Precious metals are metals found in the earth, like gold, platinum, rhodium and silver. They are a non-renewable resource, but there is a high demand for them in many industries and manufacturing. Platinum and rhodium are used in automobile parts like catalytic converters, and gold is most popularly used for jewelry. Because they are a non-renewable resource, there is extra emphasis on finding new ways to meet the demand for precious metals.
Precious metal refineries have become a huge source of quality precious metals. These refineries recover used precious metals and purify them so that they can be used in new products. Precious metals like silver can be reused and purified again and again, without losing any of their original quality. Silver refineries collect silver from multiple places, including people selling their unused silvers, and manufacturers who have plenty of silver in their waste.
There are many ways silver is being used in manufacturing and everyday products. The most common place people recognize the use of silver is in tableware. Forks, knives and spoons can be refined down to the purest form of silver. It is commonly seen in jewelry as well. Electronics make use of many precious metals, including silver, and silver is also used in the making of mirrors and dental alloys. It is also used in solar technology and batteries. Many electronics make use of silver, which is why there are programs collecting e-waste.
E-waste, or electronic waste, is the name for old electronics that are not used anymore, but still hold valuable precious metals. E-waste could include old phones, computers, Televisions, or any other unused technology with silver inside. Many computer stores and businesses have created programs encouraging people to recycle their old electronics.
These stores then take these old electronics and bring them to refineries that can separate the metal from the rest of the products. E-waste is the most common source of recyclable metal, and many people still have old electronics in their storage that could be recycled. This way of recovering metal has been the best way to meet the demand for silver, rather than extracting silver ore from the earth.
If refined silver is not found via refinery, it is found through extraction. Extraction finds precious metals within the earth and refines the metal from its ore. This process has been the only way found to find virgin precious metal, though it is harmful to the environment. Extraction is labor-intensive and very expensive. The process of extracting silver from the earth is a large culprit to carbon emissions and dwindles biodiversity.
Despite its harm to the environment, precious metal extraction is still crucial for manufacturing and making daily-life products. As it is a non-renewable resource, precious metals like silver are becoming scarce. This scarcity, along with its impact on the environment, has made precious metal refineries the best choice for recovering valuable metals. These precious metal refineries are also improving the economy by creating jobs, and are bringing unused silver with monetary value back into circulation.
Selling silver to refineries also brings more money into circulation, as one gram of silver is worth about US$0.73. The prices of precious metals often fluctuate and can depend on the location. As the demand shifts, so does the price. Prices may also fluctuate based on the metal refinery, as they take into account labor costs and transportation costs if the metal has to be transported to another refinery.
Refining silver should be done by precious metal recyclers and refiners who have the correct equipment and have a proper procedure so that it is done safely. Many silver refineries have specific methods for recovering precious metals and know how to get the most quality out of the product. Each precious metal needs to be handled differently, as there is a certain way to extract impurities from gold and silver than there is for platinum. Some metals have to go through flotation separation, while others go through smelting.
Gold and silver react similarly to the refining process, so their purification is done very similarly. To begin, the precious metal recyclers collect the different products that hold the metal. This often includes E-waste, jewelry and waste products that are worth the amount of metal in the product. Once collected, the products are then crushed and shredded, and the metals are extracted from the product, often by a magnet.
The metal is now extracted mostly from the products, but it still holds impurities that need to be removed. For precious metals like gold and silver, they are smelted down via an induction furnace, a blowtorch, or a gas blast furnace. This will make the impurities separate from the metal. From this point, the precious metals are taken through one more form of purification, whether it be through gas or pressure. At this stage, the metal can be properly assayed and assigned a monetary value.
The silver is then melted a final time so that it can be reshaped into something new. Precious metal refineries often shape silver into bars and bullions so that they can be easily shipped to manufacturers. The manufactures can then receive the silver, melt it down and reshape it into something that they need for a product. Once the product is made, the cycle starts again.
Majestic Corporation has been a leading precious metals recyclers, non-ferrous metals and Catalytic converter provider for around five decades. With a presence in the United States, United Kingdom, Malaysia, Italy, Mexico, Australia, Hong Kong and more, as well as a network of precious metals refineries around the world, we work with major customers and partners in a transparent and discrete manner and only offer the highest quality services at competitive prices.
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