Platinum is a precious metal that is rarer and typically more valuable than gold. It is used in jewelry, technology items, manufacturing, and medical materials. The need for platinum has increased greatly in recent years. This increase has caused the value of platinum to rise accordingly. It is easy to earn money selling platinum scrap at places like http://platinum-scrap-buyer.com, but read on to learn three of the best tips for maximizing your profit!
Know Where to Find Platinum
Platinum can be found in a wide variety of locations. The easiest way to acquire this precious metal is through buying and reselling jewelry. Sometimes platinum jewelry can be found in mixed lots sold at estate auctions or storage bins sales. You may also be able to buy it at a great bargain if a jewelry store is having a major sale or is going out of business. Further, online businesses that deal with the crafting and jewelry trade often sell it in bulk
Beyond jewelry you can find platinum in technology items such as computers and cell phones. Certain automotive items such as the catalytic converter on a car can be worth several hundred dollars despite the small amount of platinum inside the item.
Medical items can be sold for scrap as well. If you have access to items such as unused pacemakers, stints, and implantable defibrillators, these items have at least some platinum in them. It is used in a wide variety of medical components due to the high bio-compatibility of platinum. It may be easier to acquire surgical instruments that are made of a platinum alloy or electronic devices than it will be to acquire implant materials.
Learn How to Value Platinum
The value of platinum will probably continue to rise to the ever increasing global population and the need for technology and medical items. Platinum is valued in a simple manner. The total amount of platinum is determined based on a measurement that is known as fineness. This measurement is formulated based on parts per thousand and it is shown as a percentage.
For example, pure platinum is often cited as 0.999 or 999 platinum. There are some measurement scales that add an addition five at the end to show that the platinum is as pure as possible. This is more common for coins, and will be shown as 99.95%, 9995, or 0.9995.
Platinum is valued using a term known as the spot price. This price is a cited value for pure platinum based on weight. The most common weights used are grams and Troy ounces. If your platinum scrap has a lesser platinum fineness its value can be determined by multiplying its decimal value by the spot price. For example, if you have one Troy ounce of 950 platinum and the spot price for platinum is $1,000 per Troy ounce, the actual value of your platinum is a maximum of $950.
If you do not know the actual platinum fineness of your scrap you may need to take it to be tested at a metal appraiser, such as a jeweler. Jewelry and coins will usually be stamped in some way to show the fineness. Some medical items will be stamped as well to prove that the platinum is medical grade.
Separate your Platinum Scrap
In order to earn the most money from your platinum scrap it will be important to separate it. Use the following guidelines:
- Separate your platinum by fineness when possible. All platinum that has an unknown fineness should be placed into a singular pile at first.
- Separate your platinum by type. Medical items should not be mixed with jewelry as these items may be worth more when sold separately. Coins should definitely be sold separately if possible as they may be worth more than their metal value. If you have automotive parts, such as a catalytic converter, make sure to place them in their own pile as well. Catalytic converters are taken at many scrap yards.
If you do this properly you should have distinct piles of platinum scrap for type and fineness. This is important because it will allow you to better calculate the total value of your platinum.
The knowledge of the maximum value of your platinum will allow you to negotiate better terms when selling your scrap in person. It will also allow you to choose between the offers made by platinum buyers online.Share