I have 41.077 grams of small gauge platinum wire. Where can I sell this and what is it worth? Thanks. From Charlie in Madison, Wisconsin.
While your typical pawn shop or jeweler won’t accept platinum wire, we refine silver and platinum wire from electricians and manufacturing facilities regularly. Our experience is that the platinum wire used in many high temperature industrial furnaces is usually replaced every 2-3 years so we’ve invested in the technology and processing techniques to refine these items.
In regards to its worth, we will need to run some calculations. First, platinum prices are measured in troy ounces and there are approximately 31.1 grams in 1 troy ounce. Based on this, you have about 1.32 troy ounces of platinum material. Take this number and multiple it by the market price of platinum, which changes daily and is published on many financial news sites. According to CNN Commodities Prices, platinum is $1,538.70 USD per troy ounce today*. If your wire is pure platinum, the refined metal value would be valued at about $2,032.00 USD.
Of course, we need to refine and convert the platinum wire into a sellable product before we can find a buyer for it. As such, we typically pay about 70% of the platinum value for a small amount like this to cover our refining costs and related fees.
*Market price of platinum changes daily. This price may not reflect the current price of platinum today.