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  1. #1

    Join Date
    Jun 2003
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    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 02:57 PM. Click to view previous post history.



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