# Metal Values, scrap and otherwise **URL:** \ **Category:** Factual Questions\ **Created:** [July 27, 2010, 1:59am UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136 "2010-07-27T01:59:48Z")\ **Posts on this page:** 7\ **Page:** 1
**Author:** ![Shig](https://avatars.discourse-cdn.com/v4/letter/s/13edae/32.png) [@Shig](https://boards.straightdope.com/u/Shig)\ **Post date:** [July 27, 2010, 1:59am UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136/1 "2010-07-27T01:59:48Z")
I’m interested in learning more about the value of metals from steel up to gold. I know that gold value is announced twice a day (I think), but how are the rates for aluminum, steel, copper, etc set? I’ve done some searching but can’t find any solid answers and often end up on a site for people in the industry and I don’t understand all the jargon involved. Any help is greatly appreciated. Thanks. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [July 27, 2010, 2:05am UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136/2 "2010-07-27T02:05:25Z")
I’m in the business of buying/selling gold and silver. We use [www.kitco.com](http://www.kitco.com) to inform us on an instant basis what the spot prices are of precious metals such as gold, silver, platinum and palladium. They also have the ability to show you live quotes for non-precious metals. Just click on “all metal quotes.” ---
**Author:** ![Shig](https://avatars.discourse-cdn.com/v4/letter/s/13edae/32.png) [@Shig](https://boards.straightdope.com/u/Shig)\ **Post date:** [July 27, 2010, 4:30am UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136/3 "2010-07-27T04:30:42Z")
Thanks sam for replying. On that site, It’s the London Gold Fix and the Silver & PGM’s charts that show the price in ounces, right? OK, so gold prices are reported twice a day, what about the other precious metals? About the non-precious metals, I clicked the “All Metal” tab which led me to a page where I clicked the “base metals” link on the left. I see copper, aluminum, zinc, nickel,and lead in what I’m assuming is price per pound? How often are these prices set? Is there a universal price for steel? ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [July 27, 2010, 11:36am UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136/4 "2010-07-27T11:36:40Z")
> [@Shig](#): > > Thanks sam for replying. On that site, It’s the London Gold Fix and the Silver & PGM’s charts that show the price in ounces, right? OK, so gold prices are reported twice a day, what about the other precious metals? You can look at the London “fix” which is done twice a day, but the price on the world market changes every minute. We go by whatever market is actively trading at the moment we need to make a buy or sell. Same for the non-precious metals. ---
**Author:** ![TheBori](https://avatars.discourse-cdn.com/v4/letter/t/ee7513/32.png) [@TheBori](https://boards.straightdope.com/u/TheBori)\ **Post date:** [July 27, 2010, 12:55pm UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136/5 "2010-07-27T12:55:36Z")
When I was buying aerospace alloy components all of my suppliers referenced [Ryan’s Notes](http://www.ryansnotes.com/)as the benchmark. Cobalt, nickel, chrome, palladium, rhenium…stuff like that. I did not do much spot buying, so the daily price was good enough. You could lose your mind trying to keep up with the fluctuations. ---
**Author:** ![Nava](https://avatars.discourse-cdn.com/v4/letter/n/da6949/32.png) [@Nava](https://boards.straightdope.com/u/Nava)\ **Post date:** [July 27, 2010, 2:00pm UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136/6 "2010-07-27T14:00:09Z")
The client I work for right now is in the metal recovery business. One of their sources for raw materials is scrap metals, which they pay for according to metal cleanliness/purity/physical state (aluminum shavings that have been collected and kept clean are worth more than aluminum shavings that come mixed with dirt and organic trash), using “London prices”. ---
**Author:** ![Indian](https://avatars.discourse-cdn.com/v4/letter/i/c0e974/32.png) [@Indian](https://boards.straightdope.com/u/Indian)\ **Post date:** [July 27, 2010, 2:09pm UTC](https://boards.straightdope.com/t/metal-values-scrap-and-otherwise/548136/7 "2010-07-27T14:09:03Z")
[London Metal Exchange](http://www.lme.com/) is a global market that deals with non-ferrous metals.