Top Precious Metals to send Now to a Precious Metal Refinery
For a metal to be considered precious it needs to be valuable, rare, and resistant to corrosion. Gold (Au), silver (Ag), platinum (Pt), and palladium (Pd) are the four well-known precious metals that a precious metal refinery will process. While some refiners process base metals such as cobalt and titanium, precious metals produce higher returns.
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Thousands of years ago gold was discovered and given a reputable value. Gold signified power and prosperity. Gold’s weight, appearance, and resilience to corrosion made it the prime element for long-lasting items. Prior to becoming a type of currency, gold was used for jewelry, statues, and gifts. Eventually, it was deemed fit as a form of currency, as opposed to bartering. Now, gold is used in electronics, dental crowns, food, and much more.
According to the U.S. Geological Survey (USGS), there is almost 200,000 tons of gold that has been extracted from the earth throughout history. That may sound like a lot until you realize there have been almost ten times as much silver excavated. Thanks to gold’s rarity, the mining process is detailed and costly. Between the mining process, demand, and gold’s unique composition, its value will remain high. A reputable precious metal refinery will make sure you are given the appropriate returns for your scrap gold.
Silver, along with gold, iron, lead, and copper, were the first five elements found and utilized by humans. Silver and lead are often found together in nature, forming silver-lead ores. Precious metal refiners take extra care when working with this material. There are some refiners that will not accept any type of material containing lead. Lead exposure is very damaging, so the silver-extracting process is critical to eliminate any hazardous material.
There is a lot more silver on the earth than gold and the market price of silver reflects that. Similar to gold, silver has been around and used as a currency for thousands of years and it will forever play a big role in jewelry, figurines, and tableware. Currently, it is also known for its use in many industrial industries like electronics, automotive, dental, batteries, and photography.
Another reason silver is less valuable than other precious metals is its resistance level to corrosion. While silver is a noble metal, it is not completely corrosion-proof and will tarnish over time when exposed to liquid and air pollutants, making this material difficult to rely on for long-term use. However, silver will always retain its historical value and remain a precious metal for its distinctive components.
Platinum is one of the six platinum group metals (PGM’s): osmium, iridium, rhodium, ruthenium, platinum, and palladium. The similar structure and compound of the elements define them as a PGM. Unlike silver and gold, platinum was not popular for its jewelry use. Instead, platinum was used for ornamental items and laboratory instruments. The high melting point made platinum a great metal to use to make crucibles in the refining industry. Crucibles are vessels that can withstand high heat to melt other lower melting-point metals. Nowadays a precious metal refinery may use crucibles made from clay, graphite, and other inert metals.
There has always been a steady increase in platinum. It was continuously more valuable than gold until 2015. Platinum took a turn for the worse when Volkswagen (VW) falsified their emission results on their diesel vehicles, as platinum was the main metal used for catalytic converters on diesel vehicles. In turn, due to the VW scandal, palladium began to skyrocket in value as this was the primary metal used for gasoline catalytic converters. Palladium was also a cheaper option at the time. Platinum is still trailing against gold and palladium, although its use in electronics and jewelry helps the value remain consistent. Platinum is still a rare metal that will deliver a valuable return when refined at a precious metal refinery.
Found in the early 1800s, palladium is one of the more recently discovered precious metals. It is the most malleable and has the lowest density within the PGM group. Palladium also has the lowest melting point of the six metals.
In its early years, it was known to help treat tuberculosis. However, more effective methods eventually took over as serious side effects stood a threat. Now, palladium is used in industries like jewelry, dentistry, technology, and automotive. The many uses for palladium, especially in the auto industry, have caused palladium prices to tower over gold. It is projected that as vehicles continue to transition into electric, both platinum and palladium prices will balance out. Electric vehicles do not produce any exhaust, meaning they will not need catalytic converters. Palladium is one of the most unique precious metals and will continue to preserve its worth.
Precious metals tend to retain value over time and are quite lucrative. It is not uncommon to find individuals who have invested in precious metals and have saved up enough to recycle for retirement. As a matter of fact, there are plenty of items in your everyday life that may contain precious metals. Most of those are overlooked by their worth and not salvaged.
By using a precious metal refinery like Core Scientific, you are guaranteed to get a return on your investment.
Core Scientific is the leading precious metal refinery in the US, giving our customers the highest returns thanks to our 100% transparency policy. Try us now for your precious metal recycling by requesting a container, we cover all shipping costs! Or if you rather, contact us to learn more about our process.