Roughly one month ago I lamented the large surge in silver spot price. While I swear I'll never be happy regardless of whether spot price surges or tanks, that's a story for another day. With spot price at the time hitting $50/oz, I decided I'd give scrapping Sterling silver another try. I hadn't done it in years, but it didn't take long to get back in my groove.
I picked up a few different lots of random Sterling items. This ranged from jewelery to silverware, among other things. I even found a working Sterling silver pen. Now I can write in style!
I sold a few of the items at a markup to reduce the overall price I paid for everything. After a quick sale, whatever didn't sell got shipped off to the refiner.
The refiner I use was quoting up to a four month turnaround time, so imagine my surprise when it arrived in the mail today!
Let's open it up!
Oh, yes! That's what I like to see! A big bag of 1oz silver bars!
A two week turnaround time from when they received it is pretty darn good! I've had it take far longer in the past, so a month total is fantastic!
I lucked out and this time the spot price of silver rose instead of dropped. I did some math and ended up calculating that at these prices I would only need to sell 9 of the 14.5 ounces of silver to cover everything, including shipping. That means for my efforts I got paid 5.5 ounces of silver and got a free Sterling silver pen! 🤑
Not too shabby! I'll try another round of this and see where we end up afterward!
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