Ask MGS: Gold Recycling Payouts & Processes

MGS prioritizes customer service–and we want you to have as much information as possible so you feel confident coming to us with all of your precious metal recycling needs. Below are the answers to the most common questions we get from customers who visit our storefront. If your question is not answered here, please contact us and we will be happy to assist you.                                       

How much do you pay?
A: Generally our payout on gold comes out to around 98.5% of your lot’s melt value, as determined by the London fixing. You can get a specific dollar estimate for your lot by using our estimator tool, or by contacting us for a free quote.

Q: How long until I receive payment?
A: For most types of scrap of any size, we pay you the same day we receive your precious metals.

  • Polishing materials, your payout can be ready within 4 weeks.
  • Large stone removal lots, 2 weeks for the stones and 4 weeks for the settlement

Q: What if my scrap contains gemstones?
A: We can safely remove the gems via a chemical process and have them ready for you within 10 business days.

Q: Can I be paid in bullion?
A: Yes. At your request, we can substitute all, or a portion of your cash payout with investment-grade bullion. We offer our own certified gold bullion bars in 1 ozt. and 1 kg. sizes at wholesale prices, as well as fine casting grains or platinum products. Visit our online bullion shop for a variety of products and vault storage services.

Q: Can I watch you weigh, assay and melt my precious metals
A: Of course–our refining process is completely transparent, and we allow our customers to watch how we handle their scrap from beginning to end.

Q: What if can’t bring my precious metals to your refinery?
A: You don’t need to visit our location in-person; we accept shipments. You can begin the shipping process through our payout estimator, and we will contact you immediately to confirm logistical details and offer you discounted rate with our preferred carrier. We send your payment the same day your shipment is received. To ensure that your shipment arrives safely, read our article on secure shipping tips.

Q: What types of precious metal scrap do you accept?
A: The only items we cannot accept are electronic devices, alluvial gold, and uncertified mined materials from Africa and South America. Otherwise, we accept gold, silver, platinum, and palladium scrap in almost any form, such as:

Manhattan Gold & Silver Update

OUR STORE WILL BE CLOSED MONDAY JUNE 1ST.

We are open for business with limited hours from 11am - 2pm. The easiest method for metal processing is to either mail, or drop off/curbside service. Customers will not be allowed in the exchange at this time. 

If you have any questions you can still contact us at 212-398-1454 and sign up for our newsletter for further announcements.

Most importantly, please stay safe! 

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