Featured NEWS: Record prices are triggering a gold rush of customers looking to melt old jewelry for cash

Meanwhile, refiners are turning sterling away. Go figure.

 

Refiners started turning sterling away at about $50/oz, now trading at $102/oz
Go figure

 

They are collectively kicking themselves. Even at full melt, they'd have doubled their money.

 

My understanding is that refiners are so far over their capacity to actually refine stuff that it makes no sense for them to accept sterling. They can’t even keep up with the .999 coming in. Sterling isn’t so far off from .925 but it does take extra work and extra materials so why take it if you can’t even handle the .999 you have coming in? Online buyers are snapping up some of the higher end sterling I have listed close to melt prices. It pains me to part with it but I guess it won’t hurt to let a little bit slide out at these prices. I sure will be sad if I can never buy cheap silver again though. It’s totally bonkers seeing what stuff prices out at with spot where it is. That little bowl is worth how much?!

 

The jeweler I sold some damaged and scrap silver to last spring (at 91¢ per gram) gave me about 90% of spot for sterling. He said at the time that he didn't mind paying more because he was confident that it would continue to go up. I wish I could've waited, but we had a need at the time.

 

silver at 110...... the Bunker Hunts would be impressed..

 

The business here in Victoria that buys and sells gold has been inundated with customers this week. When I do decide to cash in my bits of scrap and gold rings, I'll take DH along. Might need a bodyguard, LOL!

 

when you walk in..........or when you walk out !!!!!!!

that's a target rich environment !!!!!!

 

That's a time for paper checks or Venmo.

 

It pays to keep situational awareness!

 

Both!