Platinum Scrap

If there is one precious metal that is probably rarer and definitely more valuable than gold, it has got to be platinum. Production of this precious metal, which has long been regarded as symbolic of one’s nobility and wealth, has a very limited output at only 150 tons a year. That is approximately 1/25 of the annual production of gold. Just for this rarity alone, it is no wonder that gold plays second fiddle to platinum when it comes to value. At present, a troy ounce of platinum is nearly $400 more expensive than gold.

Platinum being this valuable, it is not surprising that even platinum scrap will fetch a nice price for you. There are platinum scrap buyers out there who are willing to pay top dollar for platinum scrap. There are two great ways to come up with this stuff to sell to places that buy platinum scrap.

One way is to find discarded catalytic converters, which are attached to car mufflers to reduce the toxicity of an internal combustion engine’s emissions. Also used on machines with engines such as buses, trucks, forklifts, trains and mining equipment, a catalytic converter contains approximately three and seven grams of platinum. This you can take to a buyer of platinum scrap who will be willing to pay between 40 to 200 dollars for it. Not a bad thing in exchange for a piece of hardware that is already essentially useless.

The most common way of finding platinum scrap, however, is through scrap platinum jewelry. Going through your jewelry box might yield platinum. For all you know, a ring that was given to you that you thought was silver might actually be platinum. After all silver and platinum do look alike. Aside from rings, platinum is often used in watches, chains, earrings and other fine jewelry.

Once you’ve gathered all the platinum scrap you can find, you’ll probably be wondering how to sell platinum scrap. While you can always go to the nearest pawn shop, remember that platinum closely resembles silver, and you just might mistakenly accept a deal that allows you to sell your items as silver, which is of course a much cheaper metal than platinum.

If you want to know where to sell platinum scrap without being shortchanged, you can always check with the Better Business Bureau. The organization can help you find a reputable jewelry shop or online platinum scrap buyer who will pay you for your scrap platinum based on its purity and weight.