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How much silver would you need in order to sell directly to refiners, bypassing local dealers?

291fifth291fifth Posts: 24,336 ✭✭✭✭✭
in Precious Metals
How would you go about doing such a sale?

I am assuming that you would have to wait for payment until the silver was refined? Is that correct?
All glory is fleeting.

Comments

  • TheBigBTheBigB Posts: 942 ✭
    It may not be so much an issue of quantity as being seen as a business entity. It is more risky dealing with unknown individuals.

    Yes, you would probably have to wait until after processing to receive your check unless the items had known purity.
  • 291fifth291fifth Posts: 24,336 ✭✭✭✭✭


    << <i>It may not be so much an issue of quantity as being seen as a business entity. It is more risky dealing with unknown individuals.

    Yes, you would probably have to wait until after processing to receive your check unless the items had known purity. >>



    Why would it be risky if the seller wasn't paid until after the silver had been refined?

    All glory is fleeting.
  • TheBigBTheBigB Posts: 942 ✭


    << <i>Why would it be risky if the seller wasn't paid until after the silver had been refined? >>



    Money laundering, the Patriot Act, and local law enforcement requirements.
  • 291fifth291fifth Posts: 24,336 ✭✭✭✭✭


    << <i>

    << <i>Why would it be risky if the seller wasn't paid until after the silver had been refined? >>



    Money laundering, the Patriot Act, and local law enforcement requirements. >>



    My question assumes that all legal requirements are met.
    All glory is fleeting.
  • TheBigBTheBigB Posts: 942 ✭
    I know your intentions are honorable and some refiners will deal with individuals. I have been to one in my local PDX area called AAA Precious Metals.

    Some folks in the forums talk about Midwest Refineries which I have not dealt with personally.

    I think that more refiners want a business to business relationship, if not now then probably in the future.

    There is too much risk otherwise from the Feds or local authorities, forgetting the hassle of dealing with individuals. Just my opinion.
  • rwyarmchrwyarmch Posts: 1,007 ✭✭✭✭
    I just went around and around on this myself with an unwieldy batch of silver (contacting refiners, researching shipping, payout percentages, other fees, payment terms, BBB affiliations, private citizen vs business entity, should I buy puts, etc.) It hurt my head. If I lived in close to Michigan and could deliver the goods in person to an outfit like Midwest, I would have found that appealing.

    However, I opted to cut a local dealer in on a bit of the action, avoided the whole shipping, assay, delayed payment thing and walked out with a check drawn on my own bank! Another local dealer was also ready to do the deal.
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  • AmigoAmigo Posts: 966 ✭

    The BigB is exactly correct.

    Don't give yourself a headache, Sell to me.

    WTB all your Sterling
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭
    Didn't someone just have a post about sending all of his scrap gold to a refiner? Seems like he was talking about just a few hundred dollars worth. There must a minimum amount they will accept.
    theknowitalltroll;
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