Revised information about refining silver colected with the silvermagnet
apug users, and others who may read this and have an interest in the silver magnet ..
since i first started selling these small devices the silver market has changed a bit.
you may or may not remember, the price of silver just a few years ago was about $43 / troy oz, now it is much lower.
the refining marketplace is dynamic as well, and fees and price structures associated with refining
silver recovered on a silver magnet have also changed.
michael at ecm has posted their price schedule in the silver magnet thread.
there is a refiner in england i have posted about as well ( JBR ... and the person i originally spoke with has retired )
but they no longer offer 90% back for the recovered pure silver, and are are a variety of fees involved ...
sampling fees to other fees that add up if you are a small volume, small silver magnet user.
the sampling fee alone is quite expensive, and what was suggested was that
people who use the magnet throughout the EU & UK might get together and the economies of scale
would help reduce the fees . unless you are friends with people who also use the magnet
i dont really think that will be feasible, unless you start a users group in the group area here on apug
and connect with eachother that way ...
also, in the states, my understanding is the person who sends in a magnet full of silver
is paid $1 / troy oz received, and then $1.75/ times 90% of the total troy oz received.
(the silver recovered ( silver flake as it is called ) is not 100% pure silver, it is about 90% pure in the end )
there is a $50 minimum.
as i have said, use the magnet until it is FULL, and you will get a bit of money, you won't get rich by any means
but, you will be better compensated for the silver.
i hope the refining fees and current silver prices / climate, dont dissuade you from removing the silver from your waste stream ..
Last edited by jnanian; 01-05-2015 at 03:57 PM. Click to view previous post history.