Interested in getting the highest possible value for your gold, silver, platinum and palladium scrap materials? Of course you are! Why would anyone want to leave money on the table? But how can you know if you’re getting a good price for your scrap metals?

Fortunately, when choosing a refinery to handle your scrap metal refining, there are several questions you can ask to ensure that you’re being treated fairly and getting top dollar for your precious metal materials:

How long have you been in business?

It’s always a smart idea to seek out a reputable refiner that has a history of doing business in your industry. Whether you’re in the jewelry or pawn industry, the dental profession, or the death care industry, scrap metal refining and recycling can be an important aspect of your operation, and an often overlooked source of profit. Making sure the refiner you choose understands the ins and outs of your business is just good, common sense.

Are you a broker?

There are many brokers or “middle-men” out there who lead customers to believe that they are employed by a refinery. However, many are not and instead are actually taking a cut of the profit for bringing your business to a refinery. Be sure to ask the person you’re dealing with if they’re a broker or a refinery employee. You can get significantly more for your metals by dealing directly with the refinery.

How do you establish the price for my metals?

Metal prices fluctuate daily. Make sure you are receiving the current market price, and aren’t locked into a specific, static rate on your metal material lots. A great resource for precious metal spot prices and other news is kitco.com

Can I see your refining process for myself?

The best refineries are eager to show their customers how they do business. It’s called accountability, and it’s something you should expect and demand from your refiner. Find out if you can actually bring your metal lot in yourself and follow it through the refining process from weigh-in to the final assay. This is the best (and most interesting!) way of ensuring that you’re receiving transparent service and value.

Do you provide a detailed assay report?

An assay report summarizes the results of each metal lot you submit for refining and recycling. Not only does the assay report provide a verifiable record of transactions with your metal refiner, it can also help you know and understand the full value of the metals you are submitting for refining. Your refiner should be willing and able to walk you through your assay report so you fully understand how your metals are weighed, processed, and valued.

What are your settlement options?

All businesses that have their scrap metal refined are interested in prompt and easy payment options. Being paid by check, ACH or wire transfer are common options. But maybe you’d prefer to be paid in 24 karat gold or bullion products. Perhaps you’re interested in having a portion of your payment designated to a charity. Whatever your payment preferences are, be sure to ask upfront about the options so there are no surprises when it comes time to cash in.

For information about Noble Metal’s refining process, or to schedule a visit to our full-service industrial refinery, click here.