Where does all the scrap gold and silver go?

[Bigmarc]

Ive just had another pop up sell your gold shop open up in my area. As I was driving past I started thinking that there must be some really nice pieces go through there. The thing is this one and most of the others never have anything for sale ( that I can see).

So where does it all go next? They surely can't melt everything and I would have thought the second hand market must be worth while for them.

Has anyone had any experience in asking them to purchase? Or does all the good bits end up in a auction?

 

[Spark268]

Most of it gets melted - I think these people get about 98% of spot for it.

Jewellery does not sell like it used to, so there is little incentive (and expertise) to hold back, except in the most obvious cases.

i don't know if you are a fan of South Park, but there was a whole episode on the cash for gold phenomenon 

 

[SidS]

I did read some comments from one of these establishment types a few years back.

Theysaid that they sorted through the acquired bullion/jewellery etc.

Things with clear collector value would be sold on, I assume online sales, sold to dealers who knows, the old jewellery that was unfashionable and just about every run of the mill flatware (you're bob standard Georgian/Victorian teaspoons were melted down within a few days of being received!) Well that was an eye opener. They said they couldn't melt them fast enough.

I assume there was more market for freshly processed silver, don't know where this raw metal was then sold on to.

This was during the 2008 financial crisis.

I assume worn demonetised pre-decimal coins may have met a similar fate. Not sure on the exact legality of that though, as some pre-decimal coins are perfectly legal to melt, others are not.

Edited: Correction it wasn't 1971, anything legal tender on or after May 1969 cannot be melted down legally.

So basically you can melt down pre-1860 copper coins, guineas,  pre-1816 silver, sovereigns and related gold coins issued prior to 1838 and as many bronze farthings as you may wish.

[Bigmarc]

5 hours ago, Spark268 said:

i don't know if you are a fan of South Park, but there was a whole episode on the cash for gold phenomenon 

Yes a big fan, I've seen mat and tray once in a night club in Whistler. 

[Bigmarc]

5 hours ago, SidS said:

I assume worn demonetised pre-decimal coins may have met a similar fate. Not sure on the exact legality of that though, as some pre-decimal coins are perfectly legal to melt, others are not.

On the royal mint website it says the following. Would be interesting to know what auction they go to.

[SidS]

Yeah farthings are legal to melt then being demonetised on 31 Dec 1960.

So no other pre-decimal coin still current in the 20th century can be melted down then. So care with pre-1920 and pre-1947 silver coins. Foreign coins can be melted in this country legally though.

[GoldStatue]

I was wondering, what happens to the gold when a dentist takes out someone's tooth with a gold filling in it?

[Pete]

21 minutes ago, GoldStatue said:

I was wondering, what happens to the gold when a dentist takes out someone's tooth with a gold filling in it?

I would imagine the dentist gives the gold filled tooth to the patient.
If the tooth was drilled then I assume the gold has gone into the extractor bin for disposal.
I cannot see a dentist bothering about the gold particles but silver amalgam will likewise be collected so maybe there is a company that collects dental metal waste as the mercury content would make disposal tightly regulated - I assume. I am not sure how much metal is recovered though as I always seem to manage to swallow mine.

[Spark268]

41 minutes ago, GoldStatue said:

I was wondering, what happens to the gold when a dentist takes out someone's tooth with a gold filling in it?

you get a discount, but likely will not cover the cost of the operation, especially if done private 😄

[Uksilverstackers]

And what about Cremations / Funeral companies?

[Spark268]

i would wager very little, as the eldery are more likely to use dentures, which due to size and weight constraints are unlikely to contain gold. Can you imagine the power of the adhesive required - ouch !

[Bigmarc]

20 minutes ago, Uksilverstackers said:

And what about Cremations / Funeral companies?

I have just phoned my mate, he is a service engineer for all the crematoriums in our area. Feeling a little whoozy after our conversation but basically it gets sorted, goes in a special bin. Then the waste guy collects it. 

So probably ends up in the same place as the rest of it. That's the short story. Not sure I want to subject you to the full version.

[Uksilverstackers]

On 25/02/2021 at 19:06, Bigmarc said:

Then the waste guy collects it.

After the Waste Guy, it then probably goes to the scrap guy and then back round again.... Hand to Mouth 😂

[Bigmarc]

Mixed with a bit of titanium hip

[dwreck]

On 25/02/2021 at 10:38, GoldStatue said:

I was wondering, what happens to the gold when a dentist takes out someone's tooth with a gold filling in it?

I have a scrap gold dental filling i bought from a friend. I dunno how to go about getting rid of it properly.