How To Make Money In Precious Metal Recycling

When I first started in the recycling industry, I was unemployed and travelling about, so I had lots of opportunities to see the sort of areas that people only pass through on their way to somewhere else out here in the West. I used to take road trips every two weeks or so, and I’d be gone for three to four days at a time, so I’d take advantage of the downtime and visit these small villages. There, I would contact the local dentist, who would generally provide me with satisfactory (and profitable) outcomes.Do you want to learn more? Visit  Precious Metals Recycling

Remember, due to increased metal prices, there was a LOT MORE competition for scrap a few years ago. Many of the big refineries on both coasts were dispatching “professional buyers,” which was exactly what I was doing in the film industry. Obviously, having someone on a salary and travelling full-time was an expensive proposition – the overhead costs are enormous. Because no one can afford to hire workers to do this now, this firm has almost no competition.

Nonetheless, I came to a halt in a small Montana town one day. When I told the town dentist that I paid CASH for discarded gold and amalgam, he gave me a warm welcome. He took a box from a drawer that was FULL of gleaming yellow gold. He was quite thrilled with my (albeit modest) CASH offer because I had no competition and he was clearly hesitant to package his trash and risk mailing it to a refiner (apart from the tax issues of obtaining a hefty check for it).

Lessons One and Two: I have yet to come across an effective “professional buyer” of ANY junk. They are paid for results, which means they must buy in bulk, which means they must go where the largest and most numerous accounts are. Even then, they employ a’shotgun’ strategy. Second, the scrap is given to the first person who arrives with cash in hand. People who you buy from want CASH, not the hassle of sending or shipping their discarded materials to someone who “may” send them a check. Regardless of how much scrap they have, it is only a little part of their business – to them, it is GRAVY!

… and now we’ll return to our storey. The doctor asked if I refined metals after we negotiated a transaction for his gold and amalgam (worth around $350 in profit alone). No, I told him, but I did know some great refiners. He motioned for me to wait a while before entering a back room. He emerged, holding a Mason jar that appeared to be full with dirt. It was definitely considerably heavier than ordinary dirt from the way he was carrying it in both hands!

He told me that his father, as well as, as I recall, his grandfather, were dentists in little towns in Montana back when it was still a territory. He then continued to tell me about the history of dentistry, including how various gold refiners would provide free sisal floor mats to dentists before the days of suction pumps and vacuum cleaners. These floor mats would be placed in the operatories by the dentist to catch the gold and silver filings from the patients’ mouths. The ancient low-speed drills produced a lot of gold and silver dust and filings, the majority of which was inhaled by the patient or ended up in the floor mats. Sisal did a good job at capturing these metals. The refiners would deliver new mats to the dentist, who would then return the ‘old’ mats. The refiners would burn the mats to recover the metals and give the dentist a nominal payment – what a great symbiotic connection!

Contact Info

Gannon & Scott Inc
33 Kenney Drive, Cranston, RI 02920
Phone Number (401) 463-5550