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Scrap Cancellations

Kitco offers you options when it comes to confirming a price when selling your precious metal scrap. Before you decide to confirm a price or having it priced when we received and verify your metals, its best to look at which option may be better for you. 

  1. What happens if the weights that I have indicated do not match those determined by Kitco?

    In case of any discrepancy between the weights you supply and those that we determine, the weights determined by Kitco will be applied. Should these be found to be less than the ones indicated by you when your price was confirmed, you may be charged for the difference (see “At what point will market loss repayment fees be applied?”) All the scales that Kitco uses are legal for trade and are calibrated in accordance with government regulations. You can rest assured that the final weights that we determine and apply are highly accurate.

    Can a sale of scrap metal be cancelled once a price has been confirmed for it?

    Yes, you can cancel a sale of scrap metal after confirming a price for it. However it will be subject to cancellation charges. For more information, see “How do you calculate market loss repayments for the sale of scrap metal?

    What is your cancellation policy with respect to the sale of scrap metal and how do you calculate market loss repayments for the sale of scrap metal?

    • For every cancelled sale, an administrative fee of $50 will be charged
    • If market prices have increased since the time of price confirmation, Kitco will calculate the difference in the confirmed price versus the current market price and multiply the amount by the number of pure ounces. This price, in addition to the $50 administrative fee, will be charged to your credit card or deducted from the funds held in your Kitco account.
    • If the scrap metal products that you send us are of lower weight, purity or value than those for which you confirm a price, the deficit (the difference between the value for which a price was confirmed and the value that is actually received) will be treated as a cancellation and will be subject to the usual policy regarding cancellations, including the application of a $50 administrative fee
    • Kitco will attempt to contact you three times by phone and at least once by email (if we have your email address on file) to inform you of the fees before you are charged.

    At what point will market loss repayment fees be applied?

    • If you confirm a sale and send no material
      • If you confirm a sale and do not send Kitco any material, the sale will automatically be cancelled after 10 business days.
    • If you send less pure metal than was reserved at the time of price confirmation
      • If Kitco receives less pure metal than was reserved at the time of price confirmation, you will be charged an administrative fee of $50.
      • In addition to the $50 administrative fee, should the price of pure metal have moved against your sale, you will be charged the difference between the sale price and the current market price, multiplied by your deficit amount (33.4g in the following example)
        • For example:
        • You confirm a price for 100g of 18k (75 g of pure)
        • You send 100 g of 10k (41.6 g pure)
        • There is a deficit of 33.4 g of pure (75g - 41.6g = 33.4g)
        • You will be given the option to pay this difference by credit card, or have it deducted from the balance that Kitco owes you for the material
    • If you confirm a price for a sale and decide to not sell your material to Kitco after it has been tested
      • If you confirm a price for a sale and then decide to not sell the material after it has been tested, the sale will immediately be cancelled and all of your material will be returned to you. The following fees will apply:
        • A minimum $50 administrative and market loss repayment fee (based on how the price moves, as described above)
        • A $70 handling fee
        • Return shipping fee depending on weight and method of shipping
        • Any applicable processing fees (i.e. melt and assay fees)

    Kitco will attempt to contact you three times by phone and at least once by email (if we have your email address on file) to inform you of the fees before you are charged.

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