Buy Gold Direct From Refinery
Work direct with a gold refiner! Reclaim, recycle and sell your gold-bearing scrap for the highest price. GoldRefiners.com is part of Specialty Metals Smelters & Refiners LLC, the best gold refiners in the US for 32 years.
buy gold direct from refinery
The Rand Refinery was founded in South Africa in 1920, and has been in production since then. It is the largest, integrated precious metals refinery in the world, and has refined approximately 50,000 tons of gold since opening nearly 100 years ago. All precious metals refined here are London Bullion Market Association (LBMA) approved. Today, the Refinery manufactures a number of precious metals products, including gold and silver bars and coins, that are popular with precious metals investors worldwide.
The mine is located east of Johannesburg, and its location was relevant to the local rail and transportation lines from the mines at the time. The Refinery has remained in production since that time, and today is one of the world's largest refineries of precious metals, and predominantly gold. The Rand Refinery is famous for its 1 KG gold bars, its Krugerrand series, and its minted gold bars.
All gold coins are mixed with a small amount of alloy metal, which helps to improve the coin's durability. The South African Krugerrand is famous for using a copper alloy, which gives the Krugerrand coin a slightly copperish colouring that is distinctive from all other gold coins.
For clients interested in purchasing any products refined by the Rand Refinery, including the Krugerrand series in gold or in silver, these products are directly available from SuisseGold.ch. Clients may order Krugerrands for Swiss vault storage, or for international delivery, and payment is possible in 15 currencies and 5 cryptocurrencies.
Usually, when you decide to buy gold, you go to a bullion dealer. Above the spot price*, the premium* range can vary from 2 to 20% depending on the brands and the type or collection of your coins, ingots, or bars. This means that the bullion dealer makes two to twenty percent gross margin. Sometimes it could even be more. For instance, one client got a quote at USD1330 for a platinum coin of one ounce when the spot price was at USD850. The bullion dealer was looking for a 60% margin!
Since you may have many types of coins and bars, we will only focus on the international gold bars from refineries regulated by the LBMA organization (Valcambi, Argor-Heraeus, PAMP). The LBMA, London Bullion Market Association, is the official world authority regulating the gold and silver market from an investment perspective. For example, jewelry will not be associated and regulated as an investment by this Association. For palladium and platinum, the authority is LPPM, The London Platinum and Palladium Market.
Refineries are the first source for bullion dealers to get gold. LBMA gives a list of refineries with integrity processes and quality standards where you can buy gold. When you buy gold from these brands/refineries, you have a higher guarantee of the purity product and you can trade this bar on the international market. Each refinery has its own quotation.
There are the 3 main sources of gold from your bullion dealer. The most interesting source with lowest risk is the second hand/scrap gold. However, this is not the safest way for the client to buy gold. Next time you go to your bullion dealer beware of: premium vs spot price, the freshness of the bars, and at what price he will buy back your bar if needed.
According to the stipulated facts filed with the court, from August 2012 through November 2016, Elemetal purchased and refined billions of dollars of gold from countries around the world, including from Central America, South America, the Caribbean and Europe. The international gold trade was a common method for laundering illegally mined gold, narcotics and other criminal proceeds. Criminals frequently trade illegal gold through illicit shell companies using false or incomplete documents. The gold is often smuggled through third-party countries and then sold to refineries in the United States, in an effort to hide the true source of the gold from foreign and United States law enforcement.
The gold refining industry is a big employer, recognised as such by the government and supported by beneficial fiscal policy, such as the lower customs duty on unrefined gold doré compared with refined bullion. Sourcing guidelines have been introduced to ensure that gold doré comes direct from the country where it is produced. Gold recycling has been aided by the introduction of the Indian Good Delivery Standards (2020), which help refineries to establish a chain of custody and produce bars that meet the requirements of commodity and stock exchanges. The Revamped Gold Monetisation Scheme (R-GMS) allows interbank lending of gold against gold metal loans; it also enables jewellers to act as collection and purity testing centres and larger refineries to act as centres for collection, testing and assaying.
