kjohn0102
freely admits to licking rocks
Member since April 2006
Posts: 774
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Post by kjohn0102 on Jun 29, 2011 15:39:26 GMT -5
Hi there all! Long time no log in. So much to do-so little time to fit it all in. I hope this message finds everybody well in these troubled economic times. Which leads me to the specific reason for my post today. Who was it that said "don't ever throw away your silver wire scraps"? I don't remember, but it was someone very wise. With the sky rocketing price of silver this year I've become a scrap miser-bagging even the tiniest of shavings. This all paid off when I sent my scrap in to Thunderbird supplies, who pays 80% of the spot price. I was expecting perhaps $40-$45.00. Imagine my DELIGHT when I received my credit voucher (they do not pay cash any longer due to the volitile market) for $208.00!!!! As soon as I post this I am heading over to Thunderbird to place a wire order-I had used the last of my square on several rings and definitely could not afford $45.00 per ounce to buy more. SWEEEEEET! kj
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peachfront
fully equipped rock polisher
Stones have begun to speak, because an ear is there to hear them.
Member since August 2010
Posts: 1,745
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Post by peachfront on Jun 29, 2011 15:43:39 GMT -5
I thought today's spot price was closer to $35. Otherwise I would have to run to the coin shop and dump my junk silver.
Not clear on why the "volatility" in the price of silver justifies giving you a credit instead of cash, either. Maybe I'm just an idiot. Nothing would surprise me. I would assume that it's only for true wire scrap that you're willing to accept a voucher? I have years of wire scrap I suppose I could round up...for my coins, silver jewelry, etc. I accept only cash.
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Post by phil on Jun 29, 2011 16:12:45 GMT -5
I pay 85% of spot the day it is committed. Then I melt it down and cast it myself. Saves me 15% which is only like $5 per ounce at $35 spot price, but every little bit helps. Last I looked spot today was right at $35..... did something happen to make it jump?
Phil
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kjohn0102
freely admits to licking rocks
Member since April 2006
Posts: 774
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Post by kjohn0102 on Jun 30, 2011 19:01:46 GMT -5
Phil-I'll keep that in mind next time I have scrap saved up. Spot is $34.90 right now-which is down from the 40's of a few months ago. I was happy to have the credit-I would be buying more wire with anything that I got anyway. kj
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Post by drocknut on Jun 30, 2011 23:02:34 GMT -5
KJ, good for you. I save all my scrap too. Last time I turned it in to Rio Grande so I could get more wire. I know there are places that pay more but it was easier to just send it in to them at the time.
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peachfront
fully equipped rock polisher
Stones have begun to speak, because an ear is there to hear them.
Member since August 2010
Posts: 1,745
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Post by peachfront on Jul 1, 2011 8:51:01 GMT -5
You know, I should melt my own scrap, since I have a kiln. But I'll keep you in mind, Phil, for these scrap wire pieces since I have an awful lot of "to do projects" already on my plate. Back in the day, I thought I was going to do some coin silver projects. Ha. At some point between that day and this, they passed a law against melting your coins. Sigh. And of course silver hits its peak when I'm in Bolivia and can't run to the coin store...not that $35 an ounce is a bad price but $49 an ounce is a lot better. But once you can't melt coin silver, it becomes nothing but an investment vehicle, since you can no longer use it for jewelry. Double sigh. Apparently this happened in 2006, I was a bit busy recovering from our hurricanes and never heard a thing about it until recently when I was thinking of setting up again. Then I saw on the junk silver sites that they're saying that it's illegal to melt your own coins down for the silver.
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Post by phil on Jul 1, 2011 10:55:07 GMT -5
hehehe. It's only illegal if..... I know many native and local silversmiths here in NM that still melt silver coins readily, IF they can find them cheap enough. I've got some old silver dollars, but melting them would be dumb, as they're worth more than spot. Once in a while, I find some silver coin in my change from the convenience store, but can't get the clerks to save and set aside all they get for me.... they just hand them out in change.
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lisatech
starting to spend too much on rocks
Member since May 2011
Posts: 140
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Post by lisatech on Jul 1, 2011 13:03:28 GMT -5
Phill, I wondered if Argentium needs to be kept separate from regular SS for recovery purposes?
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Post by phil on Jul 1, 2011 16:36:12 GMT -5
For my purposes, yes it does. Not sure about a refinery....
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Post by drocknut on Jul 1, 2011 22:01:38 GMT -5
Phill, I wondered if Argentium needs to be kept separate from regular SS for recovery purposes? When I sent in my scrap to Rio Grande I asked that same question. They said that it sped up the processing if it was kept separate so that's what I did. I don't know about other refiners but I'd keep it separate just to be sure and if they want it mixed either they will say so or they will just put it together when they get it.
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