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MGS Refinery Recap: August 2014

Today, we’re launching a new monthly series to go along with our newest “Gold Trading Trends” category. What better way to get an inside look at emerging trends in the scrap trading industry than by looking back at what happened in the refinery this month?

First and foremost, there is definitely a new hustle in town. Three times this week (at time of writing) we had customers bring in the same style of counterfeit gold chain. Stamped 10k, the chains have heavy plating that may throw some testers off. To learn it was fake, we had to file into the chain and put acid directly on it. If someone brings in a similar looking chain to your storefront, be sure to test it thoroughly.

We definitely noticed more people selling whenever the gold price broke the $1300 mark. But besides the fake chains, the rest of the month was somewhat quiet. Which brings us to our:

Melt of the Month

We had a customer come with gold and silver. After going through his lot, he got a nice surprise. We discovered a platinum chain worth more than $500 mixed in with his silver! He was very surprised considering the value of silver was $19.40 per ounce vs platinum at $1419 per ounce. It’s always nice to give good news to a customer.

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