1 time sterling sale, advice please

[akcom]

Hi all,
I have about 90 tr oz of sterling silver flatware I'm trying to sell. It seems selling to a refiner is my best option, and now I'm trying to understand how to maximize my returns. Obviously given the size of my lot, I'm pretty small fish. My concern is that after doing some research, picking a refiner isn't exactly easy. If I pick someone out of state, I have to trust their assay is legitimate. Even if I find someone in state and want to see a pin sample tested, an unscrupulous refiner will know exactly where to pull from to low ball my assay. I don't have a known silver sample so XRF could simply be mis-calibrated.

Given all this, I have a couple questions.
1. Does it matter whether I ship to an out of state refiner or go to an in state refiner? Given the size of my lot, is it worth using parcelpro to insure the package or should I just insure through USPS registered mail?
2. What is a realistic melt loss on sterling silver?
3. Are there any refiners in the MD/PA/VA area that are known to be reputable and honest?
4. I run my own business, but it is not jewelry related at all. Can I still use my tax # or will this prevent me from going through a refineries that only deal with business customers?

Obviously I'd like to get the highest % return, but I'm not dumb and I'd much rather give up a few % knowing that I'm dealing with an honest company.

Thanks for all the help!

 

[Palladium]

http://goldrefiningforum.com/~goldrefi/phpBB3/viewtopic.php?f=58&t=14782

 

[akcom]

Pd, thank you for the information. I am a bit confused though and maybe you can clear this up for me. It looks as if I'm essentially trading my sterling for 81.6% of AWS in pure silver coinage minus shipping costs. At this point, who would I sell my silver coins to? Wouldn't I have to take yet another hit when I get a percentage of the spot price?

I'm not trying to spit on this option, I'm just trying to understand: is getting something like 75-80% the best I'll be able to do? I had a local jewelry shop offer me 80% of spot price. If thats the case I would be better off just taking it there, correct?

 

[jonn]

With the volatility of silver, 80% is about right. Silver is currently up a bit, will it go higher or lower? Who knows. As for refineries, if you had 90kg, I'm sure you'd get a bit more. Welcome to the forum.

 

[RGJohn]

Pd, thank you for the information. I am a bit confused though and maybe you can clear this up for me. It looks as if I'm essentially trading my sterling for 81.6% of AWS in pure silver coinage minus shipping costs. At this point, who would I sell my silver coins to? Wouldn't I have to take yet another hit when I get a percentage of the spot price?

I'm not trying to spit on this option, I'm just trying to understand: is getting something like 75-80% the best I'll be able to do? I had a local jewelry shop offer me 80% of spot price. If thats the case I would be better off just taking it there, correct?

The silver rounds ( not coins) are readily saleable and for above spot.
The party to whom you were referred is an excellent person with whom to do business. I speak from repeated experience.

 

[element47.5]

It depends whether you wish to settle the sale of your sterling with silver with green cash or with .999 bullion in the form of rounds. Nice rounds, too. (I've done business with Jay and he is totally reliable) The advantage is that you bear no price risk trying to sell your sterling high and buy rounds low.

If you go buy those rounds, each of them has about a buck "coining charge" with them. That is a reality of the world. Every time you handle metals, there is some kind of friction involved.

Selling to a jeweler @ 80% is not great but not too bad. That's if you want cash.

I have sold sterling to refiners. You can expect lowish assay, a small pot loss, often 1% or more (that's a solid ounce in your case) and surprise, surprise, your silver will be settled on the lowest price day that week. On that page you were linked to is one of my settlement stmts. There were several items of disappointment in that deal but at least I unloaded a wad at Ag $39.50.

 

[Dalkiel2]

I'm in central Virginia. I could do you better than 80%.

 

[tek4g63]

I can't really give you any advice from personal experience on this subject. But, just a thought. Why not take some pictures and post them for sale right here on the forum? ( Sell / Trade section).

 

[jonn]

I think he disappeared, he joined the forum and posted but I doubt he's been back yet. I sent him a pm also that he has not replied to. :evil: :roll: