16 Apr Not Sure You’re Getting the Right Value for your Precious Metals? 4 Rules You Need to Follow
In the world of precious metals reclamation, if you aren’t ultra-vigilant with your refiner you could be losing big money. Most businesses, though, just hand over their materials without taking necessary precautions to ensure they will receive full value for their lot.
Here are 4 rules you need to follow when you contract with a refiner to turn your precious metals into money.
Rule #1: Be Ruthless in your Representative Selection
You always want to be present when you deliver your material and when the assay is conducted. It is at this point that weights, amounts, and values can be adjusted against your favor. However, the reality is that you won’t always be able to be on site.
If you’re unable to deliver your material and be on site for the assay, hiring a third party is the next best option. Take care to choose the best possible representative who will ensure that the process is carried out transparently and honestly.
Here are a few things to look for:
- Choose a rep that comes highly regarded and that has a history of helping businesses get a larger return.
- Select a rep who stays with your materials throughout all stages of the refining process.
- The rep should ensure that the refiner’s facility is up to par in terms of conditions, time and temperature.
Rule #2: Don’t Ignore Inconsistencies
You need to be vigilant throughout the whole process. When the refiner receives your material, make sure they alert you of any inconsistencies between your weights and what they recorded. If there is a discrepancy, resolve it right away. If the refiner is unwilling to resolve it, it’s a red flag and perhaps you should take your material elsewhere.
Rule #3: Inspect the Refiner’s Facility
You want to make sure that you perform a careful inspection of the refiner’s equipment both before the refining begins and after it is complete. If you are not on site, make sure your representative performs this critical step.
Whomever is supervising the process should inspect the processing machines. In doing so, ensure that:
- No material is in the machine prior to your material entering it.
- No material is left in the machine once your process is finished.
Rule #4: Require Prompt Payment
A best practice to ensure your material isn’t out of sight is to require immediate payment from the refiner. Iron out the terms at the outset of the process to ensure your material isn’t out of sight from either you or your third party rep during the process.
The Bottom Line
Just because you’ve vetted a refiner before dropping off your precious metals doesn’t mean your vigilance ends. The reality is that there are lots of small moments during the entire process in which you could be losing value from your returns.
Following these rules will help you maximize your returns once your precious metals arrive on site, but there are other steps you can take before this point. Download the 12 Little Known Secrets to Maximizing Your Precious Metal Returns now!