reDollar offers refining solutions for small-scale gold mining operations

reDollar is well-known for their flawless reputation and for serving retail customers by buying jewelry, coins, and precious metals at industry-leading prices. reDollar does not exclusively serve retail customers; they also work with small businesses like jewelers or goldsmiths and gold-mining companies.

Many smaller mining operations are facing challenging times when it comes to selling their mined gold. The quantity that they can deliver is usually too small to be processed by any of the big gold refineries in the United States, which usually require their customers to deliver at least 1 kilo of gold—on a regular basis. Many smaller gold mines are operated by a single person, a family, or a very small team, so it is not uncommon to have an output of just a few grams per day. Those types of businesses need a quick cash return, but they can’t give big discounts on the gold they’ve worked so hard for.

That’s where reDollar Refining Solutions comes into play. This program is specifically designed for small businesses and small gold-mining entities. reDollar is paying 98% of the current spot price for gold while charging no melt or assay fees. They do this to support the mining community and to build long-term relationships with miners as they grow.

reDollar – Services Beyond Just Melting

reDollar strives to provide outstanding services beyond melting and assaying. They work with their miners on issues like black-sand removal and gold sample testing. Miners are encouraged to mail in samples or nuggets for free X-ray fluorescence analysis. The idea of reDollar is to be more than just a smelting provider. They consider themselves a partner of every mining customer they serve.

A Success Story – Cripple Creek, Colorado

Idaho Springs, Colorado is nestled in the legendary Rocky Mountains, right on I-70 between Denver and Silverthorne. The Rocky Mountains have a long history of gold mining, dating back to around 1858 when the Pike’s Peak Gold Rush started. Colorado is strongly associated with gold—a lot of gold. Placer mining and hard rock mining have been taking place in Colorado for over 150 years and have produced almost 41 million ounces of gold. The town of Silverthorne, for instance—only 70 miles or 1.5 hours away from Denver—was literally built on placer gold deposits. Gold and other ore deposits can be found in an area known as the Colorado Mineral Belt. Those ore deposits extend southwest from Boulder to the San Juan Mountains.

This recent success story took place in the Cripple Creek district, which used to be the largest gold producer in Colorado. A very motivated family was actively searching for gold. They started out by exploring mine dumps and abandoned mine shafts. All the samples they collected were processed in reDollar’s laboratory. The reDollar refining department did this for free many, many times, and those efforts finally paid off for both the family and reDollar. The family was able to stake a mining claim and is delivering small amounts of gold to have it melted and refined by reDollar. They plan on growing and hiring employees in the near future for other projects in Oregon.

From the Gold Mine to reDollar

Historically, the gold business was a very personal business, conducted by a handshake with eye contact. Both parties, the miner and the smelter—or in the old days, the banker—came together to weigh, melt, and pay for the gold. The old saying “Gold doesn’t like to travel” dates back to times when trains or stagecoaches were robbed and little or no insurance was available.

Fortunately, times have changed, and gold can travel within the US quickly, safely, and fully insured. When miners do business with reDollar, they weigh their gold at the plant to calculate the insurance value before packing and shipping it out. The reDollar refining department then keeps the miner up to date on the delivery status. Most gold packages arrive within two business days—even if shipped from the Klondike region in Alaska. Once delivered to reDollar, the mining operation is notified that their package has been received. If the gold is delivered before noon, reDollar can guarantee same-day processing, from melting to assaying and settlement via wire transfer.

Price Fixing

reDollar offers price fixing for regular customers once the gold miner has been verified through their compliance program and a first sample has been received, melted, and assayed. Price fixing is possible if the gold will be shipped within 2 business days after the price is locked.  reDollar is only accepting customers from the United States providing a valid mining license.

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