Minted products include 2g, 5g, 8g, 10g, 50g and 100g, the most popular of which are 5g and 10g and account for more than 60% of sales.14 Retail premiums on these bars and coins vary between 2% and 8% depending on the weight and point of sale.15 Investors tend to pay less when buying direct from a refinery and many refineries now sell direct to investors via apps and websites or, more recently, through financial intermediaries such as Google Pay and Paytm. While digital gold and e-commerce have lifted online sales, less than 5% of overall gold purchases are transacted digitally16 with 80% to 85% of investment products still purchased from jewellery stores.17 Although jewellery retailers still account for the majority of investment product sales, this figure has declined from its previous level of more than 90%. Sales by jewellers fell as refineries began selling direct via online and in store, enhancing their profit margins by removing a step in the sales chain. And with small bars and coins now being sold predominantly during key festivals, jewellers prefer not to increase their inventories when margins do not justify the holding cost. Overall, margins on these products have been curtailed through competition and many jewellers have chosen to stop selling bars and coins altogether.
In recent years the gold industry has increasingly focused on responsible sourcing. The government has lent weight to this focus through the introduction of guidelines on sourcing doré. These ensure that gold is sourced directly from the country where it is produced. The Ministry of Finance also stipulates a minimum weight of 5kg per bar, with importers requiring a packing list and an assay certificate issued by the mining company.18 This legislation aims to help the industry establish a chain of custody. And for refiners, the intention is to ensure that the imported doré is genuine and is not, for example, recycled gold.
This initiative will lessen the dependency of refiners on doré as they are now able to deliver bars refined from recycled gold onto the exchange, in the process benefiting from more transparent price discovery due to the higher number of refineries now able to deliver bars on local exchanges. A collective effort is required from both BIS and industry players to ensure that, over next five years, all refineries become IGDS compliant, standards are implemented and overall trust is enhanced.
Finally, industrial scrap is generated from end-of-life electronic products, such as printed circuit boards, mobile phones, connectors and contact points. This industrial segment accounts for less than 5% of total Indian scrap supply. The industrial scrap market in India is largely unorganised and only a small proportion finds its way to refineries. This may be largely due to the fact that only a handful of Indian gold refineries have the capability to refine industrial scrap.
That apart, to address other challenges in the industry, MMTC-PAMP has adopted measures to improve scrap collection. The company has set up several collection points called Purity Verification Centres, where scrap is weighed on authenticated scales and value is measured from industry-best German XRF (X-Ray Fluorescence Technology) machines, in order that the customer receives the total value of the gold. After deducting the service charge the customer is paid the full value of their gold via instant bank transfer. As logistics improve, even customers who live in cities without collection centres can now send their gold direct to the refinery.
29Based on data from 1990 to 2020. 2020 was an aberration globally and had unexpected consequences for gold demand in that physical buying was constrained by restrictions on movement. Likewise, recycling was also impacted. In 2020 recycling volumes in India did not respond as much to a higher gold price as consumers preferred to use gold jewellery as collateral against loans to meet their liquidity needs. Similarly, the response of recycling to jewellery demand was weak as consumers chose to exchange gold to meet their jewellery needs particularly during the wedding season.
We buy precious metals scrap in all forms. Companies and individual customers throughout the United States sell their gold, silver, platinum and palladium scrap direct to our Florida and Massachusetts precious metals buying locations. We buy and process surplus material containing gold, silver, platinum and palladium. We buy industrial material containing precious metals, including; silver sludge, silver paste, platinum industrial waste, gold-plated electronic scrap, sweeps, grindings and palladium scrap in all forms. We also buy gold jewelry, silver flatware, diamonds and platinum jewelry working with local customers in Massachusetts and Florida.
We buy precious metals scrap material from customers throughout the United States who want to sell gold-filled and gold-plated scrap, as well as silver solder and platinum industrial scrap. We buy platinum crucibles and alloys containing platinum. Customers from coast to coast contact us when they want to sell lots of dental gold, silver scrap, platinum and palladium bearing materials. 041b061a72