover the board with dirt level with the yard. Replace the sod, if you were successful in saving it. If not, you may elect to carry a small bag of grass seed with you to fix the hole that you made.
You should also ask the resident there is they have the receiver box or remote control for the dish that you removed for them. The receivers contain large circuit boards that you can harvest precious metals from. The remote controls also have small boards inside.
Why go through the hassle of removing dishes? Gold. There is gold and silver in all satellite transponders, and there is quite a bit in the older large dishes, and even the first generation DirecTV dishes. The transponder is the plastic piece in the center of the dish that receives the signal from the satellite itself. The dish itself is also usually magnetic stainless and if you have a good number of these, you can get a higher rate for the stainless than normal shred value for steel.
But, back to the gold. I just opened up several transponders from vintage dishes to see what was inside them. I was surprised to find that the entire circuit boards inside several transponders were plated in gold, and there were several other interior components that had gold in them too. The circuitry also was lined with silver. The jacks were brass, with gold pins.
To get at the interior circuit boards, hit the seam on the transponder with a hammer to split it open. The circuit board comes out very easily.