Not all gold refineries are created equal. That’s why it’s vital to do some research before choosing which gold refinery to sell your precious metals to.
Depending on who you choose, it can ultimately affect the value of the returns on the gold, silver, platinum, or palladium you sell.
Garfield Refining encourages customers to do their homework before choosing a precious metals refinery to do business with. Here are 6 questions you should ask a refinery before deciding if they’re the one for you:
How is my Gold Refined and Processed?
The gold refining process is quite complicated, but the best precious metals refineries have it down to an exact science.
The refining process includes receiving the shipment, smelting, assaying and determining the value of the gold scrap. The faster a gold refinery can process your materials, the quicker you’ll get paid.
High-grade materials like gold, silver, platinum, and palladium are easier to refine and can process faster than low-grade materials like bench sweeps.
Garfield Refining has one of the industry’s quickest turnaround times, and we guarantee payment within 24 hours of processing your gold scrap.
How do you Calculate the Value of my Gold Scrap?
A gold refinery determines the value of your precious metals by figuring out the weight and purity of the materials. The refinery will then base payment on the market prices or spot price for that day. For example, Garfield Refining bases payments on the London PM Fix.
Do you have an In-House Lab?
Be wary of anyone who proposes to serve as the middleman between you and an actual precious metals refinery. It’s always best to deal directly with a refinery.
Ask if the refinery has its own in-house lab and deals with everything from start to finish. This is important because refineries with their own labs will reduce processing fees, which allows for faster payment.
It’s also vital because when dealing with “middlemen,” your gold scrap can change hands and become lost in the process. Hidden fees may appear when not dealing directly with an actual precious metal refinery. “Middlemen” may have extra charges for outsourcing some processes, and these costs will pass on to you.
How Long have you been in business?
This is perhaps the most crucial question to ask a gold refiner.
Many gold refiners come and go over the years – the industry has a high turnover rate. So, it’s best to go with a gold refinery that’s been in business for a long time and has a track record of excellence.
Garfield Refining has been refining precious metals since 1892 and has received numerous awards over the decades for its processes and operations. For instance, Garfield has been named North America’s “Best Dental Refiner” for a decade straight by leading dentists in Dentaltown Magazine.
What kind of Payment Options do you offer?
You’ll want to ensure the gold refinery is flexible enough to offer several payment options that make the process more convenient.
For example, Garfield offers ACH direct deposit payments, so you can receive payment quickly. We also offer to pay by check. Lastly, customers can choose payment in the form of bullion and select from a wide range of coins in our bullion store.
Choosing a Gold Refinery Near you
Always be well-informed when choosing a gold refinery near you. Many precious metal refineries may look the same, but some are better than others.
The more information you have and the more questions you ask the refiner, the better. Do your research and make sure you’re selling your precious metals to a gold refinery that’s been in business for a while and has an excellent track record.
CLICK HERE if you’re looking to sell unwanted gold, silver, platinum, or palladium.
Garfield Refining is one of the nation’s premier precious metal refineries. Established in 1892, we have decades of experience getting customers the most for their gold, silver, platinum, and palladium. Contact us today at 888-677-2362.
Also, stay tuned to Garfield Refining’s blog for more entertaining and helpful insights on precious metals, such as articles like The Major Factors that Drive the Gold Price, The Best Place to Sell Dental Gold, and How did the word ‘Gold’ get its Name?