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So I’m considering selling some of my old silver scrap lying around for a bit of extra cash, but I don’t want to get ripped off or gouged. I know anyone who buys precious metals go by the market spot price on any given metal so I checked the spot price on silver when the market closed today and it was going for $30.40 per ounce. I know that metal weights are different in that they use troy ounces (31.1 grams) and I did the math and sterling silver is going for $0.98 cents per gram. So I decided to weigh my silver… turns out I have 981.6 grams of sterling silver which adds up to 31.56 troy ounces, which with a little math applied means it’s worth, based on the spot price which I know can change hourly, about $961.95. That’s a nice chunk of change. So now my actual and very important question: how much or what percentage or what cut (however you want to phrase it) do the buyers usually take? It seems to be a closely guarded secret and varies significantly from place to place. I know that the buyer has to pay for the refining if the metal has any extra allowing, like solder, but trying to offer me $40.00 for 6.07 troy ounces of silver (about $185.00) worth of refined sterling silver a few months ago when the spot price was roughly the same seems like an outright blasphemous rip off of more than 50% of it’s worth. I forgot to mention that I’m a jeweler so you can bet I didn’t sell my silver for $40 bucks. Scandalous. What’s the decent industry standard deduction for selling precious metals? Thanks in advance!

So I’m considering selling some of my old silver scrap lying around for a bit of extra cash, but I don’t want to get ripped off or gouged. I know anyone who buys precious metals go by the market spot price on any given metal so I checked the spot price on silver when the market closed today and it was going for $30.40 per ounce. I know that metal weights are different in that they use troy ounces (31.1 grams) and I did the math and sterling silver is going for $0.98 cents per gram. So I decided to weigh my silver… turns out I have 981.6 grams of sterling silver which adds up to 31.56 troy ounces, which with a little math applied means it’s worth, based on the spot price which I know can change hourly, about $961.95. That’s a nice chunk of change. So now my actual and very important question: how much or what percentage or what cut (however you want to phrase it) do the buyers usually take? It seems to be a closely guarded secret and varies significantly from place to place. I know that the buyer has to pay for the refining if the metal has any extra allowing, like solder, but trying to offer me $40.00 for 6.07 troy ounces of silver (about $185.00) worth of refined sterling silver a few months ago when the spot price was roughly the same seems like an outright blasphemous rip off of more than 50% of it’s worth. I forgot to mention that I’m a jeweler so you can bet I didn’t sell my silver for $40 bucks. Scandalous. What’s the decent industry standard deduction for selling precious metals? Thanks in advance!