Welcome to Richardson Refining’s precious metal news section. Here you’ll find the latest updates and market insights for gold, silver, and platinum.
Stay updated with the latest precious metal news including gold, silver, and platinum price movements, market trends, and industry insights from Richardson Refining.
Silver Refiners Overwhelmed, Limiting Acceptance of "Junk" Silver
Precious metal refiners are currently limiting or stopping acceptance of “junk” silver (90% coinage, sterling, etc.) because they are overwhelmed by a record influx of material and high market volatility, leading to massive processing backlogs. Only a few refineries are still processing alloyed silver, with wait times extending up to 10–12 weeks.
Key Reasons for Rejection:
- Overwhelmed Capacity: Refiners are facing unprecedented demand, creating a “silver freeze” where they cannot process incoming scrap fast enough.
- Higher Processing Costs: Junk silver (90% or sterling) requires more time, labor, and chemical processing compared to refining 0.999 fine silver.
- Price Volatility & Hedging: With silver prices hitting record highs, refiners are concerned about buying material at peak prices and facing downward corrections before the metal is processed.
- Long Payment Delays: Due to the backlog, some refineries are operating on 10 to 12-week payment schedules, making it impossible to guarantee prices.
This situation is causing a liquidity crisis, making it difficult for dealers to sell 90% silver coins.
Sources: Florida Gold Buyer YouTube video, CoinWeek, Google
Silver Refiners Overwhelmed, Limiting Acceptance of "Junk" Silver
Precious metal refiners are currently limiting or stopping acceptance of “junk” silver (90% coinage, sterling, etc.) because they are overwhelmed by a record influx of material and high market volatility, leading to massive processing backlogs. Only a few refineries are still processing alloyed silver, with wait times extending up to 10–12 weeks.
Key Reasons for Rejection:
- Overwhelmed Capacity: Refiners are facing unprecedented demand, creating a “silver freeze” where they cannot process incoming scrap fast enough.
- Higher Processing Costs: Junk silver (90% or sterling) requires more time, labor, and chemical processing compared to refining 0.999 fine silver.
- Price Volatility & Hedging: With silver prices hitting record highs, refiners are concerned about buying material at peak prices and facing downward corrections before the metal is processed.
- Long Payment Delays: Due to the backlog, some refineries are operating on 10 to 12-week payment schedules, making it impossible to guarantee prices.
This situation is causing a liquidity crisis, making it difficult for dealers to sell 90% silver coins.
Sources: Florida Gold Buyer YouTube video, CoinWeek, Google