Precious metal recycling has emerged as a lucrative industry as consumers and businesses alike discard obsolete, yet precious metal-rich electronic equipment in record amounts. Recycling has become a household world in most homes. With the constant emphasis on cleaning up the environment and conserving energy, we are recycling everything that’s recyclable. While the things that are most thought of when referring to recycling are paper, plastic, steel and other metals, precious metal recycling is also being done regularly. Although it hasn’t always been as common to recycle precious metal, recycling is being done on these as well due to the increase of recycling prices.
Precious metals are rare metals whose chemical elements equal a high value economically. What makes these metals precious, besides their chemical compounds, is that they’re rare. They are softer, have a higher luster, higher melting point and have a higher ductility than other metals. Some of the most common precious metals include silver, gold, platinum and palladium. Although, at one time, their importance was for their use as currency, today they are considered great investments for jewelry and industrial commodities. Although the investment opportunities are high with a precious metal, recycling is often an option because it’s the most economical and energy efficient choice.
Gold and silver are the most known of precious metals. In addition to their industrial uses and investment possibilities, they are widely used for jewelry, art and coins. Platinum is also a family of many precious metals including osmium, rhodium, ruthenium and iridium. Although not part of the platinum group, rhenium is also a precious metal. Recycling of many of these metals is taking place more and more because of the rising prices given for them. Individuals possessing old jewelry such as class rings as well as household items are choosing precious metal recycling as a way of either getting cash for the metals or having them redone into a new item.
With the price of gold at almost $1,000 per ounce as of January 2008, it’s little wonder that industries and individuals would choose precious metal recycling as an option. Although silver is valued at much less than any other precious metal, recycling of silver is done frequently. What comes as a surprise to many is that jewelry and coins are not the only items that contain precious metals. There are many items that are used on a daily basis in our lives that contain precious metals. Some of these things may include catalytic converters from your car, printed circuit boards, motherboards, network and sound cards and many products that contain gold or silver-plated trim work.
Many companies now offer top dollar for the recycling of precious metals. They offer cash as well as the option to get the precious metal items made into something new.
Its precious metal recycling business encompasses the collection, recovery, refinement, and sale back into the market of precious and rare metals.