22 Jun How do I improve my gold scrap refining returns?
Optimizing your gold scrap reclamation returns from a gold refinery is a matter of vigilance and measurement guided by good judgment.
Know the content of your gold scrap
The first step in the gold refining process is making certain you have a solid understanding of the metal. Small amounts of gold are used in nearly every electronic device. The metal is found in in connectors, switch and relay contacts, soldered joints, connecting wires and connection strips.
Most gold in electronic parts is 24 or 22 karat. Karatage measures the purity of gold, starting at 24 with 99.9 percent purity. This purity is the most expensive, but it’s also less dense and isn’t useful in most jewelry. The material is used in medical devices as well as consumer electronics.
Twenty-two karat gold is 91.67 percent pure, with another metal alloyed to improve its density and durability for industrial and jewelry use. Usually the balance of the alloy is comprised of silver, zinc, or nickel.
Forearmed with this information, you’ll be better prepared for handling your metal and electronic scrap material as you collect it, store it and move it through the refining process.
Many focus on the process of gold refining as the most sensitive and prone to theft, but your valuable gold scrap is vulnerable to theft long before it reaches the refiner.
To avoid losing your property and investment, you need to know what you’ve got, and have a reasonable expectation of what its worth, and secure place to keep it:
- Sort your metal by type, component, or according to criteria that make sense for your business.
- Secure your assets. Once you know what you have, you need to spend a little time making sure you keep it. Store the metal scrap you intend for the gold refinery under lock and key.
- Use mass balance, measurements and historical data to determine what your likely return is, and let the refiner know you’re working with that estimate. Resolve discrepancies between estimates and returns immediately.
Ensure wise supervision
- It’s best to oversee the gold refining process personally. But if you have to delegate this task, make sure you choose someone who has proven to be honest over a long period of time.
- Inspect the gold refinery to make sure no metal is in the machine before the process continues, and no metal is left behind. Don’t let the scrap out of your sight during the process.
- Require immediate payment. This will ensure the metal won’t leave your sight while you’re with the gold refiner.
Following these steps, you’ll work through the gold refining process knowing what you’re dealing with, armed with the information and precautions that will ward off misunderstandings and mistakes. Your gold refining process approach will maximize your returns.