I've recently been posting about some Sterling silver scrap I picked up around 30% under melt. The only downside is the risk anyone takes when buying it with the intention to ship it to a refiner. The spot price can easily go up or down a few dollars, which it did over this past week. Because of that, I had to formulate a plan to further hedge my bets.
If you recall, one of the lots I got was full of rings and chains. There were three particularly good chains: one Cuban and two Figaro chains.
Rather than risk a potential further drop in spot, I decided to sell off the chains since they can easily be sold at a premium. Even while selling these at a discount, I managed to take the proceeds from this to pay for the entire lot. That leaves me with essentially 79.55 grams of FREE silver, or about 2.5 ounces of pure silver. That gives me a nice buffer so when I send in the remaining scrap to the refiner I have a lower cost per ounce.
It ultimately means I'll end up with more silver in my stack after covering costs by selling some of the bars I get back from the refiner.
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