What is Scrap Palladium?
Whilst not as valuable as platinum or gold, palladium is a precious metal often overlooked when considering investment and scrap values. It is lighter than platinum and more plentiful in the earth’s crust. More widely used than platinum, this means that whilst it has a lower value it is easier to find as scrap.
Scrap palladium comes in many forms. Old jewelry is a good source. Earrings, necklaces, bracelets, rings and pendants might all be formed from palladium. A silvery metal, melted down it can be reformed into more current, up-to-date pieces. And the value of the metal alone might be more than the piece when it was first bought.
Palladium is also used extensively in medical and surgical instruments, dentistry and electrical equipment. It can be used as solder, and is often found discarded in balls of solder wire.
How do you know its palladium?
Palladium looks and feels like platinum, but is around 12% lighter. The best way to test that a metal is palladium and not platinum is to weigh it, and this is best done by a professional density-weight test.
Now you’ve collected all that scrap palladium, what do you do with it?
Some jewelers and gold dealers might buy scrap palladium, though it is becoming more usual to find a trade buyer on the internet. Whichever method of sale you choose, it is advisable to check the dealer’s credentials and trustworthiness before posting any scrap precious metal.
The price you receive will depend upon the ‘cash price’ of palladium. The dealer will discount this price, usually by 5% to 10% to allow for wastage in the melting down process and a margin for his profit.
Be careful what you scrap!
Whilst there is plenty of money to be made from scrapping palladium, the road to riches has many pitfalls.
If you are scrapping jewelry, for example, it’s wise to ask a jeweler the value of the piece, or perhaps conduct an internet search. However you do your research, make sure it is thorough, as there are many stories of people scrapping jewelry not realizing that the piece is worth far more intact than as scrap.
In fact, this is a good maxim to follow for any potential scrap palladium items. Ensure that they have no value as the item itself, and you won’t end up kicking yourself later!
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