Growing interest in precious metals investing has inspired many industrious individuals to brave the gold market through more obscure avenues, such as accumulating scrap gold (old or damaged jewelry, eyeglass frames, or collectables, as well as industrial gold that can be extracted from mechanical, and electronic components). These “scrappy” individuals may have accumulated substantial amounts of precious metal discard over a long period of time, or have obtained an abundance of scrap gold through inheritance, other circumstances. Individuals with sufficient scrap holdings, who seek to convert his or her second hand gold into Comex gold bullion, are encouraged to log onto comex.com, or to contact one of their authorized refineries.

Investors should be able to convey the approximate weight of their scrap, as well as the specific type of scrap that they wish to refine. Comex (Commodities Exchange) quality bullion bars are 99.999% pure gold (24-karat), and are traded over the NYMEX (New York Mercantile Exchange), so alloys that are contained in your scrap are eliminated during the refining process. Naturally, the weight of scrap gold doesn’t normally translate directly into Comex gold bullion weight, and there are refining, and various processing fees associated with a scrap gold conversion.

Scrap converters have the option of receiving their very same refined metal, a like quantity of Comex bullion, or a monetary sum that is compatible with the current gold spot price. Investors with questions about precious metal refinement are encouraged to contact one of our friendly specialists, who can assist you with your precious metal needs.

Jonathan Monroe